Sugarmade Closes Lemon Glow Acquisition, Gaining Cannabis Property Capable of 64 Tons of Cannabis Flower Production Per Annum
05/17/2021 | 08:31am EST
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.
Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”
The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
Sugarmade also benefits from the acquisition in terms of team capital as Lemon Glow executive team members will stay on and become the core management team at the cannabis cultivation site, granting the operation over 30 years of cannabis cultivation experience.
“The Lemon Glow team are tremendous additions to the Sugarmade team,” added Chan. “They have vast experience and established skills, as well as intricate knowledge of the Property and its local grow context. That’s an enormous added value proposition in this deal. We look forward to bringing them on board, ramping up operations at the property, and taking key steps toward delivering on the promise of Sugarmade’s farm-to-door vision.”
About Sugarmade, Inc.
Sugarmade, Inc. (OTCMKTS: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™, NUG Avenue and Budcars.
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