Sugarmade has entered into a lease agreement with LMK Capital for 5 acres of cropland in Northern California that is zoned for cannabis cultivation. Jimmy Chan, Sugarmade’s chairman of the board, chief executive officer, chief financial officer and majority stockholder, is also majority owner of LMK.
"Sugarmade intends to establish and operate a licensed cannabis production business capable of producing as much as 3.6 million grams of high-quality cannabis flower per year," the company team explains. "The company intends to market the cannabis through various distributors as both white-label and branded cannabis products, including through BudCars Cannabis Delivery Service, a rapidly growing California cannabis delivery company, in which Sugarmade owns a 40% stake with the option to acquire an additional 30%."
The process of obtaining cannabis cultivation licensing for the Property has commenced, with the Company now preparing archaeological and biological surveys and assembling documentation related to the architectural and engineering plans for construction of greenhouses and a processing building. The full package has yet to be submitted, but management is in close communication with the County and County representatives have been very helpful with the process.
Chan commented, “We believe we have all of the strategic pieces in place to capitalize on cultivation, with the market currently chronically undersupplied. We also have relationships in place, especially through our BudCars investment, to hit the ground running on the branded products side, driving strong margins up and down the chain.”
For more information:
Sugarmade
750 Royal Oaks Drive Suite 108
Monrovia, CA 91016, USA
[email protected]
sugarmade.com