Sugarmade has signed a Binding Letter of Intent for the acquisition of Lemon Glow Company.
As stipulated in the LOI, thirty-two acres of the property have been designated for outdoor cannabis cultivation. Sugarmade and Lemon Glow management have agreed that the annual potential cultivation yield at the Property is approximately four thousand (4,000) pounds of dry trimmed cannabis flower per acre, or approximately 128,000 pounds of dry trimmed cannabis flower per year.
Lemon Glow executive team members Sam Luu and Ryan Santiago will, according to the LOI, become the core management team at Sugarmade’s cannabis cultivation site at the Property, with both continuing on with the business operation under three-year management contracts. The core management team has more than 30 years of combined experience in cultivation.
Sugarmade has already deposited $400K in earnest money towards the acquisition. The Company has thirty (30) days to close the acquisition from the effective date of the LOI, which has been established as March 28, 2021.
“As discussed in our recent corporate update, we are taking aggressive steps toward the establishment of full farm-to-door cannabis operations at scale in the California cannabis marketplace, and this acquisition represents a major part of that strategy,” commented Jimmy Chan, CEO of Sugarmade.
For more information:
Sugarmade
750 Royal Oaks Drive Suite 108
Monrovia, CA 91016, USA
info@sugarmade.com
sugarmade.com