NEW YORK, August 22, 2022 (GLOBE NEWSWIRE) – via InvestorWire – Sugarmade, Inc. is pleased. (OTC Pink: SGMD) (“Sugarmade” or the “Company”), the start-up in the licensed cannabis sector, announces that its wholly owned subsidiary, SugarRush, has entered into a Management Services Agreement (“MSA”) with Canndis, Inc. (“Canndis”), a California Cannabis Micro licensee based in Desert Hot Springs, California, provides for the expansion of the company’s manufacturing and distribution footprint. The Canndis license covers delivery, manufacturing, distribution and farming capabilities.
Through MSA, Sugarmade will assume the administrative responsibilities and operational control of the manufacturing and distribution of the grown cannabis produced at its partner “Jerusalem Grade Farm”, which is licensed for 43,560 square feet of outdoor canopy area and is currently growing at full capacity this season.
MSA expands into the manufacturing and distribution of Sugarmade as Sugarmade prepares to harvest its first crop of cannabis grown from its partner farm. The MSA agreement will provide for the establishment of a new manufacturing and distribution center in a strategic location near Palm Springs, California, where Sugarmade will bring this harvest to market.
“This transaction will provide us with a new stream of income as we apply our expertise and experience to mobilize Canndis assets and market position,” noted Jamie Chan, CEO of Sugarmade. “But it also has great strategic value because it lays the foundation for a greatly expanded manufacturing and distribution infrastructure under our control when we harvest our first crop in two months.”
Sugarmade, Inc. (OTC Pink: SGMD) is a product and brand marketing company that invests in disruptive processes and technologies. Our brand portfolio includes CarryOutsupplies.com, SugarRush™, NUG Avenue, J Grade Farm, Lemon Glow and Budcars.
For more information, please visit the website www.Sugarmade.com.
Forward-looking statements: This statement contains “forward-looking statements”. Forward-looking statements may also be included in other publicly available documents issued by the Company and in oral statements made by our employees and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be correct. It can be identified by the use of words such as “expect”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “anticipate”, “strategy”, “future” , “likely,” “may,” “should,” “will,” “could,” “will,” and other words with a similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among other things, statements regarding future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that could cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. These risks, uncertainties and other factors include, among others, but are not limited to; Economic conditions, changes in laws or regulations, demand for the Company’s products and services, the effects of competition, uncontrollable forces of nature and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. You should not unduly rely on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unexpected factors, many of which are beyond our control. These factors, risks, and uncertainties can be found in Part 1, Section 1A, “Risk Factors” of the Company’s annual report on Form 10-K for the fiscal year ending June 30, 2021, as the same may be updated from time to time. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, it is not possible to anticipate or identify all factors that could have a material effect on the Company’s future financial performance. The forward-looking statements in this press release have been made on the basis of management’s assumptions and analysis, as of the time the statements were made, in light of their experience and perception of historical conditions, expected future developments and other factors believed to be appropriate under the circumstances. Except as required by federal securities laws, we disclaim any obligation or undertaking to publicly disclose any updates or revisions to any forward-looking statement contained in this press release to reflect any change in our expectations with respect thereto or any change in events, terms or conditions on which it is based. to any statement.