Sugarmade
Signs Management Services Agreement for Cannabis Product
Manufacturing, Distribution, Delivery Licensing, and Facility
Management Ahead of First Harvest at its Partner's
Farm
NEW YORK,
NY -- August 22, 2022 -- InvestorsHub NewsWire -- Sugarmade, Inc.
(OTC
Pink: SGMD) ("Sugarmade" or the "Company"), an emerging leader
in the licensed cannabis sector, is pleased to announce that its
wholly owned subsidiary, SugarRush, has entered into a Management
Services Agreement (the "MSA") with Canndis, Inc. ("Canndis"), a
California Cannabis Micro License holder based in Desert Hot
Spring, CA, providing for an expansion in the Company's
manufacturing and distribution footprint. Canndis' license covers
delivery, manufacturing, distribution, and cultivation
capabilities.
Through
the MSA, Sugarmade will assume management responsibilities and
operational control over manufacturing and distribution of
cultivated cannabis produced at the its partner's "Jerusalem Grade
Farm", which is licensed for 43,560 square feet of outdoor canopy
area currently growing at full capacity this season.
The MSA
expands Sugarmade's manufacturing and distribution footprint as
Sugarmade prepares to harvest its first cultivated cannabis crop
from its partner's farm. The MSA will provide for the establishment
of a new strategically located manufacturing and distribution hub
near Palm Springs, CA, as Sugarmade brings that harvest to
market.
"This
deal will provide us with a new income stream as we apply our
expertise and experience to mobilize Canndis' assets and market
positioning," noted Jimmy Chan, CEO of Sugarmade. "But it also has
substantial strategic value because it lays a foundation for a
significantly expanded manufacturing and distribution
infrastructure under our control when we harvest our first crop in
two months."
About
Sugarmade
Sugarmade, Inc.
(OTC
Pink: 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, J Grade Farm, Lemon Glow and Budcars.
For
more information, please visit
www.Sugarmade.com.
FORWARD-LOOKING
STATEMENTS: This
release contains "forward-looking statements". Forward-looking
statements also may be included in other publicly available
documents issued by the Company and in oral statements made by our
officers 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 valid. They can be identified by the use of words such as
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "would," "could," "will" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Examples of forward-looking statements
include, among others, statements relating to 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 may
cause the Company's actual results and financial condition to
differ materially from those expressed or implied in the
forward-looking statements. Such risks, uncertainties and other
factors include, among others, such as but not limited to; economic
conditions, changes in the laws or regulations, demand for products
and services of the Company, 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 place undue reliance on our forward-looking
statements because the matters they describe are subject to known
and unknown risks, uncertainties and other unpredictable factors,
many of which are beyond our control. These factors, risks and
uncertainties can be found in Part I, Item 1A, "Risk Factors," of
the Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 2021, as the same may be updated from time to time.
Although we believe the expectations reflected in our
forward-looking statements are based upon reasonable assumptions,
it is not possible to foresee or identify all factors that could
have a material effect on the future financial performance of the
Company. The forward-looking statements in this press release are
made on the basis of management's assumptions and analyses, as of
the time the statements are 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 otherwise required by the federal
securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained in this press release to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is
based.
Corporate Contact:
Jimmy
Chan
+1-(888)-982-1628
info@Sugarmade.com
Investor
Relations Contact:
EDM Media,
LLC
https://edm.media