Sugarmade (OTCQB: SGMD) today announced the closing of an agreement to acquire a significant stake in Sacramento-based Budcars Cannabis Delivery Service, owned by Indigo Dye Group Corp. According to the update, Sugarmade will acquire 40% of Budcars for $700,000 and will be granted an option to purchase an additional 30% stake, providing Sugarmade with a controlling interest in the growing delivery service, which serves the greater Sacramento, California metropolitan area. “Many of us have seen the multitudes of negative news stories about problems in California’s regulated cannabis industry. While there certainly are issues, there are also many positive changes happening as state regulators fine-tune the system,” Sugarmade CEO Jimmy Chan said in the news release. “One of these positive changes is the ongoing crackdown on illegal black-market operators, who have made it difficult for licensed operators to make profits. As illegal operators are driven out of the market, companies like Budcars will have meaningfully improved business fundamentals. While this was an important consideration relative to our investment, we are also excited about many other aspects of the Budcars business and its future growth prospects.”
To view the full press release, visit http://ibn.fm/Cs42N
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://ibn.fm/SUGAR
About QualityStocksNewsBreaks
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.
QualityStocks (QS)
Scottsdale, Arizona
www.qualitystocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php