Sugarmade Cancels 4.3 Percent of Outstanding Shares – Provides Updates
March 15 2017 - 10:00AM
InvestorsHub NewsWire
City of Industry, CA. -- March 15, 2017 -- InvestorsHub NewsWire
-- Sugarmade, Inc. (OTCQB:SGMD),
announces today its Board of Directors has authorized the
cancellation of approximately 4.3% of the 211 million shares that
were outstanding as of February 28, 2017. Additionally, CEO Jimmy
Chan provides an update to investors as follows:
Share Cancellations- The Company has cancelled 9,003,000 shares
as a result of a settlement agreement with a former management team
member and as a result of determination by the Board of Directors
that other shares were not properly issued. The board has
determined that none of these cancelled shares will be
reissued.
Sriracha Seasoning Stix Mr. Chan, commented, Our partner,
Seasoning Stixs International, LLC, performed final production
testing on the East Coast last week and we expect production to
begin at the new Los Angeles location this week. Sugarmade is
planning to make a big splash with this new product as interest in
the new product continues to grow. Over the past few weeks, a
significant number of press articles were written about the product
launch and activity on the www.SrirachaStix.com website
continues to be very strong with over 75,000 sign ups. We expect
our new website to be operational over the next two weeks. Its a
full court press right now to move what we feel will be a
significant product into the market place.
Cannabis Packaging We continue to move forward with our cannabis
packaging business. CannaShroud is now shipping and we are actively
marketing the product line. We are in the process of modifying the
PTFE container with the DabBox product and thus far, interest in
that product has been very strong. In addition, we plan to continue
to move forward relative to marketing cannabis active packaging
products, which hold the promise to better preserve cannabis,
including THC levels, via control of oxygen and carbon dioxide
levels, humidity and thermodynamic cooling.
CarryOutSupplies We are moving into our busy pre-spring and
summer sales season for the CarryOutSupplies.com related
businesses. Activity in this business operation has been very
strong while our cost structure continues to move in a favorable
direction.
About Sugarmade, Inc. (OTCQB:SGMD)
Sugarmade, Inc. is a product and brand marketing company
investing in products and brands with disruptive potential.
Sugarmades brands include CarryOutSupplies.com, Sugarmade Tree Free
Paper, FreeHand ThumbTray and CannaShroud, the worlds first
Cannabis specific shipping systems. During early 2017, the Company
will be launching Sriracha Stix, a revolutionary culinary seasoning
product under official license from Irwindale, California- based
Huy Fong Foods, Inc., the maker of Sriracha Hot Chili Sauce. For
more information on the Company's products, please visit www.Sugarmade.com.
For inquiries please contact Jimmy Chan at (888) 982-1628 or
info@Sugarmade.com.
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