Sugarmade's
Lemon Glow Subsidiary Signaled to Move Forward with Cultivation
Permit Process at 640 Acre Property by County
Regulators
NEW YORK,
NY -- November 5, 2021 -- InvestorsHub NewsWire -- Sugarmade,
Inc. (OTCMKTS:SGMD)
("Sugarmade", "SGMD" or the "Company") an emerging leader in the
vertically integrated California cannabis marketplace, is excited
to announce that, on October 28, 2021, its wholly owned subsidiary,
Lemon Glow Company ("Lemon Glow"), obtained a conditional Use Permit (UP) number
from the Community Development Department of the County of Lake,
California, which the Company believes is an important step towards
the conditional Use Permit (UP) for commercial cannabis cultivation
at its Property.
The Company had entered into an
Agreement and Plan of Merger ("Agreement"), dated as of May 25,
2021, by and between Carnaby Spot Bay Corp, a California
corporation ("Merger Sub") and a wholly-owned subsidiary of the
Company, Lemon Glow Company, a California corporation ("Lemon
Glow"), and Ryan Santiago. The merger, which was
closed on May 25, 2021, included all of Lemon Glow's assets,
interests, property, and rights.
If the
necessary approvals and permits are obtained, up to thirty-two (32)
of the six hundred forty (640) acres at the Property would be
designated for outdoor cannabis cultivation. Ryan Santiago, CEO of Lemon Glow, estimates
that "the annual potential
cultivation yield at the Property could possibly achieve four
thousand (4,000) pounds of dry trimmed cannabis flower per acre
annually, which represent approximately 128,000 pounds, or 64 tons,
of dry trimmed cannabis flower annually in total".
While the
Company believes that the issuance of the conditional Use Permit
(UP) number by Lake County is an important step toward full
approval to cultivate cannabis on the Property, the Company must
still gain approval from other local and state regulatory
authorities in California.
Furthermore, the
issuance of the conditional use permit number by the County of Lake
allows the Company to proceed with a state cannabis cultivation
license application and applicable permits, such as those from the
Department of Cannabis Control, the Department of Food and
Agriculture, the Department of Pesticide Regulation, the Department
of Fish and Wildlife, the State Water Resources Control Board, the
Board of Forestry and Fire Protection, the Central Valley or North
Coast Regional Water Quality Control Board, the Department of
Public Health, and the Department of Consumer Affairs, as may be
required.
"We are
excited to see the process moving forward for our Lemon Glow
property, which represents an important strategic asset as we
further verticalize our overall model," noted Jimmy Chan, CEO of
Sugarmade. "Our vision is 'seed to door', which would separate us
from other players in the California cannabis marketplace, given
that we have already established a leading and growing presence in
the cannabis delivery market and have set in motion a process to
control our own supply chain. Ramping up our cultivation resources
is a significant step in fully leveraging a vertical model to drive
shareholder value through margin gains."
About
Sugarmade
Sugarmade, Inc.
(OTCMKTS: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, Lemon Glow
and Budcars.
For
more information, please visit
www.Sugarmade.com.
FORWARD-LOOKING
STATEMENTS: This release contains "forward-looking statements"
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. 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.
Any
forward-looking information provided in this release should be
considered with these factors in mind. We assume no obligation to
update any forward-looking statements contained in this
report.
Corporate Contact:
Jimmy
Chan
+1-(888)-982-1628
info@Sugarmade.com
Investor
Relations Contact:
EDM Media,
LLC
https://edm.media
Corporate
Communications:
InvestorBrandNetwork
(IBN)
Los Angeles,
California
www.InvestorBrandNetwork.com
310.299.1717
Office
Editor@InvestorBrandNetwork.com