The Sugarmade Inc (OTCPink: SGMD) stock closed up 83.33% in the last session at $0.0055 per share. During the session, the Price of Sugarmade Stock fluctuated between $0.0033 and $0.0060, with 363.73 Million shares trading. Following the announcement of a binding agreement of an acquisition, SGMD stock surged.
What has the SGMD been acquiring?
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Sugarmade is an operations and technology company looking to disrupt the product and branding marketing industry. SugarRush includes NUG Avenue, Budcars, and CarryOutsupplies.com among its brand portfolio.
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The Sugarmade announcement on Thursday revealed that it had signed a binding letter of intent to acquire Lemon Glow Company, Inc.
- It is understood that SGMD has executed a Letter of Intent to purchase the Californian corporation including its assets, interests, property, and rights.
- Also included in the SGMD’s purchase was a 640-acre parcel of land outside of Commercial Cannabis Exemption Zones, located in Lake County, California.
- A total of 32 acres of the property has been designated for outdoor cannabis cultivation under the terms of the Letter of Intent.
- Lemon Glow management and SGMD have agreed that the annual harvested yield on the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre or approximately 128,000 pounds of dry trimmed cannabis flower per year.
- As outlined in the Letter of Intent (LOI), a couple of Lemon Glow executive team members will supplant the existing management team at SGMD’s cannabis cultivation site on the Property for three years.
- The said team members, Sam Luu and Ryan Santiago have more than 30 years of combined experience in cultivation.
How will the agreement be implemented?
From the effective date of the Letter of Intent (LOI), which is March 28, 2021, Sugarmade (SGMD) has thirty (30) days to close the acquisition. In the form of earnest money, SGMD has already contributed $400K to the acquisition.