Sugarmade Inc (OTCMKTS:SGMD) placed a temporary hold on a reverse split of its shares. The company is awaiting the nod of its directors for a reverse split. Sugarmade is planning to establish its footprint in the licensed and regulated cannabis market with a focus on the retail sector and distribution in California.
Significant opportunities in cannabis space in CA
Chief Executive Officer of Sugarmade, Jimmy Chan, said he doesn’t see any reason to go ahead with the reverse split of common shares. The company will reactivate the reverse split if necessary at an appropriate time. It is now aligning its business strategy with the cannabis market place. Sugarmade is in advanced discussions to make a strategic move into the cannabis space where it finds significant opportunities in cannabis distribution in California.
Crackdown on illegal market participants in CA
The recent crackdown on illegal market participants in CA is showing significant progress. Now, the prospects for licensed and legal cultivators, retailers, distributors, and processors appear bright. The cannabis industry is progressing at a fast pace. Sugarmade expects significant opportunities in the Californian cannabis industry.
Scraps a deal to take over hydroponic equipment supplier
Sugarmade has scrapped the deal to take over hydroponic equipment supplier because its directors felt that business combination will not improve shareholder value. Accordingly, its treasury will receive back 1.2 billion common share equivalents. The company expects to achieve monthly savings of $1 million in the next seven months. Sugarmade is now considering various business combination strategies that are viable and offer rich dividends.
The board of directors of Sugarmade is of the view that regulated cannabis space that comprises legal THC cannabis and hemp cultivation, marketing, and processing is appealing and offers scope for enhanced revenues. Therefore, Sugarmade considers entering the legal cannabis market, where significant opportunities for acquisitions exist.
The demand for laboratory equipment and hemp extraction equipment will increase considerably going forward. Sugarmade began the supply of such equipment for installation in the eastern region of the US in one of the significant planned facilities. Chan said the company is pleased to announce that the accepted components from manufacturers are in route to the facilities for installation. The company will recognize these revenues in January 2020.
Planet 13 Holdings Inc. (OTCMKTS:PLNHF) Signs Purchase Agreement To Acquire 45,000 Sq. ft. Facility In Nevada
Post Views: 115 Planet 13 Holdings Inc. (OTCMKTS:PLNHF) announced the signing of an asset purchase agreement subject to which it...
Indus Holdings Inc. (OTCMKTS:INDXF) Terminates Its Pending $20 million Acquisition Agreement Of W Vapes Assets
Post Views: 146 Indus Holdings Inc. (OTCMKTS:INDXF) announced termination of its impending acquisition of W Vapes assets that was announced...
1933 Industries Inc. (OTCMKTS:TGIFF) Introduces Pre-roll Joints And Smokable Cannabis Flower In Nevada
Post Views: 134 1933 Industries Inc. (OTCMKTS:TGIFF) announced addition of pre-joint rolls and high-quality smokable flowers to its growing consumer...
Cannabis Pharmaceuticals Inc. (OTCMKTS:CNBX) Initiates Expansion Of Its Cannabinoid Diagnostic Platform Tests In Europe
Post Views: 63 Cannabis Pharmaceuticals Inc. (OTCMKTS:CNBX) commenced expansion in the European markets to offer cancer patients tailored cannabinoid treatment...
Generex Biotechnology Corporation (OTCMKTS:GNBT) Submits Pre-IND For Ii-Key-SARS-CoV-2 Vaccine To The FDA
Post Views: 198 Generex Biotechnology Corporation (OTCMKTS:GNBT) submitted a Pre-IND update to the FDA outlining its proposed Phase I/II clinical...
cbdMD Inc. (NYSEAMERICAN:YCBD) Protecting Its CBD Technologies Through Patents and expands Partnership With Bellator MMA
Post Views: 310 cbdMD Inc. (NYSEAMERICAN:YCBD) announced an extension of the exclusive Official CBD marketing partnership with ViacomCBS’s wholly-owned subsidiary...