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Sugarmade Inc (OTCMKTS:SGMD) And BizRight, LLC To Establish Largest Public Cannabis Supply Firm

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Sugarmade Inc (OTCMKTS:SGMD) reported its plan to establish the world’s leading traded cannabis industry supply firm. The company along with BizRight, LLC, have finalized a Letter of Intent for a MMA where all BizRight offerings will be presented by Sugarmade.

The details

Upon the effective date of this deal, revenues for the iPower as well as all sub-branded offerings marketed by BizRight will be noted by Sugarmade. Jimmy Chan, the CEO of Sugarmade, expressed that they consider the Los Angeles area as base zero for the cannabis decriminalization revolution and this contract is intended to put company and its shareholders exact in the middle of the action.

The new entity will be larger than other publicly traded suppliers to the legal hydroponic supply and cannabis division and in this segment, size matters. The quantum at which company will be able to function will allow them to lower manufacturing, transportation and warehousing costs, and mainly their cost of capital. This will enable the access to the funds they require to support the several other business prospects currently available in the emerging cannabis marketplace.

They consider next year will be an extremely special year, for Sugarmade shareholders, as well as for the several participants in this dynamic and new market sector. BizRight has been developing fast in the cannabis supply division for numerous years. In this year, it is projected to post revenue of at least $30 million and to be profitable. Growth for next year to more than $40 million in revenue is projected. As compensation for the deal, Sugarmade will compensate the BizRight owners a combination of common shares and cash.

Mr. Chan added that next year they intend to produce revenue of $45 million in excess, which will turn Sugarmade one of the leading public firms in the cannabis market division.

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