The newly acquired Lemon Glow property is capable of 65 ton of Cannabis flower production per annum. The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
This is the latest successful acquisition for Sugarmade. They recently acquired a majority stake in Nug Avenue expanding their reach in the fast-growing Los Angeles Cannabis market. They are also enabl cannabis delivery service in the North Bay and LA Metro markets.
The recreational cannabis sales for California reached $2 billion in 2019 and grew to over $3,5 million in 2020 and by 2022 the recreational cannabis market is projected to reach $10 million leaving Sugarmade with plenty of room to expand market share and total sales given its recent acquisitions and strategy of farm to door vertical integration.
Jimmy Chan, CEO of Sugarmade, recently commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand f products and services grows over time.”
Sugarmade also benefits from the acquisition in terms of team capital as Lemon Glow executive team members will stay on and become the core management team at the cannabis cultivation site, granting the operation over 30 years of cannabis cultivation experience.
“The Lemon Glow team are tremendous additions to the Sugarmade team,” added Chan. “They have vast experience and established skills, as well as intricate knowledge of the Property and its local grow context. That’s an enormous added value proposition in this deal. We look forward to bringing them on board, ramping up operations at the property, and taking key steps toward delivering on the promise of Sugarmade’s farm-to-door vision.”
It’s easy to see how the new acquisition of Lemon Glow could lead to great opportunities in the future for the rapidly expanding Sugarmade,
About Sugarmade, Inc.
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 and Budcars.
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