Sugarmade (OTCQB: SGMD) today announced that it has
placed a hold on plans to complete a reverse split of its common shares. Per
the update, pending a vote by its board of directors, management believes
temporarily holding or canceling the reverse split may be the best future
course of action. In addition, Sugarmade announced its planned entry into the
regulated and licensed portion of the cannabis marketplace, with an emphasis on
the California distribution and retail sectors. “For at least the time being,
we do not see a reason to move forward with the reverse stock split. However,
we reserve the right, should circumstances warrant, to reactivate the reverse,”
Sugarmade CEO Jimmy Chan said in the news release. “We are in the process of
modifying our business strategy to better align with where the cannabis
marketplace is headed and thus our cancellation of the previously proposed
transaction. We see significantly larger opportunities in the California
cannabis distribution arena and have entered into advanced talks to make a
strategic move into this area.”
To view the full press release, visit http://ibn.fm/feVAf
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding
marketing company investing in operations and technologies with disruptive
potential. For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates
relating to SGMD are available in the company’s newsroom at http://ibn.fm/SUGAR
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