- Sugarmade ( OTCPK:SGMD ) stated Thursday it has signed a letter of intent to acquire 40% stakes in RMI Ventures, located in Lake County, California.
- The acquisition includes minority stakes in RMI's associated real estate, cannabis-related cultivation licenses for 10 years and the business operation.
- In addition, Sugarmade told investors that it plans to pursue the acquisition of additional equity in RMI Ventures next year as market improves.
- “This acquisition will allow us to be more efficient on every level,” noted Jimmy Chan, CEO of Sugarmade. “It gives us much more optionality in scaling our vertically integrated model while avoiding unnecessary costs and wasteful spending as we prepare to hit the gas pedal when market conditions are more advantageous. The RMI business is an excellent property, and we look forward to updating current and prospective shareholders as we move toward a definitive agreement and an expanded equity position.”
For further details see:
Sugarmade to acquire minority stakes in cannabis cultivation property in California