- SGMD has filed updated Form 8K Current Report with SEC
- Filing includes information about issues related to company’s status, including planned expansion of BudCars cannabis-delivery service
- Sugarmade sees “major business opportunities out of both sites once operations begin”
Sugarmade (OTCQB: SGMD), a product and branding marketing company investing in operations and technologies with disruptive potential, has released the publication of a Form 8K Current Report filing with the United States Securities and Exchange Commission (“SEC”) (https://cnw.fm/DbFD5). The filing includes specific information about several issues related to the company’s performance and outlook, including planned expansion of the BudCars cannabis delivery service.
According to the filing (https://cnw.fm/KwjTl), the highly successful Sacramento, California-based BudCars, which has reported record sales for the past several months (https://cnw.fm/ak5f5), has plans to open two hubs in Los Angeles in the coming months.
“One of the Los Angeles sites is behind schedule, and the other is well ahead of schedule,” the filing reported. “We still expect both to become operational as soon as final issues are resolved.” Sugarmade, which has a 40% interest in BudCars with an option to purchase a controlling interest, noted that last-minute regulatory issues were causing some delays in opening of the first location.
“The first of these expansions was expected to go online during July, and significant progress toward opening has taken place,” the filing noted. “Unfortunately . . . we are still working to get the security plan approved by local authorities, and we have a few minor issues relative to facilities build-out concerning the Americans with Disabilities Act (‘ADA’). As soon as these final issues are cleared, we plan to begin operations.”
“On the positive side, we are ahead of schedule at the other Los Angeles site,” the report continued. “We are happy to report the turn-up of this second site could occur sooner than was expected. Of course, we see major business opportunities out of both sites once operations begin. We will be sure to keep everyone updated. We are working hard daily on both sites.”
The filing noted that the cannabis delivery trend is growing substantially. “This is resulting in increases in the number of new customers and in the average sale size on a per-delivery customer basis,” the filing concluded. “We see cannabis delivery continuing to accelerate. Certainly, the Los Angeles market is especially robust relative to delivery services.”
BudCars is a retail business that offers same-day delivery of top-quality cannabis. Customers choose from a variety of products, including edibles, flower, pre-rolls, vapes, tinctures and concentrate across dozens of premium brands. Once consumers complete their purchases online, they receive their order the same day via BudCars Cannabis Delivery Service.
Sugarmade Inc. is a product and branding marketing company investing in operations and technologies with disruptive potential. In addition to its financial interest in the BudCars brand, SGMD’s brand portfolio includes CarryOutsupplies.com and SugarRush(TM).
or 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://cnw.fm/SUGAR
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