California cannabis marketplace company Sugarmade, Inc. SGMD has signed a definitive agreement to obtain three non-storefront cannabis licenses in the Los Angeles area.
Each license allows for three activities between retail delivery, manufacturing, distribution, transport-only and cultivation.
The licenses were issued by the Los Angeles Department of Cannabis Regulation along with the California Bureau of Cannabis Control.
By making combined use of these activities, the licenses will provide regulatory means to open three new vertically integrated “Nug Avenue” cannabis delivery hubs.
On August 17, the company acquired a property in Los Angeles that will serve as the first of these new cannabis delivery hubs.
“Once we have put all of these new licenses to use, we will have quadrupled our distribution footprint in the world’s largest cannabis market,” said Sugarmade CEO Jimmy Chan. “We also continue to move toward establishing our own cultivation operations.”
Chan added that these steps are part of a plan to establish a full farm-to-door vertically integrated cannabis company in the Golden State.
Photo: Olenka Kotyk on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!