Sugarmade, Inc. SGMD has entered into a binding letter of intent, dated February 21, 2023, to acquire the real estate assets and businesses of Treasure Mountain Holdings, LLC and Victorville Treasure Holdings, LLC.
Management believes the full resolution of this strategic process will result in two new dynamic growth-oriented business entities: a legacy OTC company engaged in the legal cannabis marketplace and a new NASDAQ listed company involved in hospitality, entertainment, and multimedia flex-makerspace operations that holds significant real estate and other assets away from the "plant-touching" cannabis arena.
Real estate assets included in the LOI are the Hilton Garden Inn Palm Springs/Rancho Mirage and the Holiday Inn Victorville. Both are located in California and carry a combined value of $70 million.
The company will introduce TheMediaBox, a new state-of-art branded multimedia flex-makerspace concept targeting aspiring content creators. TheMediaBox is a membership-driven multimedia production facility that offers a creative environment for individuals and groups to experiment, produce, and showcase various forms of media such as videos, music, graphics, animation and more. The space is designed for hobbyists, educators, media enthusiasts, and professionals to hone their skills, connect with others, collaborate, and create compelling content.
TheMediaBox generates revenue by collecting rent from its customers, as well as by offering value-added services such as multimedia equipment, software, accessories, and multimedia education.
Completion of the proposed transaction is subject to a number of conditions and contingencies outlined in the LOI, including but not limited to, the completion of mutually satisfactory 60-day due diligence period and execution of a definitive agreement.
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