Sugarmade Executes Binding LOI to Create Dynamic New PubCo Targeting Hospitality, Entertainment, and Multimedia Production Markets
NEW YORK — Sugarmade, Inc. (OTC Pink: SGMD) (“Sugarmade,” “SGMD” or the “Company”), a product and branding marketing company investing in operations and technologies with disruptive potential, is pleased to announce it has entered into a Binding Letter of Intent (the “LOI”), dated February 21, 2023, to acquire the real estate assets and businesses of Treasure Mountain Holdings, LLC (“Treasure Mountain”), and Victorville Treasure Holdings, LLC (“Victorville Treasure”). Management believes the full resolution of this strategic process (the “Proposed Transactions”) 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. Several potential structures and scenarios for the Proposed Transactions have...