California cannabis marketplace company Sugarmade, Inc. (OTC: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