Sugarmade (SGMD) Makes A Big Move After Optimistic News

In recent times the Sugarmade Inc (OTC: SGMD) stock has come into sharp focus among investors and on Thursday, the stock recorded considerable gains.

Yesterday, the stock soared by as high as 83% after the company made a major announcement with regards to the acquisition. Sugarmade announced that it signed a Binding Letter of Intent regarding the acquisition of the California-based company Lemon Grow Company Inc. It is a significant acquisition since it will give Sugarmade possession of a property that spans over an area of as much as 640 acres.

Related:  New World Gold (NWGC) Makes a Bullish Move: What Next?

In this regard, it is important to mention that the management of the two companies agree that the property will be able to produce 4000 pounds of trimmed cannabis flower for each acre. That will work out to the trimmed cannabis flower production of as huge as 128,000 on a yearly basis. It now remains to be seen if the Sugarmade stock continues to rally today or not.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.