CITY OF INDUSTRY, California, March 15, 2017 /PRNewswire/ --
Sugarmade, Inc. (OTCQB:SGMD), announces today its Board of Directors has authorized the cancellation of approximately 4.3% of the 211 million shares that were outstanding as of February 28, 2017. Additionally, CEO Jimmy Chan provides an update to investors as follows:
Share Cancellations - The Company has cancelled 9,003,000 shares as a result of a settlement agreement with a former management team member and as a result of determination by the Board of Directors that other shares were not properly issued. The board has determined that none of these cancelled shares will be reissued.
Sriracha Seasoning Stix - Mr. Chan, commented, "Our partner, Seasoning Stixs International, LLC, performed final production testing on the East Coast last week and we expect production to begin at the new Los Angeles location this week. Sugarmade is planning to make a big splash with this new product as interest in the new product continues to grow. Over the past few weeks, a significant number of press articles were written about the product launch and activity on the http://www.SrirachaStix.com website continues to be very strong with over 75,000 sign ups. We expect our new website to be operational over the next two weeks. It's a full court press right now to move what we feel will be a significant product into the market place.
Cannabis Packaging - We continue to move forward with our cannabis packaging business. CannaShroud is now shipping and we are actively marketing the product line. We are in the process of modifying the PTFE container with the DabBox product and thus far, interest in that product has been very strong. In addition, we plan to continue to move forward relative to marketing cannabis active packaging products, which hold the promise to better preserve cannabis, including THC levels, via control of oxygen and carbon dioxide levels, humidity and thermodynamic cooling.
CarryOutSupplies - We are moving into our busy pre-spring and summer sales season for the CarryOutSupplies.com related businesses. Activity in this business operation has been very strong while our cost structure continues to move in a favorable direction.
About Sugarmade, Inc. (OTCQB:SGMD)
Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade's brands include CarryOutSupplies.com, Sugarmade Tree Free Paper, FreeHand ThumbTray and CannaShroud, the world's first Cannabis specific shipping systems. During early 2017, the Company will be launching Sriracha Stix, a revolutionary culinary seasoning product under official license from Irwindale, California- based Huy Fong Foods, Inc., the maker of Sriracha Hot Chili Sauce. For more information on the Company's products, please visit http://www.sugarmade.com.
For inquiries please contact Jimmy Chan at +1(888)982-1628 or info@Sugarmade.com.
SOURCE Sugarmade, Inc.