One of the stocks that is expected to be in focus today in a big way is Sugarmade Inc (OTCMKTS:SGMD). The company is one of the outfits that is fast emerging as a serious player in the legal cannabis space and this morning the company made announcements with regards to definitive agreements that it had signed pertaining to its expansion.
Trading Data
As of 12:14, SGMD stock gained 14.30% to $0.0008 with more than 16.42 million shares traded, compared to its average volume of 42.34 million shares. The stock moved within a range of $0.0007 – 0.0008 after opening trading at $0.0007.
It may be a good idea for investors to take a look at some of the plans that the company has in place. One of the major agreements signed by Sugarmade is in relation to the setting up of a cannabis delivery hub in Hollywood.
The cannabis delivery hub in Hollywood is going to be located on the Sunset Strip, which is famed all over the world. In addition to that, the company has also picked up a stake in a restaurant brand that is only open to reserved customers. The restaurant is also going to have its very own private events space where cannabis consumption is going to be allowed.
As one can see, Sugarmade has managed to make a number of major moves that could position the company as a major player in a lucrative market in the long term.
Key Quote
“This investment lands us on the ground floor of a new concept for cannabis distribution in the world’s biggest cannabis marketplace,” stated Jimmy Chan, CEO of Sugarmade.
Chan added, “Through these Agreements, we are simultaneously adding a new cannabis end market with future growth potential, doubling our delivery coverage in the LA metro area, and creating a new and more diversified revenue profile. We believe all of these steps represent strong potential drivers for shareholder value.”
Technical Data
SGMD stock is above the 20-Day and 50-Day Moving averages of $0.0006 and $0.0007 respectively. However, the stock is trading below the 200-Day moving average of $0.0015.
