- Cannabis sales in California hit $4.4 billion last year, up 57% from the year prior.
- Consumers are relying on home delivery for many goods, including cannabis.
- With its Nug Avenue acquisition, SGMD plans to make significant impact on LA cannabis delivery marketplace.
Boasting the largest state economy in the country and the sixth largest economy in the world, California also tops the global marijuana market, with a Forbes article reporting that cannabis sales in the state hit$4.4 billion last year, up 57% from the year prior (https://cnw.fm/JOcb8). With much of that growth driven by increased use of delivery services as consumers are increasingly relying on home delivery for many goods, including cannabis, Sugarmade Inc. (OTC: SGMD) is leveraging its position as a 70% stakeholder in NUG Avenue, a cannabis delivery service based in Southern California.
Cannabis delivery is key to California’s cannabis growth, according to the Forbes article, which noted that “interesting findings from the report include the massive influx in delivery sales, as well as consumers who used delivery for the first time this year. The peak for first-time delivery users was…
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SGMD
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