Sugarmade (OTC: SGMD), an emerging leader in the licensed cannabis sector, today announced its entry into a binding letter of intent (“LOI”) with GenCann Inc., the exclusive licensor for a set of cannabis chemovars particularly rich in the cannabinoid tetrahydrocannabivarin (“THC-V”) (the “GenCann Chemovars”). Under the terms of the LOI, Sugarmade and its licensed cannabis cultivator partners will be granted a five-year license to cultivate what the company believes to be some of the highest THC-V-containing strains in existence. Sugarmade and GenCann plan to begin immediate clone production, upon the signing of the final agreement, with a cultivation program beginning in Lake County, California, this spring. “While THC-V is sometimes referred to as a ‘rare cannabinoid,’ we believe the term no longer applies relative to our planned cultivation effort using GenCann’s Chemovars,” said Jimmy Chan, CEO of Sugarmade. “The test results from certified California laboratories of these chemovars are certainly impressive, with THC-V yields in flower of up to 8%. We think the GenCann Chemovars are a game-changer in the cannabinoid space. Sugarmade plans to make a substantial commitment to bring products based on THC-V to the California market and perhaps to other states in the future. Stay tuned for our upcoming product plan announcements.”
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About Sugarmade Inc.
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush(TM), NUG Avenue, Lemon Glow and Budcars. Sugarmade is also the first licensee of the unique and patented GenCann Inc. THC-V rich chemovars. For more information, please visit www.Sugarmade.com.
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