February 23, 2023 10:55 AM | 2 min read
Sugarmade, Inc. (OTCPK:SGMD) has entered into a binding letter of intent, dated February 21, 2023, to acquire the real estate assets and businesses of Treasure Mountain Holdings, LLC and Victorville Treasure Holdings, LLC.
Management believes the full resolution of this strategic process will result in two new dynamic growth-oriented business entities: a legacy OTC company engaged in the legal cannabis marketplace and a new NASDAQ listed company involved in hospitality, entertainment, and multimedia flex-makerspace operations that holds significant real estate and other assets away from the “plant-touching” cannabis arena.
Real estate assets included in the LOI are the Hilton Garden Inn Palm Springs/Rancho Mirage and the Holiday Inn Victorville. Both are located in California and carry a combined value of $70 million.
The company will introduce…
