Sugarmade (OTC: SGMD) shares are up 34% after announcing its acquisition of international paper contracts from the Vietnamese company Bao Coc International Paper and Plastics Ltd. Per the agreement, Sugarmade will assume contracts for international paper products bound for delivery into the U.S. in exchange for five million restricted shares, issued to Bao Coc. Sugarmade said it anticipates this acquisition to boost its annual revenue production by approximately $500,000 to $600,000. Sugarmade expects the asset acquisition to close this month. “These contracts are important not only relating to the revenue boost we will receive, but also relating to cost reductions across our product lines. Because Bao Coc ships dozens of containers into the U.S. each year, we will be able to combine transpacific shipping contracts, which will reduce freight charges relating to our other products,” Sugarmade CEO Jimmy Chan stated in the news release.
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About Sugarmade, Inc.
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. The Company will soon 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 inquiries please contact Jimmy Chan at +1-(888)-982-1628 or info@Sugarmade.com.
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