NetworkNewsBreaks – Sugarmade, Inc. (SGMD) Trades Higher on Acquisition of International Paper Contracts
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…