Sugarmade (OTCQB: SGMD) and Hempistry started hemp cultivation in Kentucky.
Sugarmade is an investor in Hempistry, a Kentucky-based cultivator and processor of industrial hemp and hemp distillates and isolates.
The hemp being cultivated this year by Hempistry is a fast-growing strain that is especially rich in cannabidiol (CBD), Sugarmade said in a statement, noting that it recently had begun to exercise its investment option in the Kentucky hemp cultivator.
The farm is located in Madison County.
Sugarmade said that it is not only investing in the Hempistry operation, but it is also increasing its commitment to become a top supplier to hemp cultivators across the country. A major component of this expanding commitment, according to the company, is the pending acquisition of leading cultivation supplier BZRTH.
“Our investment in Hempistry, our commencement to the state of Kentucky and our pending acquisition of BZRTH provide Sugarmade with multiple options for growth, while our recently effective S-1 filing expands our ability to finance the many initiatives in front of the Company,” CEO Jimmy Chan stated. “We wish Hempistry well in their efforts this season.”
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company is in the process of acquiring several leading hydroponic and agricultural supply companies that are currently producing in excess of $70 million in annual revenues.