SUGARMADE, INC. (OTCMKTS:SGMD) Files An 8-K Other Events
Item 8.01 Other Events.
On March 8, 2017, Directors of Sugarmade Inc., a Delaware
Corporation (the Company) approved the cancellation of 9,003,000
common shares in the Company.
to a Share Cancellation Agreement dated March 8, 2017 between Mr.
Scott Lantz, a former CEO of the Company, and the Company,
effective on March 8, 2017, the Board of Directors (the Board)
authorized the cancellation of two million (2,259,229) common
shares in the Company. Additionally, the Board authorized the
reissuance of 259,229 to Mr. Lantz, which are to be issued on a
restricted basis and will be subject to normal resale holding
periods and restrictions.
On March 8, 2017, the Board also authorized the cancellation of
the below listed certificates. The Board has determined these
certificates were improperly issued and are therefore cancelled
as of this date.
Certificate 9536 for 1,500,000 common shares
Certificate 9537 for 1,500,000 common shares
Certificate 9538 for 3,000,000 common shares
Certificate 9537 for 571,000 common shares
Certificate 9562 for 432,000 common shares
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About SUGARMADE, INC. (OTCMKTS:SGMD)
Sugarmade, Inc. is engaged in the supply of products to the quick service restaurant sub-sector of the restaurant industry. The Company is a distributor of paper products derived from non-wood sources. As of June 30, 2015, the Company’s operating unit, CarryOutSupplies.com, which is a producer and wholesaler of custom printed and generic takeout supplies served more than 3,000 quick service restaurants. It conducts its operations in an industry segment, including paper and paper-based products, such as paper cups, cup lids, food containers and others. Its products also include double poly paper cups for cold beverage, yogurt cups, ice cream cups, soup containers and plastic spoons. It is a manufacturer and distributor of tree free copy and printer paper products, made from sugarcane waste (bagasse) and bamboo for home and office environments under the Sugarmade brand name. It has also acquired a minority stake in various patents and products for seasoning and spices for food items. SUGARMADE, INC. (OTCMKTS:SGMD) Recent Trading Information
SUGARMADE, INC. (OTCMKTS:SGMD) closed its last trading session 00.000 at 0.110 with shares trading hands.