QualityStocksNewsBreaks – Sugarmade, Inc. (SGMD) Inks LOI to Acquire Sky Unlimited; Increases FY2019 Revenues Guidance to $70M
Hydroponics supply company Sugarmade (OTCQB: SGMD) this morning reported that it has signed a binding Letter of Intent ("LOI") to acquire Sky Unlimited, LLC, dba Athena United. Sky Unlimited is a supplier of cannabis cultivation materials to wholesalers and commercial cannabis cultivators. The company anticipates that this acquisition will drive earnings and shareholder value, so it is revising its guidance for full-year 2019 revenues to more than $70 million. Per the terms of the LOI, 10 million common shares of Sugarmade, which will immediately vest as a non-refundable fee, will be issued to the owners of Sky Unlimited. In return…