Sugarmade Inc (OTCMKTS:SGMD) shares jumped 10.94% to $0.0355 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.02 to $0.42. The company has a market cap of $7.58 million at 213.49 million shares outstanding.
In a press release, Sugarmade Inc announced that laboratory research has produced an optimum proprietary packaging atmosphere that will allow long-term storage of cannabis in the new BudLife containers. The company considers this a highly significant breakthrough in the cannabis industry.
“We are super excited to be the exclusive distributor for BudLife products for the single largest cannabis market in the world, the U.S. states of California, Oregon and Washington,” commented Sugarmade Inc CEO Jimmy Chan. “We believe this breakthrough is really important. With the growing glut of cannabis flowers in the marketplace, storage will be more critical than ever.”
It is also working with Plantation to turn development efforts toward finalizing the packing design. The companies expect to begin taking orders for BudLife in Q4 2017.
Sugarmade Inc is a company that is engaged in the supply of products to the quick service restaurant sub-sector of the restaurant industry. It 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 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.