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Sugarmade (SGMD) Issues Shareholder Letter and 2023 Corporate Update

NEW YORK, Feb. 15, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Sugarmade, Inc. (OTC Pink: SGMD) ("Sugarmade," "SGMD" or the "Company"), a product and branding marketing company investing in operations and technologies with disruptive potential, is pleased to issue the following letter to shareholders from Chief Executive Officer Jimmy Chan.

Dear Valued Shareholder,

Pivoting toward new opportunities is an essential element of good stewardship, and Sugarmade continues to welcome favorable developments in its corporate structure. While the optics of 2022 included navigating challenging headwinds in California's cannabis space, the year also provided Sugarmade with significant openings to expand and strengthen our strategic goals and long-term values. 2023 will see Sugarmade continue building its various brands and begin a transition to becoming a real estate-focused company holding tangible assets that strengthen our balance sheet.

We are pleased to welcome Jamie Steigerwald to our management team as Sugarmade's new chief operating officer. Steigerwald is a seasoned entrepreneur with over 30 years of experience in various industries. He joined Nug Avenue as its chief marketing officer in January 2021 and played a key role in the growth of the cannabis delivery service during the COVID pandemic. In his current role at Sugarmade, Steigerwald is responsible for setting and executing strategic initiatives to enhance shareholder value. Before entering the cannabis industry, he worked in the real estate and mortgage sector, eventually starting his own mortgage brokerage in 2003. However, following the 2008 mortgage crisis, he shifted his focus to consulting and became a principal in various industries, specializing in marketing, sales and operations.

Steigerwald's considerable knowledge and experience in the real estate sector are key to Sugarmade's pivot toward becoming a real estate-focused company. We believe this decision will strengthen our balance sheet with tangible real estate assets that will add more long-term value to our overall business model. Although turbulence in the California cannabis marketplace is expected to continue, we believe Sugarmade is well positioned for growth as the Company cultivates its established brands and pivots to include assets in the real estate sector.

Shareholder value is our number-one priority. Our team has been working diligently toward securing new real estate acquisitions, which will give us the qualification needed to uplist onto one of the national exchanges. We look forward to sharing more Company developments as we reach new milestones.

Best Regards,

Jimmy Chan
Chief Executive Officer

About Sugarmade

Sugarmade, Inc. (OTC Pink: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our brand portfolio includes CarryOutsupplies.com, SugarRushtm, J Grade Farm and Lemon Glow.

For more information, please visit www.Sugarmade.com.

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as but not limited to: economic conditions, changes in the laws or regulations, demand for products and services of the Company, the effects of competition, uncontrollable forces of nature and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

Corporate Contact:
Jamie Steigerwald

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
310.299.1717 Office

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