Those who are interested in cannabis stocks could consider taking a look at the Sugarmade Inc (OTCMKTS:SGMD) stock, which has rallied by 15% this morning so far. The vertically integrated cannabis company came into sharp focus this morning after Sugarmade provided an update with regards to its Nug Avenue operations.
Nug Avenue is a cannabis delivery operation that had been launched by Sugarmade earlier on this year in March. The company announced today that at the end of June 2021, Nug Avenue managed to in excess of 10000 new customers. The company also revealed that the numbers actually surpassed its own internal estimates.
Jimmy Chan, who is the Chief Executive Officer of Sugarmade, stated that more information about Nug Avenue is going to be released to current as well as prospective shareholders. However, the latest update was sent out to apprise everyone about the sort of progress that has already been made.
In addition to that, Sugarmade also noted that at this point it is in the process of acquiring property for the purpose of using one of the three licenses that it owns for non-storefront California licenses. It is going to be interesting to see if the Sugarmade stock can maintain its momentum over the coming days.
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