One of the cannabis stocks to have emerged as a notable gainer on Tuesday was that of Sugarmade Inc (OTCMKTS:SGMD). Yesterday, the stock saw considerable action and ended up with gains of as much as 19%. Considering the magnitude of the gains, it is likely that the Sugarmade stock is going to come into focus this morning too.
That said, there was no news about the company yesterday and the last major news about the company had emerged earlier on in the month on June 10. At the time, the company announced that it signed a Memorandum of Understanding with regards to as many as three non-storefront California Cannabis licenses.
The licenses were obtained by Sugarmade from the Los Angeles Department of Cannabis Regulation and in addition to that, corresponding licences were also acquired from the California Bureau of Cannabis Control.
Obtaining these licenses was a major development for the company and could help it in taking its business in a new direction. Now, Sugarmade will be able to establish three Nug Avenue cannabis delivery hubs which are going to be located in the Los Angeles metropolitan area. At this point, investors could consider keeping track of any fresh news about the company.
Market Reaction:
On Tuesday, SGMD stock soared 18.57% to $0.0027 with more than 166.69 million shares, compared to its average volume of 124.67 million shares. The stock has moved within a range of $0.0023 – 0.0027 after opening the trade at $0.0024. Over the past 52-week, the stock has been trading within a range of $0.0010 – 0.0200.
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