SugarMade, Inc. announced that effective November 27, 2012, Ed Roffman and C. James Jensen resigned from the Board of Directors of the company. The resignations were not the result of any disagreements with the company. Effective November 27, 2012, the Board of Directors of the company appointed Stephan P. Pinto and Jonathan Leong to the Board of Directors to fill the vacancies created by the resignations of Mr. Roffman and Mr. Jensen.

Mr. Pinto, age 58, has served for the past 14 years as President and Chief Executive Officer of Allied Financial Services, Inc. Between October 2009 and July 2010, Mr. Pinto also held the position of Chairman of the Board of directors of the company's then private subsidiary, Sugarmade, Inc.