Sugarmade, Inc. (OTC:SGMD), one of the largest publicly traded cannabis-related hydroponics supply companies returns to the OTCQB Venture Market trading venue as a fully reporting company with the U.S. Securities & Exchange Commission. Additionally, the Company makes comments relative to the strong revenue growth it is experiencing within the cannabis supplies marketplace.
Sugarmade expects revenue growth to at least $30 million for 2019, with operating profitability and positive operating cash flow. For the most recently reported quarter, the Company reported revenues of just under $3 million, representing a sequential revenue increase of approximately 215% and a year over year revenue increase of approximately 228%. The Company is expecting additional revenue growth over the coming quarters due to a significant increase in the number of products being offered for sale and due to continued strong momentum in cannabis cultivation in California and other U.S. states where legalization has occurred.
Jimmy Chan, CEO of Sugarmade commented, “We are very proud of the growth we are realizing. A year ago we had a staff of 22 packed into a small office and warehouse. We have now grown our staff to more than 45, with additional staff member recruitment underway, and our office and warehouse space has increased by more than 300%. Our new facility in Monrovia, Ca, will allow us to grow our revenue to our stated objective of at least $30 million for next year. All of us at Sugarmade thank our valued shareholders for all the support provided as we grow our organization to address what we believe is one of the most exciting business marketplaces seen over the past few decades.”
About Sugarmade, Inc. (OTC:SGMD):
Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade’s brands include ZenHydro.com, CarryOutSupplies.com, and BudLife Cannabis Storage Solutions. For more information on the Company’s products, please visit http://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 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.
For inquiries please contact Jimmy Chan at (888) 982-1628 or info@Sugarmade.com.
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SOURCE Sugarmade, Inc.