CITY OF INDUSTRY, Calif., March 20, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTC:SGMD) one of the largest publicly traded cannabis-related hydroponics supply companies, today announces a significant milestone for the Company with the beginning of revenue recognition relating to its master marketing agreement with cannabis cultivation and hydroponic supplier, BizRight Hydroponics, Inc.
The Company is now recognizing revenue under this new agreement with the month of April expected to be the first full month of reporting. Sugarmade expects to see rapid growth in realized revenues throughout the June quarter and throughout fiscal 2018.
Jimmy Chan, Sugarmade CEO commented, “Preparing to grow a company at a rate in excess of that of the hyper-growing cannabis marketplace has taken a significant amount of planning. I am happy to report we have now implemented the critical components of our internal systems, installed a very talented pool of individuals, and meaningfully enhanced our financial reporting and controls, allowing us to begin booking revenues from multiple new revenue streams, most of which are directly related to cannabis cultivation. Sugarmade has now completed its 2017 audit and financial reporting, freeing its staff to soon report the two completed quarters of fiscal 2018. For the foreseeable future, we expect to see revenue growth rates well in excess of the overall cannabis marketplace. We will be outlining these expectations after the market closes on March 30th.”
The rapid growth in cannabis cultivation is expected to drive Sugarmade’s revenue growth for the next few years as more California State’s licenses are approved and additional States open up to medical and recreational cultivation and usage of cannabis. While the California and other West Coast marketplaces are driving a meaningful portion of the Company’s growth, revenue growth is being realized from almost all regions within the United States and Canada.
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, BudLife™ Cannabis Storage Solutions, CaliGrownSupplies.com, and Sriracha Seasoning Stix, a revolutionary culinary seasoning product. 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
+1(888) 982-1628
info@Sugarmade.com