Company Expects Record Fiscal 2018 Financial Results
SAVANNAH, GA, April 24, 2018 (GLOBE NEWSWIRE) -- Smoke Cartel, Inc. (Ticker: SMKC), a leading online retailer and wholesaler of glass water pipes and related accessories for the cannabis industry, today announced that it has moved to a larger facility during its most recent first quarter in order to meet consumers’ increasing demand for its high-quality and diverse product line of accessories for the rapidly growing cannabis market. The Company noted that, based on current trends, it expects to continue to extend its record of annual sales growth since its inception in 2014.
Despite several expansions, the Company had almost reached full capacity at its previous 16,000 square foot warehouse in Savannah, Georgia. During the first quarter of 2018, Smoke Cartel expanded and relocated its warehouse to a new site in West Savannah. The new facility encompasses approximately 28,000 square feet with a more efficient layout, an improved order fulfillment system as well as significant software upgrades. The new facility and upgraded platform are much more scalable and provides Smoke Cartel with yet another competitive advantage with its B2B platform. The Company’s efforts to diversify its customer base has shown significant results with wholesale clients growing and becoming a larger proportion of the Company’s overall sales. In addition to being able to store larger amounts of inventory, Smoke Cartel now offers a customized Point of Sale system, back office integration and automated billing.
“After spending the past four years building a foundation for success and recruiting a team to match, we decided that this was the right time to push the boundaries of what Smoke Cartel can be and, more importantly, where it can go,” said Sean Geng, Chief Executive Officer of Smoke Cartel, Inc. “Our new site will allow us to store larger amounts of inventory while creating a more streamlined distribution center. We believe this will allow us to better serve our current customers while attracting new ones with increased productivity and reduced costs, while offering the same if not higher quality merchandise that they have been accustomed to receiving over the years from Smoke Cartel,” continued Mr. Geng.
Company Expects Record Fiscal 2018 Financial Results
“We are very fortunate to be only at the cusp of what is becoming by all standards one of the fastest growing industries this nation has ever experienced. Although there are a number of growth drivers that will support our continued growth, we believe the following three factors will be particularly instrumental in our ability to achieve yet another record year in 2018: first, our proprietary e-commerce platform, which has truly differentiated Smoke Cartel and positioned us to become one of the largest benefactors when additional states legalize cannabis since it opens an entire new market for us virtually overnight; second, a favorable legislative environment as highlighted by President Trump’s statements last week; and third, our listing as a publicly-traded company, which should provide us with significantly greater access to growth capital and at lower costs than our smaller counterparts. These three growth drivers, amongst many more, gives us the confidence to be able to project our fourth consecutive year of record financial results for Smoke Cartel. And, especially towards our shareholders, employees and, most importantly, loyal customer base, I am proud to announce that this is only the beginning,” concluded Mr. Geng.
To be added to Smoke Cartel, Inc.’s investor lists, please contact Bill Miller at 844-565-5665 or via email at bmiller@irpartnersinc.com.
About Smoke Cartel, Inc.
Smoke Cartel, Inc. (Ticker: SMKC) is one of the leading online retailers of glass water pipes, vaporizers, bubblers, spoons, oil and dab rigs, smoking accessories, and cannabis accoutrements. The Company provides a wide variety of high quality products, reliable customer service, and rapid dependable shipping. Smoke Cartel offers 24-hour support and online chat services to ensure the customer experience is timely and professional. Smoke Cartel operates a transparent business model which is important in an industry with varying state regulations and significant scrutiny. The Company’s website at www.smokecartel.com offers fast load times and optimizations, making the product search process quick and seamless.
(Certain matters discussed in this press release may contain statements, estimates and projections that involve risks and uncertainties in Smoke Cartel Inc. business that may cause actual results to differ materially from those anticipated by the statements made herein. Such statements, estimates and projections constitute forward-looking statements within the meaning of the federal securities laws. Smoke Cartel undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.)
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