MONROVIA, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTC: SGMD), one of the largest publicly traded hydroponics supply companies, today announces expansion into the European market for hydroponics supplies by way of its first order via Amazon UK. Under the terms of the agreement, Sugarmade will supply dozens of SKUs to be sold in United Kingdom.
The European market is growing relative to hydroponics. U.S.-based importers and marketers have developed strong product lines at very attractive prices, based on worldwide sourcing. The quality of these products and reasonable price points have started to attract European cultivators who have not been able to source similar products at attractive prices within the European markets. This inability to source quality products at attractive price points creates a significant opportunity for suppliers such as Sugarmade.
Over the past few financial quarters, Sugarmade has seen revenue growth patterns expand geographically. Whereas as recently as mid-2017, the majority of hydroponic-related revenue growth was seen from the California and other west coast marketplaces, growth is becoming more geographically dispersed among U.S. states where legalization has eased restriction. This movement into United Kingdom further expands the base of geographic growth areas.
"We continue to grow in terms of top line revenue and in geographic scope," commented Jimmy Chan, CEO of Sugarmade. "While we have previously informed our investors of our $30 million revenue goal for next year, revenues continue to grow across the board. The lack of available products within the European markets provides Sugarmade additional revenue growth opportunities. We view this as a potential growth market for Sugarmade especially considering there are more than 740 million people in Europe compared to only about 360 million in the U.S. We believe even a few points of market share of this huge market will have a very positive effect on our growth rate."
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.
For inquiries please contact Jimmy Chan at (888) 982-1628 or info@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.