NEW YORK, July 01, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), and its BudCars Cannabis Delivery Service (“BudCars”), is pleased to provide current and prospective shareholders with BudCars performance data for the month of June, which featured over $500K in total sales, representing 36% sequential monthly top-line growth, with total sales and profits now growing by more than 30% m/m for the third consecutive month.
- Total June BudCars Sales of $502,903, representing 36% month-over-month Sales growth (compared to May 2020 sales of $367K)
- Total June BudCars Gross Profits of $228K, representing 31% month-over-month Gross Profit growth (compared to May 2020 Gross Profits of $174K)
- Average Daily Sales increased 41% m/m to $16,763
- Total Customer Tickets increased 34% m/m to 4,207, accelerating from 29% m/m growth in May
- Average Customer Order size increased 2.0% to $119.54/order
“June was another breakout month for BudCars growth across basically every single metric important to gauging our progress,” stated Jimmy Chan, CEO of Sugarmade. “Our pricing improved. Our average order improved. We did more business with more people and booked a significant jump in gross profits while holding our 47% gross margin level as volume increased. We look forward to continued breakout growth in July.”
The Company continues to see broad and rapid expansion that closes out the first half of 2020 with a linear pace already at $6 million in annualized run-rate for sales, and a second-derivative path pointing to an annualized revenue path above $21 million by year-end. This includes data-driven projections for its Sacramento hub only. The Company continues to believe this data provides meaningful insights for projecting performance at its Los Angeles hub following launch, which should contribute to significant further upside in second half 2020 financial performance projections.
Management also believes verticalization is a very promising avenue through which to sharply widen margins based on its current analysis. The Company has already moved to secure some cultivation and manufacturing capacity, and management is targeting additional license and production capacity acquisitions in the months ahead.
Chan continued, “As we recently outlined, the California cannabis landscape is ripe for consolidation of dormant distressed production assets, which plays powerfully into our verticalization vision. And we look forward to providing further updates on our progress in this direction in the very near future.”
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™ and Budcars.com. For more information please reference 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.
Corporate Contact:
Jimmy Chan
+1-(888)-982-1628
Public Relations:
Tiger Global Management
Corporate Communications:
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