Nov 18, 2019
Sugarmade (OTCQB: SGMD), a major supplier to the hydroponic cultivation and hemp sectors, today announced preliminary calendar year-to-date revenue performance of $26 million and strengthening gross margins. Per the update, the company expects its recently-acquired hydroponics supply operation to produce approximately $32 million for the calendar year and believes it is well positioned moving into 2020 based on growing revenues and an expanding sector cost advantage. “This business sector is all about robust product sourcing, efficiency in logistics and effective e-commerce programs, not to mention effective placement on Amazon, where we are realizing great success. Our revenue and gross margin production are testaments to the fine job our staff has done relative to these areas,” SGMD Chief Executive Officer Jimmy Chan said in the news release. “Our revenue for this calendar year, as well as our gross margins, have exceeded our internal forecasts. We are especially pleased with how gross margins have remained robust all year and have actually risen over the past few months, bucking the expected seasonal trend in this subsector of the agricultural supply industry. We believe we are especially well set up moving into 2020, with not only e-commerce, but also brand and logistical advantages over the competition.”
To view the full press release, visit http://cnw.fm/YnOq1
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. The Company is becoming a leading supplier to the growing hemp industry and is benefitting from the growth of the hydroponic marketplace. The Company is in the process of acquiring several leading hydroponic and agricultural supply companies that are currently producing in excess of $70 million in annual revenues. Sugarmade is also an investor in fast growing Hempistry, Inc., a Kentucky-based cultivator of industrial hemp, and operates Carryoutsupplies.com a leader provider to the quick service restaurant industry. For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SUGAR
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