Shares of Sugarmade, Inc. (OTCQB: SGMD) surged 10 percent in
early trade, moving on volume of more than 2.5 million, after the hydroponics
supply company said it has issued formal proposals to acquire two profitable
hydroponic cultivation supply companies in the cannabis sector. Should the
acquisitions be successful, the company said it will boost its revenue guidance
to $75 million for next year. Sugarmade recently provided 2019 guidance of $30
million.
“These acquisitions will not only very significantly boost
our top line revenue growth, but will also expand our distribution across the
most important sectors of the fast-growing cannabis marketplace, including the
wholesale market, which services brick and mortar retailers and to large
commercial cultivation operations, which are rapidly expanding their
cultivation footprints. In addition to the revenue growth opportunities, we
will also be afforded very meaningful cost savings across many operational
functions. In particular, we believe there are strong cost synergies relative
to manufacturing, purchasing, international transport, warehousing and shipment
to customers. Perhaps most exciting, however, is that these acquisitions will
place us among the largest public companies in the booming cannabis sector,”
Sugarmade CEO Jimmy Chan stated in the press release.
To view the full press release, visit http://ibn.fm/3CT5D
About Sugarmade, Inc.
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 www.Sugarmade.com.
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