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://ibn.fm/2PEL3
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://ibn.fm/SUGAR
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