Sugarmade Announces Results for Fiscal Q1 Rising Gross
Margins, Positive Net Income and New Cannabis Packing Products
Launched
City of Industry, CA -- November 22, 2016 -- InvestorsHub
NewsWire -- Sugarmade, Inc. (OTC:SGMD) today announced preliminary
results for the quarter ending September 30, 2016. During the
quarter, the Company produced approximately $1.1 million in revenue
with gross margins rising to 38%. Additionally, the Company reduced
operating expenses on a percentage basis by more than 30%. As a
result of the rising gross margins, significant reductions in
expenses and higher non-operating income, the Company expects to
report a net income of approximately $141,000. Over the past year,
the Sugarmade management team has refocused sales efforts toward
higher gross margin products and meaningfully restructured
operations to cut costs.
With the stabilization of the core business operations, we are
now well prepared to address the growing opportunity in cannabis
packaging with our new CannaShroud and DabBox product lines,
commented CEO, Jimmy Chan. Thus far, we are very pleased with the
level of interest in these products. We are also very excited about
our upcoming launch of our Sriracha Seasoning Stix product line
under a license agreement with Irwindale, California based, Huy
Fong Foods, Inc., that producer of real Sriracha hot sauce.
About Sugarmade, Inc. (OTC:SGMD)
Sugarmade, Inc. is a product and brand marketing company
investing in products and brands with disruptive potential.
Sugarmades brands include CarryOutSupplies.com, Sugarmade Tree Free
Paper, FreeHand ThumbTray Dabbox and CannaShroud, the worlds first
Cannabis specific shipping systems. During November 2016, the
Company will be launching Sriracha Stix, a revolutionary culinary
seasoning product under official license from Irwindale,
California-based Huy Fong Foods, Inc., the maker of Sriracha Hot
Chili Sauce. For more information on the Company's products, please
visit www.Sugarmade.com.
For inquiries please contact Jimmy Chan at (888) 982-1628 or
info@Sugarmade.com.