Sugarmade Outlines Corporate Changes to Facilitate Becoming One
of World's Largest Publically Trades Cannabis Supply Company
City of Industry, CA -- December 28, 2017 -- InvestorsHub
NewsWire -- Sugarmade, Inc. (OTCQB:SGMD)
today outlines the steps being taken to modify its corporate
operations as it becomes one of the world's largest publicly traded
supplier to the growing cannabis industry.
Mr. Jimmy Chan, CEO of Sugarmade, commented, "We are taking
decisive action to modify our operations in order to prepare for
the huge increase in business we are expecting. Growing a business
infrastructure capable of expanding by more 500% during 2018 is
certainly a challenge, but we have already begun the process. We
will be providing detailed revenue guidance for the full year 2018
over the next few weeks. All of us at Sugarmade are looking forward
to growing with the industry over the coming years. Below, are the
steps we are implementing in order to prepare to meet this grow
challenge."
- Personnel Expansion Sugarmade's top priority is to
recruit highly experienced accounting and financial personal. To
this end, last week, the Company made an offer for employment to a
highly skilled individual who would become Sugarmade's Chief
Financial Officer. Other staff positions have already been enhanced
and several new mid-level accounting and financial specialists are
being actively recruited.
- Office Space Sugarmade plans to move its
headquarters location to a more suitable building with enough space
to house all staff members. The Company plans to remain in the
greater Los Angeles area to accommodate its current staff, all of
which are being retained, and the many business partners located
near the current City of Industry location.
- Warehouse Consolidation The Company plan to begin
the process of warehouse consolidations to improve the logistical
process and to further reduce associated costs. It is likely much
of the new warehouse space will be located in close proximity to
new office space that will be utilized.
Sugarmade recently announced to its investors and to the growing
cannabis marketplace, the creation of becoming one of the
industry's largest publicly traded cannabis and hydroponics supply
company. Sugarmade has completed a master market agreement
with industry leader, BizRight Hydroponics, Inc., a leading
marketer and manufacturer of cannabis and hydroponic growth
supplies, which offers a range of hydroponics-related products
including: HPS grow lights, electronic ballasts, HPS bulbs,
nutrient mixes, environmental control products, pH measurement and
calibration solutions and other cannabis-related grow and storage
products. BizRight operates the ZenHydro.com website and other
e-commerce properties, and sells various products to distributors
and retailers. BizRight is expected to produce in excess
of $30 million in revenues during 2017, with substantial
growth expected for 2018.
Please reference the recent full disclosure regarding this
agreement recently filed by Sugarmade, which is available at
www.sec.gov. Additional information can be seen
at www.Sugarmade.com and www.Zenhydro.com
About Sugarmade, Inc. (OTCQB:SGMD)
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,
BudLife Cannabis Storage Solutions, CaliGrownSupplies.com, and
Sriracha Seasoning Stix, a revolutionary culinary seasoning
product. 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.
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.