Sugarmade Completes Internal Systems For Rapid Growth in the Cannabis Supplies Sector - Completes Year-End Audit
March 07 2018 - 8:30AM
InvestorsHub NewsWire
Sugarmade Completes Internal Systems For Rapid Growth in the
Cannabis Supplies Sector – Completes Year-End Audit
City of Industry, CA -- March 07, 2018 -- InvestorsHub
NewsWire -- Sugarmade, Inc. (SGMD), one of the largest
publicly traded cannabis-related hydroponics supply companies,
today announces the completion of internal financial system
enhancements in order to begin recognizing revenues from is master
marketing agreement with BizRight Hydroponics, Inc. Additionally,
the Company announces the completion of its year-end audit in
preparation for its year-end, and other, financial filings and its
intent to soon offer formal revenue growth guidance for year -end
2018 and 2019.
For the past few months, the staff at Sugarmade has been
implementing a plan to significantly increase corporate accounting
and financial resources to manage the over 400% revenue growth
planned for the next few years. With these functions largely
completed, the Company’s staff is now beginning testing on live
orders and revenue flows from BizRight products, in order to begin
recognizing these new revenue streams.
Mr. Jimmy Chan, CEO of Sugarmade commented, “Over the past few
months we have changed much within our operation as we prepare to
begin booking and billing revenue for a host of fast growing
hydroponic supply related products. This will boost our revenue
growth to a very significant degree making Sugarmade a strong and
fast growing player in the legal cannabis supply sector. We believe
the efforts of our staff will yield strong benefits relative to
Sugarmade’s continued growth prospects. We are likely to outline
our specific target revenue growth guidance for 2018, and beyond,
upon getting current with our financial reporting .”
Sugarmade has now completed its audit for the year ending 2017,
which has been held up for several reasons, including the system
modifications reference above. With the audit now complete, the
Company will soon be able to file is financial reports and
disclosures.
Mr. Chan continued, “We have aggressive growth plans as we have
previously outlined. The preparation of our organization to become
one of the largest suppliers to growing cannabis and hydroponic
supply sectors is right on schedule and now that we have completed
our year end audit and moved most of our personnel to our new and
much larger office space, we can finalize and file our year and
quarter end reports. Planning for the rates of growth we are
expecting takes a lot of hard work and patience. All of us at
Sugarmade thank our investors for their patience during this
process.“
About Sugarmade, Inc. (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 http://www.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.
For inquiries please contact
Jimmy Chan
+1(888) 982-1628
info@Sugarmade.com
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