Sugarmade
Announces Record
58% Month-Over-Month
BudCars
Sales Growth
Ahead of LA
Launch
NEW YORK, May
13, 2020
-- InvestorsHub NewsWire -- Sugarmade,
Inc. (OTCQB:SGMD)
("Sugarmade", "SGMD", or the "Company"),
and
its BudCars
Cannabis
Delivery Service ("BudCars"),
is
excited to announce record
growth data for BudCars
sales
during the month of April, with sales growing 58% on a sequential
monthly basis over March sales on an average daily volume basis. In
addition, data for the month of May already show
a strong continuation
of that trend,
with May sales on pace to add another 16% over and above the strong
breakout sales trend seen in April.
"We did about $6,000 per day in sales in March and over $9,500 per
day in April, representing a very robust growth trend
at
our Sacramento hub,"
commented Jimmy
Chan, CEO of Sugarmade. "May
is already off and running at better than $11,000 per day,
demonstrating continued dramatic growth. And
investors
should also
note that
this
$11,000
per day figure
represents activity in only one area. With our
LA
hub
set to come
online
at
the start of summer,
and
with the unprecedented stay-at-home
extension in that region, we
believe our daily sales in the LA area could triple that
figure
relatively
quickly."
Management notes that the California cannabis market is beginning
to run into widespread shortages as demand surges over recent
weeks. The Company wishes to assure shareholders that it has
extremely strong supplier relationships and sees
low risk
of any issues in securing forward product inventories. Furthermore,
as the Company's competitors run into potential issues in securing
their own inventory for distribution, management believes
BudCars
will
likely
see
market share gains, providing another potential driver
for
near-term sales growth.
In addition, the Company continues to make strong strides toward
the opening of its first Los Angeles hub, which should
be
secured
and ramping
up by
July. With
news out this week that Los Angeles County plans to extend its
Stay-at-Home order through the month of July, the Company
anticipates a
very
strong launch
context as
its new LA
hub
ramps up given the extra demand for delivery services that has
accompanied stay-at-home conditions around the state.
Chan continued, "We are starting to see a market context where
supplier relationships matter more than just about anything else,
which plays to our strengths. Demand growth continues to be off the
charts across the California cannabis market, and producers are
struggling to keep up. Those trends are pairing up with both
structural and situational forces to provide a huge tailwind
for BudCars.
In addition, we remain on schedule for a July launch for
BudCars
Los
Angeles, which will conservatively add another $20 million in
annualized sales on the top line."
About
Sugarmade, Inc.
Sugarmade, Inc. (OTCQB:
SGMD) is a product and branding marketing company investing in
operations and technologies with disruptive potential. Our Brand
portfolio includes CarryOutsupplies.com, SugarRush™
and Budcars.com. For more information please reference
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.
Corporate
Contact:
Jimmy Chan
+1-(888)-982-1628
info@Sugarmade.com