Sugarmade
Issues Corporate Update on Uplisting
to
Nasdaq Exchange
NEW YORK, November
26,
2019 -- InvestorsHub NewsWire – Sugarmade, Inc. (OTCQB:SGMD)
("Sugarmade", "SGMD", or the "Company"), a major supplier to the
hydroponic cultivation and hemp sectors, is
pleased to provide an update as
the Company moves toward an uplisting of shares onto a major US
exchange following news that Sugarmade's
direct
competitor, GrowGeneration
Corp.
(NASDAQ:GRWG) ("GrowGen"),
announced on Monday, November 25, that its shares have
been
approved for listing on the Nasdaq Capital Market
("NASDAQ").
Following its acquisition of BZRTH, Inc. ("BZRTH"), and another
acquisition to be announced in the near future, management believes
that Sugarmade is
very
similar to GrowGen
in
terms of market segment, scale of operations, and financial
performance metrics (on an overall, consolidated basis).
As a
result, the Company believes GrowGen's
move
onto the Nasdaq is a very promising signal for Sugarmade
as
the Company prepares to uplist
its
own shares.
"The approval of GrowGen
shares
for the move up onto the Nasdaq market is a great sign
for
Sugarmade
as we
prepare to make a similar move,"
commented Jimmy Chan, CEO of Sugarmade. "It's a positive signal
about the hydroponics market and about our overall strategy. It's
time for institutional investors to get heavily involved in the
pick-and-shovel ancillary markets surrounding the hemp and
hemp-related boom. GrowGen
has
done a great job, and we are hot on their tail right now, and plan
to surpass them in the race to number one in the hydroponics
space."
The Company recently completed its acquisition of BZRTH. Including
sales brought in by the acquisition, the Company
has already booked
over
$26 million in
revenues
on
a year-to-date
basis.
The
Company anticipates
this number to swell to $32
million on sequential strengthening in gross margins
and
sales into year end. The Company is also in the process of another
major M&A transaction that will significantly further boost
overall forward financial projections for 2020. Further
details will follow soon.
Mr. Chan continued, "Let's not forget why GrowGen
and
Sugarmade are both seeing such a strong wave of growth. The market
for cultivation of hemp and hemp-related crops is growing at an
astounding pace. But supply has caught up with demand, and margins
are tightening fast for producers. Hydroponics is
a
core
part of the solution for those producers. Growth is moving from
cultivators to ancillary products and services catering to those
cultivators. And we are committed to a leadership position as this
dynamic continues to unfold."
The total
market
capitalization
of
the Nasdaq Exchange
currently
stands
at $10
trillion US dollars,
representing the
second
largest exchange in the world in
terms of market
capitalization for
shares
traded.
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,
operates
Zenhydro.com
a leading supplier to the Online Hydroponic Market and
Carryoutsupplies.com
a leader provider to the quick service restaurant
industry.
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
Press &
Media Inquiries:
EHC Branding
Agency
Info@EHCBrandingAgency.Com
(626)
MJ-BRAND