Sugarmade
on
Pace for Record $650K in July
BudCars
Sales Despite Challenging Environment
NEW YORK -- July 16, 2020 -- InvestorsHub NewsWire
-- Sugarmade,
Inc. (OTCQB:SGMD)
("Sugarmade", "SGMD", or the "Company"),
and its BudCars Cannabis Delivery Service ("BudCars"), is
excited
to issue a mid-month performance update for the month of July,
which is now on pace to set multiple new Company performance
records for sales, gross profits, and total customer
orders.
As of July 14, the Company is now on pace to meet
or exceed its target of $650,000
in total sales in
July,
with
well over 5,000 individual customer orders likely
this month,
suggesting
that sequential month-over-month topline growth will be at or above
the Company's target 30% level.
"Our BudCars Sacramento hub continues to demonstrate
accelerating growth
that suggests we still haven't really found the ceiling here in
terms of period-over-period upside
potential,"
commented Jimmy Chan, CEO of Sugarmade. "Ultimately, this is
gratifying to see because we have taken a unique approach to retail
cannabis product distribution."
Management notes that, based on the Company's performance over the
past two weeks, BudCars remains poised to reach the $11 million
benchmark for annualized sales by the close of calendar Q3, as
recently outlined in the Company's updated guidance materials (see
release dated July 8).
As organic growth through execution continues to drive strong
BudCars performance, the
Company also continues to make progress toward the
launch
of new locations, including
a BudCars
presence
in the Los Angeles regional market, as well its verticalization
initiative, which includes the incorporation of in-house
cultivation and cannabis product manufacturing over
time.
Chan added, "We are pursuing three primary avenues to drive growth:
organic execution, geographic expansion, and verticalization of our
supply chain. In each case, we continue to make progress. However,
at this point, we have only scratched the surface of what is
possible over the intermediate term for BudCars given that all of
the growth we have booked so far has been exclusively about organic
execution as we
claim an increasing share of the market and drive enthusiastic
repeat business from newly acquired customers."
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
Public
Relations:
Tiger Global
Management
info@TigerGMP.com
www.TigerGMP.com