Sugarmade
CEO
Expects Golden State Hemp Legislation to Benefit the Industry –
Company
Prepares
First Closing of BZRTH Acquisition
MONROVIA,
California, Aug.
13, 2019 -- InvestorsHub
NewsWire --
Sugarmade, Inc. (OTCQB: SGMD), a major supplier
to the growing hydroponic cultivation and hemp sectors, today
announces it is now
prepared to complete the
first closing of its BZRTH, LLC acquisition. Recently, the Company announced
BZRTH had completed its financial audit, which was one of the major
items required to close the pending transaction. BZRTH is a major
supplier to the hydroponic and hemp cultivation sectors, producing
in excess of $30 million in annual
revenues.
"It is an exciting time for Sugarmade,
especially as the California licensing and legislative agenda
continue to show strong promise. We have aggressive expansion
plans and both the first closing of BZRTH and the beginning of hemp
cultivation operations in conjunction with Kentucky-based
Hempistry, Inc. are major milestones for our Company," commented
Jimmy Chan, CEO of Sugarmade.
Sugarmade believes the market for
hydroponic and hemp cultivation supplies will continue to grow,
especially in California. The past few years have
seen substantial
growth in the California
industry, and with that growth
came challenges for the state's governing bodies. After many
months of delays,
California authorities have reportedly issued over 10,000
licenses to producers, processors and
retailers.
With pending pro-hemp
cultivation and pro-CBD in food legislation widely expected to pass
in the California Legislature and to be signed into law by
California Governor, Gavin Newsome, even more growth could come
from the already booming California
marketplace.
Mr. Chan continued, "It has always been our
belief that the California market would continue to lead the
country relative to hydroponic supply sales. With the
bottleneck in licensing beginning to be cleared up, we are even
more optimistic. When we add the strong opportunities in the
hemp industry in other states, we believe our future as a major
industry supplier is very bright."
Sugarmade also recently announced
commencement of hemp cultivation in conjunction with
Hempistry, Inc., of
Madisonville, Kentucky. Sugarmade recently announced
it had begun to exercise its investment option
in the Kentucky hemp cultivator. The hemp being cultivated this year by
Hempistry is a fast growing strain that is especially rich in
cannabidiol (CBD). The farm is located in Madison County,
Kentucky.
The Company is on the process of calling a
Special Meeting of shareholders to elect new directors of the
Company, including at least two independent directors who have no
"material relationship" to the Company, as defined by national
stock exchanges. Chairman, Jimmy Chan, in accordance with the
Bylaws of the Company, plans to call for the Special Meeting to
elect new directors in order to provide the Company with
requirements, including requirements for independent directors, as
outlined by these national exchanges. Chairman Chan and the board
will inform shareholders of the date of the special meeting in a
timely manner.
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 and processor of
industrial hemp and hemp distillates and isolates, and operates
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.
For inquiries,
please contact:
Jimmy
Chan
+1-(888)-982-1628
info@Sugarmade.com
View original
content:
http://www.prnewswire.com/news-releases/sugarmade-and-hempistry-commence-hemp-cultivation-in-kentucky-300894676.html
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