Sugarmade's
BudCars
Posts Record May Sales, Holds 10% Week-Over-Week Pace of
Growth
NEW YORK, June
4,
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 May,
with the Company posting nearly 30% sequential monthly growth over
April sales, continuing the rapid growth trend in place since
management invested capital, time, and resources into
BudCars
in
February.
The Company continues to see week-over-week sales growth at 10%,
suggesting that BudCars
will
surpass $10 million in annualized sales by the month of August at
its Sacramento location.
Jimmy Chan, CEO of Sugarmade, remarked, "The top-line growth data
has been extremely strong, and we have no reason to expect that to
change. But it's important that our shareholders understand that
this is not a delivery service model. We aren't simply earning a
fee to deliver someone else's inventory, and barely breaking even
in the process. We are building an inventory at wholesale pricing,
marking it
up
significantly,
and pulling in very strong margins on every unit we deliver for
sale."
Sugarmade's
team
continues
to work
diligently toward
opening of
its
first Los Angeles location, the
definite timing of the launch will be updated in the next few
weeks. The
Los Angeles cannabis market is arguably the biggest municipal legal
cannabis market in the world, and the Company conservatively
estimates that its
first LA hub will add at least $20 million in annualized
sales.
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