Sugarmade Inc. Reiterates $30 Million Revenue Guidance Within Cannabis Marketplace, Files Quarterly Results
Wednesday, July 18, 2018 8:30:00 AM ET
City of Industry, Calif., July 18, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTC:SGMD), one of the largest publicly traded cannabis-related hydroponics supply companies, reiterates its $30 million revenue guidance for next fiscal year after filing results for fiscal Q2 2018. Additionally, the Company is announcing today the termination of its culinary business line in order to increase emphasis on its hyper-growth market opportunities.
Sugarmade continues on a strong growth trajectory, which is expected to allow the Company to produce revenue of at least $30 million for the fiscal year ending 2019, representing annual growth of over 500 percent. The aggressive growth rate is being driven by rapid expansion within the cannabis marketplace, in particular the cannabis cultivation sub-sector, where a majority of the Company's products are focused.
"Over the past year, we have significantly enhanced our operational staff and our internal systems preparing for our rapid growth,” Jimmy Chan, CEO of Sugarmade, said. “With these changes, we believe we are optimally sized, but we want to ensure we are able to manage our aggressively planned growth rate. To this end, we have determined our culinary products are no longer strategic to our goals and thus we are terminating the marketing of these products in order to increase our focus on our highest growth product areas, which is the cultivation-related cannabis sector.”
Sugarmade today filed its financials for its fiscal Q2 of 2017, with the Company planning on filing its remaining outstanding fiscal quarter over the very short term, thus restoring the Company to fully reporting status.
"We believe our growth-induced reporting challenges are now over, allowing this management team to demonstrate to our investors the aggressive growth we already are realizing and expect to report over the near term," Chan concluded.
About Sugarmade, Inc. (OTC:SGMD):
Sugarmade, Inc., is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade’s brands include ZenHydro.com , CarryOutSupplies.com and BudLife™ Cannabis Storage Solutions. For more information on the Company’s products, please visit: http://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.
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