NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade,” “SGMD,” or the “Company”), and its BudCars Cannabis Delivery Service (“BudCars”), is pleased to provide shareholders with fresh performance data following the conclusion of another strong month in July, which featured over $660K in total BudCars gross sales ($537K, net of sales taxes), representing 32% sequential monthly top-line growth, with both total sales and gross profits growing by more than 30% m/m for the fourth consecutive month.
“Last month featured strong growth in basically every major metric once again for our BudCars segment,” stated Jimmy Chan, CEO of Sugarmade. “We saw an increase in gross margins while demonstrating another breakout month-over-month performance on both the top and bottom line.”
Management notes that July data demonstrate similar second-derivative characteristics to trends witnessed in May and June data for BudCars, with sharp sequential monthly gains in topline sales, pricing, margins, average daily sales, and total customer tickets.
This duration of this continued strong growth curve continues to suggest that the Company is executing well in customer acquisition both among new conversions to delivery cannabis dispensation and market share grab – i.e., “stealing” customers from competitors and maintaining those new customers.
Overall, July performance was well above the Company’s forecast model across every tracked metric. This process will inform the Company’s modeling and expectations as it launches two LA BudCars hubs in coming weeks.
Chan added, “Note that April was our first full month operating Budcars. In July we more than doubled the sales and gross profits booked in April. That pace of growth suggests another potential doubling by October on a per-location basis. And we will be operating additional locations by then, which will serve to compound that growth.”
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.
Tiger Global Management
Los Angeles, California