NEW YORK, Aug. 01, 2019 (GLOBE NEWSWIRE) -- via CannabisNewsAudio – Sugarmade Inc. (OTC:SGMD) announces the availability of an audio press release titled, “Political Backing, Investor Interest Fuel Kentucky Hemp Boom.”
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To read the full editorial, visit: http://cnw.fm/COv56
Hemp production in Kentucky began in 2014, when 20 approved growers planted 33 acres of the crop under legislation that supported trials of hemp farming. By 2018, the industry had grown 200 times in size to 6,700 acres cultivated by 210 growers. On top of this, 14 university projects and 72 processors were invested in the crop. Only Colorado exceeded Kentucky for hemp production within the United States.
Since the passage of the 2018 Farm Bill, the state has seen a further staggering surge in production. Kentucky now has 60,000 acres devoted to hemp production, making it the biggest hemp-producing state in the country.
Sugarmade Inc. (OTC:SGMD) entered the hemp sector through hydroponics. Now the company is taking a more direct interest in hemp by exercising its option to invest in Hempistry Inc. Founded by Sugarmade’s own CEO Jimmy Chan, Hempistry is growing hemp in Madison County, Kentucky. Sugarmade is making a series of investments in the project that are expected to total an estimated $1 million.
About Sugarmade Inc.
Sugarmade Inc. is a product and brand marketing company investing in products and brands with disruptive potential. For more information, visit the company’s website at www.Sugarmade.com.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.