NEW YORK, June 04, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – 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.
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