NEW YORK, Feb. 25, 2020 (GLOBE NEWSWIRE) — via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”) and Budcars cannabis delivery service today announce a significant expansion of cannabis delivery services within the Sacramento metropolitan area with the communities of Granite Bay, Folsom, Arden Arcade, Carmichael, Citrus Heights, Orangevale, and Roseville/Rocklin being added this week.
Sugarmade and Budcars believe several of the communities that will now be served by Budcars are especially lucrative opportunities due to a combination of near-ideal demographics, strong per capita income growth and easy access to major thoroughfares. Additionally, several of the wealthiest communities, such as Granite Bay, Carmichael and Folsom are underserved by other delivery operators. “Several of these new delivery areas are among the most affluent areas of metropolitan Sacramento and have some of the highest per capita incomes. We plan to use these expanded services areas as jumping-off points to even further expand this Company’s delivery reach. We look forward to supplying these communities with quality cannabis products delivered directly to the consumer.
“Our back-office team and the Budcars team have been working together for the past few weeks to prepare for the expansion,” commented Jimmy Chan, Chief Executive Officer of Sugarmade. Sugarmade plans to make 100% of the new investment into Budcars for the expansion of operations. In addition to geographic expansion, Sugarmade and Budcars plan to enhance operations via strategic vertical integration that will not only improve operating margins, but also ensure Budcars customers continue to receive the highest quality products at competitive prices.
Mr. Chan continued, “The investment in Budcars and this geographic expansion are just the start of Sugarmade’s moves into California’s regulated cannabis marketplace. With the significant turmoil in California’s cannabis marketplace occurring over the past year and the resulting industry shakeout, we are seeing a host of very attractive investment opportunities. We feel Sugarmade’s capital structure is conducive to addressing these pending opportunities and we are in the process of performing due diligence on several. We are particularly interested in the many cultivation and retail non-storefront opportunities that now exist. We hope to soon make several other investments in these areas.”
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.