NEW YORK, May 13, 2020 (GLOBE NEWSWIRE) — Sugarmade Announces Record 58% Month-Over-Month BudCars Sales Growth Ahead of LA Launch
NEW YORK, May 13, 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 April, with sales growing 58% on a sequential monthly basis over March sales on an average daily volume basis. In addition, data for the month of May already show a strong continuation of that trend, with May sales on pace to add another 16% over and above the strong breakout sales trend seen in April.
“We did about $6,000 per day in sales in March and over $9,500 per day in April, representing a very robust growth trend at our Sacramento hub,” commented Jimmy Chan, CEO of Sugarmade. “May is already off and running at better than $11,000 per day, demonstrating continued dramatic growth. And investors should also note that this $11,000 per day figure represents activity in only one area. With our LA hub set to come online at the start of summer, and with the unprecedented stay-at-home extension in that region, we believe our daily sales in the LA area could triple that figure relatively quickly.”
Management notes that the California cannabis market is beginning to run into widespread shortages as demand surges over recent weeks. The Company wishes to assure shareholders that it has extremely strong supplier relationships and sees low risk of any issues in securing forward product inventories. Furthermore, as the Company’s competitors run into potential issues in securing their own inventory for distribution, management believes BudCars will likely see market share gains, providing another potential driver for near-term sales growth.
In addition, the Company continues to make strong strides toward the opening of its first Los Angeles hub, which should be secured and ramping up by July. With news out this week that Los Angeles County plans to extend its Stay-at-Home order through the month of July, the Company anticipates a very strong launch context as its new LA hub ramps up given the extra demand for delivery services that has accompanied stay-at-home conditions around the state.
Chan continued, “We are starting to see a market context where supplier relationships matter more than just about anything else, which plays to our strengths. Demand growth continues to be off the charts across the California cannabis market, and producers are struggling to keep up. Those trends are pairing up with both structural and situational forces to provide a huge tailwind for BudCars. In addition, we remain on schedule for a July launch for BudCars Los Angeles, which will conservatively add another $20 million in annualized sales on the top line.”
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.
CONTACT: Corporate Contact: Jimmy Chan +1-(888)-982-1628 info@Sugarmade.com Corporate Communications: InvestorBrandNetwork (IBN) Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com