The recent legalization of recreational cannabis within the state of California in 2018 is already having a positive impact on the businesses of Sugarmade (OTCQB: SGMD) and BizRight Hydroponics, Inc. The two companies are currently in process of implementing a master marketing agreement, creating one of the largest publically traded cannabis and hydroponics supply companies.
SGMD Set to Meet Increased Demand in 2018
Sugarmade, Inc.
Ticker: SGMD
https://www.Sugarmade.com
Sugarmade: It's Going to be a Busy 2018 - Increased Demand as Cannabis Cultivators Receive Licenses
The recent legalization of recreational cannabis within the state of California in 2018 is already having a positive impact on the businesses of Sugarmade (OTCQB: SGMD) and BizRight Hydroponics, Inc. The two companies are currently in process of implementing a master marketing agreement, creating one of the largest publically traded cannabis and hydroponics supply companies.
Sugarmade Expecting Revenue to Grow to $40 MIL in 2018
Sugarmade is currently expanding its staffing, especially related to finance and accounting, in order to prepare for the significant increase in business the companies are expecting. BizRight produced in excess of $30 million in revenues during 2017, with substantial growth expected for 2018.
Sugarmade expects to provide detailed revenue guidance to its investors over the coming weeks, but is preliminarily expecting revenue for 2018 to top $40 million.
Jimmy Chan, CEO of Sugarmade Comments:
"2018 will certainly be very busy for our Company. We could not be more pleased with the growth we are seeing from almost all geographic areas, but California is clearly developing into a marketplace that is exceeding even our very positive previous expectations."
"We are especially excited about the increase in business being seen from California commercial growers as both local and state licenses are now being issued. We are already seeing an increase in demand even though only 442 licenses have been issued thus far by regulators, but there are thousands of additional licenses still pending. Nearly all of these cultivators will need supplies and as one of the largest suppliers with product lines for both indoor and outdoor cultivation, we think we are very well positioned to realize further acceleration in demand. Thus, we are in process of revising our internal revenue estimates for 2018 and beyond. We expect to provide formal guidance over the coming weeks."
Sugarmade, Inc.
Ticker: SGMD
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