- SGMD offers diversified portfolio across various industries, including cannabis and industrial hemp
- Cannabis sales have increased during pandemic; social distancing hampers in-store sales, so delivery seeing increased volumes
- SGMD capitalizing on growing relevance of cannabis delivery with its BudCars delivery service
Sugarmade (OTCQB: SGMD), a leading, multidivisional/multiproduct supply company crossing various industries, is focused on developing a diversified brand portfolio and revenue growth through strategic acquisitions. SGMD’s most recent acquisition, BudCars Cannabis Delivery Service has been a particularly strong move for the company as it strengthens its position in the growing hemp market.
Declared essential in nearly all of the 33 states with legalized recreational and medical markets, the cannabis industry has seen an increase in sales during COVID-19 (http://nnw.fm/i8hLD). As society deals with increased uncertainty in the post-pandemic world, the potential of cannabis to safely ease stress, suffering and pain as well as spark economic stimulation may change the societal stigma that may still hamper the proliferation of cannabis products (http://nnw.fm/rII6z).
However, social-distancing orders have changed how cannabis customers behave, leading to an increase in delivery in states where it is legal, including California, Nevada, Oregon and Massachusetts. These regulatory changes regarding the legalization of delivery will change consumer expectations in the industry towards convenience (http://nnw.fm/b7yIp).
Quick to seize market opportunities as they arise, SGMD acquired BudCars, a premier cannabis-delivery service, positioning itself to capitalize on this growing trend. BudCars is an online shopping platform for same-day cannabis delivery designed to provide customers with a convenient way to discover and order a wide range of cannabis products, including flowers, edibles, pre-rolled, tinctures, vapes and concentrate from multiple premium brands. The platform currently operates in Sacramento, CA, and has reported astounding success with a Los Angeles hub scheduled to open in July.
Cannabis is a solid sector for Sugarmade. Industrial hemp and hemp-derived products are reporting a steep increase over the recent years, and the trend is expected to continue, with an annual growth rate of 14% through 2022 (http://nnw.fm/Rz6X0).
SGMD is gearing up to finish the first two quarters of 2020 strong, with robust sales achieved since the beginning of the year. The company recently announced that its BudCars Cannabis Delivery Service amassed 58% month over month sales growth, leading to record-breaking sales numbers (http://nnw.fm/W59a4). With the current focus on the expansion of non-storefront cannabis delivery and the overall business model that is aligned with the significant trends shaping the cannabis industry, SGMD is poised to maintain its explosive expansion trajectory, offering investors a high-growth investment opportunity.
For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://nnw.fm/SUGAR
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork.
