Sugarmade Inc (SGMD)

[nygrande]

Press Release: Sugarmade Announces Record 58% Month-Over-Month BudCars Sales Growth Ahead of LA Launch
8:00 AM ET 5/13/20 | Dow Jones


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(TM) and Budcars.com. For more information please reference

https://www.globenewswire.com/Tracker?data=FYstLZfr6lUK2fLDJmAbkmfRDKeTM1aFLEY84GZMz15j-ktSt_MOmPPXxPbRzcoIp_VHoHZRChXOEU3gzmP61g==

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.

Corporate Contact:

Jimmy Chan

[phone]

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Corporate Communications:

InvestorBrandNetwork (IBN)

Los Angeles, California

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www.InvestorBrandNetwork.com

310.299.1717 Office

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> Dow Jones Newswires

May 13, 2020 08:00 ET (12:00 GMT)


IF YOU WANT TO INVEST IN A MARIJUANA COMPANY, $SGMD IS THE REAL DEAL!