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Sugarmade Announces Record 58% Month-Over-Month BudCars Sales Growth Ahead of LA Launch
Sugarmade Announces Record 58% Month-Over-Month BudCars Sales Growth Ahead of LA Launch.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n 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-h...