Business
Sugarmade CEO Outlines Corporate Growth Strategy - New Areas of Business Operations Hold Tens of Millions Revenue Potential per Location
Sugarmade CEO Outlines Corporate Growth Strategy - New Areas of Business Operations Hold Tens of Millions Revenue Potential per Location.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Feb. 20, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), today announces statements from Chief Executive Officer, Jimmy Chan, relating to the Company’s growth strategy within the regulated California cannabis marketplace. “The regulated cannabis market in California is changing quickly with new investment and operational opportunities opening as acceptance grows among the public, as the industry moves past its initial growth stage and as the crackdown on black market operators continues,” commented Mr. Chan.  “Several market sectors where prospects looked bleak only a few months ago now hold strong promise.  It is in these areas where we are targeting our investing activities.  In particular, we are seeing strong opportunities in delivery services (non-storefront retailer), manufacturing via co-branding and selective genetic cultivation.  But, we believe being highly selective and targeting only the best of these opportunities is the only sound strategic growth strategy.  This is the corporate mission for Sugarmade moving into the rest of 2020.” Sugarmade recently took an equity stake and acquired an option to gain a controlling interest in Sacramento, California-based Budcars, a licensed cannabis delivery service.  Mr. Chan continued, “This first corporate action is expected to be one of many relative to the Company’s aggressive expansion plans within the dynamic and fast-growing legal California cannabis marketplace.  Over the coming weeks, Sugarmade plans to solidify several of these opportunities, especially relating to direct sales channels and geographic expansion.” A summary of planned upcoming business expansion plans is provided below: Geographic Expansion of Budcars.  Budcars currently delivers to the greater Sacramento metro area, but plans are already underway to expand the scope of deliveries.  The management team plans to expand both through direct expansion and via strategic acquisition where possible. New Delivery Geographies.  Sugarmade is already in talks to acquire or to invest in ownership stakes of other delivery services.  The first of these is likely to be in Northern California with up ...