Business
Sugarmade Enters Hemp Extraction Equipment Supply Business – Initial Customer Order En Route to Mega Hemp Extraction Facility
Sugarmade Enters Hemp Extraction Equipment Supply Business – Initial Customer Order En Route to Mega Hemp Extraction Facility.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Dec. 20, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), a major supplier to the hydroponic cultivation and hemp sectors, today announces its entry into the marketplace for hemp extraction and laboratory equipment, one of the fastest-growing areas of the overall hemp industry.  The Company additionally announces it has begun shipments of equipment to be installed in one of the largest planned facilities in the eastern portion of the United States. “We are very pleased to announce we have accepted the initial components from the manufacturer and these components are now in shipping containers en route to Western Kentucky to be installed at what will likely be one of the largest extraction facilities in the eastern part of the United States,” commented CEO Jimmy Chan.  “We will begin booking this revenue upon delivery and installation, which is expected to begin in January.” The ordering corporate entity, East West BioPharma Group, Inc., is in the process of building a hemp extraction and laboratory facility designed to process up to 1,000 liters of hemp distillate per day.  The equipment is designed to be ultra-efficient, while still being at the lower end of the cost model on a per liter of distillate extracted basis.    Sugarmade has entered into an agreement with manufacturers located throughout China that have significant experience in designing and manufacturing equipment used to extract essential oils from plants, terpenes, especially medicinal herbs and flowers.  The experience in these specific extraction technologies, which has been gained over the decades, is now being brought to bear relative to the extraction of the oils from hemp.  In collaboration with Sugarmade, these Chinese companies have increased the scale of the equipment to fit the larger crop sizes associated with hemp cultivation, while maintaining the high levels of efficiency for which these manufacturers have become known throughout Asia. Sugarmade is entering this business as part of a major business expansion outlined in its recently approved strategic plan.  The plan calls for the Company to continue to supply extraction and laboratory equipment into the hemp extrac...