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Sugarmade on Pace for Record $650K in July BudCars Sales Despite Challenging Environment
Sugarmade on Pace for Record $650K in July BudCars Sales Despite Challenging Environment.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, July 16, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), and its BudCars Cannabis Delivery Service (“BudCars”), is excited to issue a mid-month performance update for the month of July, which is now on pace to set multiple new Company performance records for sales, gross profits, and total customer orders. As of July 14, the Company is now on pace to meet or exceed its target of $650,000 in total sales in July, with well over 5,000 individual customer orders likely this month, suggesting that sequential month-over-month topline growth will be at or above the Company’s target 30% level. “Our BudCars Sacramento hub continues to demonstrate accelerating growth that suggests we still haven’t really found the ceiling here in terms of period-over-period upside potential,” commented Jimmy Chan, CEO of Sugarmade. “Ultimately, this is gratifying to see because we have taken a unique approach to retail cannabis product distribution.” Management notes that, based on the Company’s performance over the past two weeks, BudCars remains poised to reach the $11 million benchmark for annualized sales by the close of calendar Q3, as recently outlined in the Company’s updated guidance materials (see release dated July 8). As organic growth through execution continues to drive strong BudCars performance, the Company also continues to make progress toward the launch of new locations, including a BudCars presence in the Los Angeles regional market, as well its verticalization initiative, which includes the incorporation of in-house cultivation and cannabis product manufacturing over time. Chan added, “We are pursuing three primary avenues to drive growth: organic execution, geographic expansion, and verticalization of our supply chain. In each case, we continue to make progress. However, at this point, we have only scratched the surface of what is possible over the intermediate term for BudCars given that all of the growth we have booked so far has been exclusively about organic execution as we claim an increasing share of the market and drive enthusiastic repeat business from newly acquired customers.” About Sugarmade, Inc. Sugarmade, Inc. (OTCQB: SGMD) is a pro...