Business
Sugarmade Outlines Corporate Changes to Facilitate Becoming One of the World's Largest Publicly Traded Cannabis Supply Companies
Sugarmade Outlines Corporate Changes to Facilitate Becoming One of the World's Largest Publicly Traded Cannabis Supply Companies.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n\n CITY OF INDUSTRY, Calif., Dec. 28, 2017 (GLOBE NEWSWIRE) -- via OTC PR Wire --Sugarmade, Inc. (OTCQB:SGMD) today outlines the steps being taken to modify its corporate operations as it becomes one of the world's largest publicly traded suppliers to the growing cannabis industry.\n Mr. Jimmy Chan, CEO of Sugarmade, commented, \"We are taking decisive action to modify our operations in order to prepare for the huge increase in business we are expecting. Growing a business infrastructure capable of expanding by more than 500% during 2018 is certainly a challenge, but we have already begun the process. We will be providing detailed revenue guidance for the full year 2018 over the next few weeks. All of us at Sugarmade are looking forward to growing with the industry over the coming years. Below are the steps we are implementing in order to prepare to meet this grow challenge.\" -  Personnel Expansion: Sugarmade's top priority is to recruit highly experienced accounting and financial personnel. To this end, last week, the Company made an offer for employment to a highly skilled individual who would become Sugarmade's Chief Financial Officer. Other staff positions have already been enhanced and several new mid-level accounting and financial specialists are being actively recruited. -  Office Space: Sugarmade plans to move its headquarters location to a more suitable building with enough space to house all staff members. The Company plans to remain in the greater Los Angeles area to accommodate its current staff, all of which are being retained, and the many business partners located near the current City of Industry location. -  Warehouse Consolidation: The Company plan to begin the process of warehouse consolidation to improve the logistical process and to further reduce associated costs. It is likely much of the new warehouse space will be located in close proximity to new office space that will be utilized. Sugarmade recently announced to its investors, and to the growing cannabis marketplace, the creation of the largest emerging publicly traded cannabis and hydroponics supply company.  Sugarmade has completed a master market agreement with industry leader BizRight Hydroponics, Inc., a leading marketer and manufacturer of cannabis and hydroponic growth supplies, which offers a range of&#...