Business
Sugarmade Reports BudCars Calendar Q3 Data: New Sales Record Results, Nearly $2M in Gross Receipts, Up 66% Q/Q
Sugarmade Reports BudCars Calendar Q3 Data: New Sales Record Results, Nearly $2M in Gross Receipts, Up 66% Q/Q.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Oct. 14, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), and its BudCars Cannabis Delivery Service (“BudCars”), is pleased to provide shareholders with a preannouncement of BudCars’ performance for the three months ended Sept. 30, 2020, which featured steadily strong gross margins, nearly $2 million in gross receipts, and more than 60% growth in net sales, customer orders and gross profits on a sequential quarterly basis.  Total Sept/Q BudCars gross receipts over $1.9 million ($1.55 million, net of sales taxes), representing 66% quarter over quarter sales growthTotal Sept/Q BudCars gross profits of $903,667, representing 64% quarter over quarter gross profit growth on steady 47% gross profit marginsAverage daily gross sales increased 68% Q/Q to $21,246Total customer tickets increased 62% Q/Q on 3% growth in average ticket size “BudCars continues to perform, setting records in basically every key metric we track,” stated Jimmy Chan, CEO of Sugarmade. “It was a tremendous quarter, with a big jump in customers and regional market share and robust margins on every sale. That paints a very motivating picture as we gear up to significantly expand our service territory, with upcoming expansion into the North Bay and Wine Country areas, as well as our upcoming grand opening of BudCars LA.” Management notes that BudCars growth has continually tracked ahead of expectations. However, the Company believes that geographic expansion is the key to unlocking a further dramatic acceleration in growth. As announced in a recent Letter to Shareholders, the Company is expanding BudCars initially into the North San Francisco Bay Area and the Wine Country counties. That will be followed by the grand opening of BudCars Los Angeles, which is anticipated to take place in November. The Company also achieved an additional strategic goal during the quarter by securing rights to a property zoned for cannabis cultivation where it intends to establish a licensed cannabis cultivation facility, which presents the potential to widen profit margins further through vertical supply chain integration and the establishment of a branded line of cannabis products. About Sugarmade, Inc.Sugarmade, Inc. (OTCM...