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Sugarmade Reports July BudCars Data: New Record Performance, Annualized Net Sales on Track to Hit $11M in Current Quarter
Sugarmade Reports July BudCars Data: New Record Performance, Annualized Net Sales on Track to Hit $11M in Current Quarter.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 06, 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 fresh performance data following the conclusion of another strong month in July, which featured over $660K in total BudCars gross sales ($537K, net of sales taxes), representing 32% sequential monthly top-line growth, with both total sales and gross profits growing by more than 30% m/m for the fourth consecutive month. Total July BudCars gross sales of $662,836 ($537,591, net of sales taxes), representing 32% month-over-month sales growth (compared to June 2020 sales)Total July BudCars gross profits of $310,489, representing 36% month-over-month gross profit growth (compared to June 2020 gross profits)Average daily gross sales increased 32% m/m to $22,095Total customer tickets increased 33% m/m to 5,579Calendar Q3 now on pace to potentially more than double calendar Q2 total BudCars sales “Last month featured strong growth in basically every major metric once again for our BudCars segment,” stated Jimmy Chan, CEO of Sugarmade. “We saw an increase in gross margins while demonstrating another breakout month-over-month performance on both the top and bottom line.” Management notes that July data demonstrate similar second-derivative characteristics to trends witnessed in May and June data for BudCars, with sharp sequential monthly gains in topline sales, pricing, margins, average daily sales, and total customer tickets. This duration of this continued strong growth curve continues to suggest that the Company is executing well in customer acquisition both among new conversions to delivery cannabis dispensation and market share grab – i.e., “stealing” customers from competitors and maintaining those new customers. Overall, July performance was well above the Company’s forecast model across every tracked metric. This process will inform the Company’s modeling and expectations as it launches two LA BudCars hubs in coming weeks. Chan added, “Note that April was our first full month operating Budcars. In July we more than doubled the sales and gross profits booked in April. That pace of growth sugges...