Business
Sugarmade to Begin Hemp Micropropagation Supply Deliveries for Hempistry, Inc.
Sugarmade to Begin Hemp Micropropagation Supply Deliveries for Hempistry, Inc..
About this update from Sugarmade, Inc.
[{"type":"text","content":"\nMONROVIA, Calif., April 11, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Sugarmade, Inc. (OTCQB: SGMD), a major supplier to the growing hydroponic cultivation sector, today announces the signing of a supply contract with Hempistry, Inc. where the Kentucky-based hemp cultivator is acquiring supplies for its hemp micropropagation operation.  Sugarmade expects this supply relationship to be ongoing as Hempistry expands its operations, both domestically and internationally.\n Much of the hemp cultivated in North American is not grown from seed, but is rather cloned or propagated from existing hemp plants.  The micropropagation process allows for a very large number of plants to be readied simultaneously and ensures the plants that end up in the hemp field are exact genetic copies of desirable mother plants, which is particularly important relative to hemp cultivation.  With the boom in hemp cultivation occurring this planting season, many of the supplies required for successful micropropagation operations are in very short supply. The supply situation is especially tight within the state of Kentucky, which is in the midst of a hemp cultivation boom.  Ryan Quarles, Kentucky commissioner of Agriculture, was recently quoted in an interview, “We don't know if industrial hemp will replace tobacco, but we are going to champion it.” According to the commissioner, Kentucky received five times more hemp cultivation applications this year than last, with an estimated 42,000 to 50,000 acres expected to be planted over the coming few months compared to only 16,000 acres last year. Mr. Jimmy Chan, CEO of Sugarmade and a director of Hempistry, commented, “With at least 42,000 acres of hemp expected to be planted in Kentucky and considering an average plant density per acre of well over 1,000, farmers in Kentucky will need hundreds of millions of clones over the coming years.  When these numbers are multiplied over the many other hemp cultivation states, it is easy for anyone to see the strong demand scenario that is quickly developing. We have already received our first shipments of micropropagation supplies and we are in process of making deliveries.  Sugarmade plans to significantly expand our operations relative to hemp cultivation.” Last year, Sugarmade acquired an option to invest up to ...