Business
Sugarmade to Enter Market for Hemp Extraction Technologies and Equipment
Sugarmade to Enter Market for Hemp Extraction Technologies and Equipment.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n\n\n\nSugarmade to Enter Market for Hemp Extraction Technologies and Equipment\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSugarmade to Enter Market for Hemp Extraction Technologies and Equipment\nPR Newswire\nMONROVIA, California, June 12, 2019\n\n\n\nMONROVIA, California, June 12, 2019 /PRNewswire/ -- Sugarmade, Inc. (OTCQB: SGMD), a leading provider of hydroponic and other supplies to the agricultural and hemp sectors, today announces a new business initiative, which is expected the expand the Company's revenue base.  Over the coming weeks, the Company will be entering the market for hemp extraction equipment and technologies, including several Chinese proprietary technologies, which hold the promise of increasing extraction efficiencies.\n\"Our staff has done extensive research into the fast growing hemp industry.  We continue to see an imbalance between cultivation outputs and extraction capacities within the industry.  This leads us to believe the market for extraction services and the equipment required by these extraction companies will continue to accelerate.  We plan to not only market several domestic technologies, but also next generation technologies we plan to implement from Southern China, were hemp cultivation and herbal extraction technologies are well ahead of North America,\" commented Jimmy Chan, CEO of Sugarmade.\nAccording to the U.S. Department of Agriculture, farm production within the United States is expected to fall an additional 6.7% this year on top of already weak market over the past few years.  These reductions will likely result in the overall U.S. agricultural production for 2019 being the lowest since 2006.  Prices for the commodities that are being produced are also at near record levels.  One of the few bright spots in the agricultural sector is industrial hemp, which became legal via the December passage of the U.S. Farm bill.  Estimates for hemp production for the 2019 season continue to be revised upward, with major hemp producing states, such as Colorado, Kentucky, Oregon, North Dakota...