MONROVIA, California, January 24, 2019 –Sugarmade, Inc. (OTCQB: SGMD), a major supplier to the growing hydroponic cultivation sector, today announces its intent to acquire a retail location of Washington State-based Hydro4Less. The operation is expected to produce approximately $5 million in revenues and to be profitable during calendar 2019. Additionally, via the pending transaction, Sugarmade will gain an option to purchase two additional Hydro4Less retail operations, which are currently producing in excess of $20 million annually. Should all three acquisitions close, Sugarmade will increase its annual revenues by approximately $25 million per year.
This pending acquisition when combined with pending transactions with BizRight, LLC and Athena United, LLC, both of which also operate in the hydroponic cultivation sector, will place Sugarmade among the ranks of the largest cannabis-related revenue producing companies. Throughout these transactions, Sugarmade will remain only as a supplier to the cannabis industry and will not transact in business where cannabis or cannabis derived products are bought or sold.
“Our BizRight marketing arrangement gives us a strong online presence while our Athena United deal gives us exposure to the large commercial growers, which is an area of expected accelerating revenue growth. Hydro4Less rounds out our marketing efforts and expands our marketing footprint in the Pacific Northwest by adding additional resources that are commercially focused, while also contributing a retail walk-in component allowing our customers to not only acquire products quickly, but to also connect with our highly experienced staff,” commented Jimmy Chan, CEO of Sugarmade.
Under the terms of the pending agreement, Sugarmade will acquire the Washington state flagship location in an all stock transaction pending mutual due diligence, completion of the definitive agreement and approval by both boards of directors.
Mr. Chan continued, “Sugarmade is expecting to realize exceptional revenue growth this year from all of our hydroponic-related market sectors. We are excited about having the very talented staff of Hydro4Less join the Sugarmade family of companies. We continue to seek additional acquisitions to further boost our already expected robust revenue growth rate.”
About Sugarmade, Inc. (OTC: SGMD): Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade’s brands include BizRight, LLC, Athena United, CarryOutSupplies.com, and BudLife Cannabis Storage Solutions. For more information on the Company’s products, please visit http://www.Sugarmade.com .
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “would,” “could,” “will” and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
For inquiries please contact Jimmy Chan at (888)982-1628 or info@Sugarmade.com.
SOURCE Sugarmade, Inc