MONROVIA, California, Aug. 1, 2019 /PRNewswire/ -- Sugarmade, Inc. (OTCQB: SGMD), a major supplier to the growing hydroponic cultivation and hemp sectors, today announces commencement of hemp cultivation in conjunction with Hempistry, Inc., of Madisonville, Kentucky. Sugarmade recently announced is had begun to exercise its investment option in the Kentucky hemp cultivator. The hemp being cultivated this year by Hempistry is a fast growing strain that is especially rich in cannabidiol (CBD). The farm is located in Madison County, Kentucky.
Sugarmade is not only directly investing in the Hempistry operation, but it is also increasing its commitment to become a leading supplier to hemp cultivators across the country. Nowhere is this commitment stronger than within the state of Kentucky, which now leads the nation in the number of acres under cultivation. A major component of this expanding commitment is the pending acquisition of leading cultivation supplier BZRTH. Sugarmade announced earlier this week that BZRTH had completed its audits for previous financial periods, which was a major requirement for acquisition closure.
"Our investment in Hempistry, our commencement to the state of Kentucky and our pending acquisition of BZRTH provide Sugarmade with multiple options for growth, while our recently effective S-1 filing expands our ability to finance the many initiatives in front of the Company," commented Company CEO, Jimmy Chan. "We wish Hempistry well in their efforts this season."
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. The Company is becoming a leading supplier to the growing hemp industry and is benefitting from the growth of the cannabis marketplace. The Company is in the process of acquiring several leading hydroponic and agricultural supply companies that are currently producing in excess of $70 million in annual revenues. Sugarmade is also an investor in fast growing Hempistry, Inc., a Kentucky-based cultivator and processor of industrial hemp and hemp distillates and isolates, and operates Carryoutsupplies.com a leader provider to the quick service restaurant industry.
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.
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SOURCE Sugarmade, Inc.