CITY OF INDUSTRY, California, November 22, 2016 /PRNewswire/ --
Sugarmade, Inc. (OTC:SGMD) today announced preliminary results for the quarter ending September 30, 2016. During the quarter, the Company produced approximately $1.1 million in revenue with gross margins rising to 38%. Additionally, the Company reduced operating expenses on a percentage basis by more than 30%. As a result of the rising gross margins, significant reductions in expenses and higher non-operating income, the Company expects to report a net income of approximately $141,000. Over the past year, the Sugarmade management team has refocused sales efforts toward higher gross margin products and meaningfully restructured operations to cut costs.
"With the stabilization of the core business operations, we are now well prepared to address the growing opportunity in cannabis packaging with our new CannaShroud™ and DabBox™ product lines, commented CEO, Jimmy Chan. "Thus far, we are very pleased with the level of interest in these products. We are also very excited about our upcoming launch of our Sriracha Seasoning Stix product line under a license agreement with Irwindale, California based, Huy Fong Foods, Inc., that producer of real Sriracha hot sauce."
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 CarryOutSupplies.com, Sugarmade Tree Free Paper, FreeHand ThumbTray Dabbox™ and CannaShroud™, the world's first Cannabis specific shipping systems. During November 2016, the Company will be launching Sriracha Stix, a revolutionary culinary seasoning product under official license from Irwindale, California-based Huy Fong Foods, Inc., the maker of Sriracha Hot Chili Sauce. For more information on the Company's products, please visit http://www.Sugarmade.com.
For inquiries please contact Jimmy Chan at +1(888)982-1628 or [email protected].
SOURCE Sugarmade, Inc.