MONROVIA, California, May 14, 2019 /PRNewswire/ -- Sugarmade, Inc. (OTCQB: SGMD), a major supplier to the growing hydroponic cultivation sector, today announces a new corporate initiative to develop cultivation monitoring systems for hemp and other agricultural commodities. The Artificial Intelligence (AI) driven devices will be placed at various locations within hemp fields to gather vital information about soil moisture, temperature, humidity, etc. and will be data linked back to central control systems.
This monitoring system will allow hemp cultivators to actively monitor conditions in real time. Sugarmade has entered into a joint venture with an engineering group to develop and commercialize the technology.
"Hemp is becoming one of the world's most valuable crops. Cultivators and investors are actively seeking ways to monitor the health of the crop to ensure maximum yields. This platform, which will be based on AI software from some of the world's leading technology companies. will not only provide real time tracking of field conditions, but will also make active recommendation to mitigate issues. We have launched this initiative to meet the pressing needs for cultivation monitoring of this valuable agricultural commodity," commented Jimmy Chan, CEO of Sugarmade.
The new cultivation monitoring technology will be based on narrowband Internet of Things technology, often referred to as NB-IoT, which is a cellular communications technology that provides wide-area coverage to gather and disseminate information. The main advantages of this technology are the long battery life of the data collection devices, low complexity of the network and the significant coverage extending well beyond existing cellular technologies. For these reasons, NB-IoT is practically well suited for use as a networking technology for hemp cultivation monitoring systems. Sugarmade believes this will be the first system to be developed for this unique application.
With hundreds of million of dollars of investment pouring into hemp cultivation, Sugarmade's management sees strong potential demand for cultivation monitoring systems. According to a January 2019 report issued by Arcview Market Research, the worldwide consumer market for cannabis during 2018 was valued at approximately $12.8 billion, up significantly from the 2017 estimated value of $9.5 billion. The market is expected to to grow at approximately 27% compounded annually through the year 2022.
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD): Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade's brands include Zenhydro.com, AthenaUnited.com, CarryOutSupplies.com, and BudLife Cannabis Storage Solutions. For more information on the Company's products 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 [email protected].
SOURCE Sugarmade, Inc.