CITY OF INDUSTRY, California, Feb. 15, 2018 /PRNewswire/ -- Sugarmade, Inc., (OTC: SGMD) one of the largest publicly traded cannabis-related hydroponics supply companies, today commented on the state of affairs relative to the first month of recreational legalization of cannabis in California.
Mr. Jimmy Chan, CEO, commented, "Our view is that the first month of recreational legalization in California went rather well, but there are clearly still bottlenecks to be worked out. However, we believe the phased in approach adopted by California regulators is playing well into our corporate business plan, as we continue to grow our facilities and staff to prepare for significant growth and to meet the coming demand, as more licenses are issued."
The California market is still experiencing issues with local licensing. This local licensing is required before state licenses can be granted. Some local jurisdictions have been relatively slow to install licensing policies. For example, in Humboldt County, which is the heart of the Emerald Triangle and one of the most important cannabis cultivation areas in the world, only 90 local cultivation permits have been issued out of approximately 2,500 applications. Many other local jurisdictions have similar issuance statistics. These delays are occurring at a time when dispensaries are seeing huge increases in traffic. While many dispensaries serviced only a few dozen customers each day during 2017, it is currently not uncommon for dispensers to have long lines and to service over 1,000 customers per day. Sugarmade believes there is even more demand than is represented by these long lines, as many would be customers are discouraged from even attempting to purchase cannabis products.
Mr. Chan continued, "While there is skyrocketing demand, there are still a relatively low number of dispensaries, cultivators and other cannabis operators that are actually licensed. While inconvenient for cannabis customers who forced to wait in lines that are often around the block, we believe this bodes well for our business throughout 2018 and into 2019. As more cultivators are granted licenses, these entities will need to purchase cultivation supplies. We feel this puts our Company in a very good position."
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 ZenHydro.com, CarryOutSupplies.com, BudLife™ Cannabis Storage Solutions, CaliGrownSupplies.com, and Sriracha Seasoning Stix, a revolutionary culinary seasoning product. 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.