CITY OF INDUSTRY, California, March 7, 2018 /PRNewswire/ --
Sugarmade, Inc. (SGMD), one of the largest publicly traded cannabis-related hydroponics supply companies, today announces the completion of internal financial system enhancements in order to begin recognizing revenues from its master marketing agreement with BizRight Hydroponics, Inc. Additionally, the Company announces the completion of its year-end audit in preparation for its year-end, and other, financial filings and its intent to soon offer formal revenue growth guidance for year-end 2018 and 2019.
For the past few months, the staff at Sugarmade has been implementing a plan to significantly increase corporate accounting and financial resources to manage the over 400% revenue growth planned for the next few years. With these functions largely completed, the Company's staff is now beginning testing on live orders and revenue flows from BizRight products, in order to begin recognizing these new revenue streams.
Mr. Jimmy Chan, CEO of Sugarmade, commented, "Over the past few months we have changed much within our operation as we prepare to begin booking and billing revenue for a host of fast growing hydroponic supply related products. This will boost our revenue growth to a very significant degree making Sugarmade a strong and fast growing player in the legal cannabis supply sector. We believe the efforts of our staff will yield strong benefits relative to Sugarmade's continued growth prospects. We are likely to outline our specific target revenue growth guidance for 2018, and beyond, upon getting current with our financial reporting."
Sugarmade has now completed its audit for the year ending 2017, which has been held up for several reasons, including the system modifications reference above. With the audit now complete, the Company will soon be able to file is financial reports and disclosures.
Mr. Chan continued, "We have aggressive growth plans as we have previously outlined. The preparation of our organization to become one of the largest suppliers to growing cannabis and hydroponic supply sectors is right on schedule and now that we have completed our year end audit and moved most of our personnel to our new and much larger office space, we can finalize and file our year and quarter end reports. Planning for the rates of growth we are expecting takes a lot of hard work and patience. All of us at Sugarmade thank our investors for their patience during this process."
About Sugarmade, Inc. (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.
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SOURCE Sugarmade, Inc.