CITY OF INDUSTRY, California, April 18, 2018 /PRNewswire/ --
Sugarmade, Inc. (OTC: SGMD) made comments today relative to the Trump administration abandoning a Justice Department threat to crack down on recreational cannabis in states where it is legal under state law. Late last week, the White House confirm an important policy change that the federal government would not interfere with state marijuana laws and that President Trump would champion a new law that gives states the authority to set their own cannabis-related policies.
Mr. Jimmy Chan, CEO of Sugarmade commented, "We view last week's announcement as one of the most significant events in the cannabis industry over the past few years. Lack of stated federal government policy has had a significant restrictive effect on growth and investment within the cannabis marketplace. As a result of this clarification, we plan to get even more aggressive in our growth and expansion agenda. We are already planning very strong growth for the coming fiscal year with our revenues expected to move from approximately $4.1 million to over $30 million."
Sugarmade believes its Los Angeles area location affords unique growth opportunities relative to the federal government's recently clarified position concerning state self-determination of cannabis legalization. Over the past year, Sugarmade has passed on several business opportunities due to the prospect of federal government intervention in the California and other regional markets. With the Trump administration clarification, Sugarmade now plans to become more aggressive in vetting these potentially highly lucrative growth opportunities.
Mr. Chan continued, "While there will still be major restrictions on doing business in cannabis related products on an interstate business, we expect many businesses, including financial institutions, to loosen policies relative to interstate business. We think this is particularly advantageous to California-based business, especially considering the more than $2.4 trillion economic output of California and the fact there are only five countries in the entire world with economies larger than California's. We see a very bright future for Sugarmade and our investors."
While Sugarmade had planned to limit its business operations to four main areas during the coming fiscal year - 1) Supplies for the booming legal cannabis cultivation sector, 2) Ancillary products to other cannabis market participants, 3) Seasoning Stix and Sriracha Seasoning Stix, a set of patented culinary seasoning products, and 4) the legacy CarryOutSupplies.com business - the Company's team now sees additional growth opportunities throughout the cannabis sector, especially relating to intrastate business.
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.
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SOURCE Sugarmade, Inc.