Sugarmade’s BudCars Posts Record May Sales, Holds 10% Week-Over-Week Pace of Growth
NEW YORK, June 04, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCQB:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), and its BudCars Cannabis Delivery Service (“BudCars”), is excited to announce record growth data for BudCars sales during the month of May, with the Company posting nearly 30% sequential monthly growth over April sales, continuing the rapid growth trend in place since management invested capital, time, and resources into BudCars in February.
The Company continues to see week-over-week sales growth at 10%, suggesting that BudCars will surpass $10 million in annualized sales by the month of August at its Sacramento location.
Jimmy Chan, CEO of Sugarmade, remarked, “The top-line growth data has been extremely strong, and we have no reason to expect that to change. But it’s important that our shareholders understand that this is not a delivery service model. We aren’t simply earning a fee to deliver someone else’s inventory, and barely breaking even in the process. We are building an inventory at wholesale pricing, marking it up significantly, and pulling in very strong margins on every unit we deliver for sale.”
Sugarmade’s team continues to work diligently toward opening of its first Los Angeles location, the definite timing of the launch will be updated in the next few weeks. The Los Angeles cannabis market is arguably the biggest municipal legal cannabis market in the world, and the Company conservatively estimates that its first LA hub will add at least $20 million in annualized sales.
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™ and Budcars.com. For more information please reference
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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.
Corporate Contact:
Jimmy Chan
+1-(888)-982-1628
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
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