- California’s cannabis-industry designation as essential service leads to sharp increase in industry sales
- SGMD enjoyed strong start to year; delivery business’ volume grows by more than 300%
- Company seeking to leverage growth opportunities in delivery services
As businesses shuttered and residents sheltered in place, confined to their homes as a result of the COVID-19 worldwide pandemic, the State of California designated the cannabis industry as an “essential” service, allowing those in the cannabis space to continue operating. Sugarmade Inc. (OTCQB: SGMD), an early pioneer within California’s regulated cannabis industry, has been quick to respond to the opportunity.
The designation as an essential business signified a new chapter for the state, which initially legalized the use of recreational cannabis in 2016 but has mired the sector in red tape ever since. In 2019 California saw licensed cannabis sales rise to a record $3.1 billion, with sales rising 24% compared to 2018, the first year of…
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