Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service, today announced the expansion of BudCars into the Southern California marketplace through the acquisition of two locations in the greater Los Angeles area. According to the update, the company’s Sacramento locations have been experiencing dramatic growth, with revenues consistently increasing 10% week-over-week, driven by exploding demand for contactless delivery of cannabis products due to the coronavirus lockdown. At these locations, the company now expects to surpass $30 million in annualized revenues. “Our Sacramento locations will pass the $10 million mark for annualized sales within the next 60-90 days,” Sugarmade CEO Jimmy Chan stated in the news release. “The growth has been so dramatic that we have had to drastically revise our expectations to the upside, which demands expansion, both in terms of staff and fleet in Sacramento, and in terms of regional expansion into Southern California. As a result, we are acquiring two distribution hub locations in the LA area with cannabis licenses included so we can hit the ground running.”
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About Sugarmade
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. More information on Sugarmade can be accessed at: www.Sugarmade.com. Sugarmade sees opportunities in business operations that combine the best areas of on-demand consumer distribution with certain areas of synergistic manufacturing and packaging to create a business model that capitalizes on the many changes in the cannabis industry. The company has made agreements with several market participants, which will be announced within Q1 and Q2 of Calendar Year 2020. The company views these opportunities as very scalable and capable of producing strong revenue growth for the company.
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