- Sugarmade has agreed to acquire Sky Unlimited, LLC, a hydroponic cultivation supplier
- SGMD has a second formal acquisition proposal in place
- The company has directly invested in hemp production to benefit from explosive growth in the market for CBD products
- Sugarmade is also targeting the European hydroponics market
California-based hydroponics company Sugarmade, Inc. (OTCQB: SGMD) is growing in the rapidly expanding cannabis industry through acquisition and expansion as an equipment supplier to cultivators. Sugarmade recently announced that it had agreed to acquire Sky Unlimited, LLC, dba Athena United, a major wholesale supplier of hydroponic cultivation supplies. The deal is expected to add $40 million to SGMD’s 2019 revenues.
“This new revenue stream combined with our recently upwardly guided revenue forecast of $30 million for next year will make Sugarmade one of the largest publicly traded suppliers to the booming cannabis cultivation marketplace, with a combined revenue forecast for next year in excess of $70 million,” Sugarmade CEO Jimmy Chan stated in a…
More from NetworkNewsWire
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]