- Scaling up with acquisitions and agreements in cannabis and hemp sectors
- SGMD to gain synergy from application of hydroponics to cannabis cultivation
- Revenue guidance for 2019 raised to $70 million
With California’s legal cannabis market expected to grow “more than 18 percent annually to hit $5.6 billion by 2020” (http://nnw.fm/wMBb4) and the hydroponics market on “a CAGR of 6.5%” (http://nnw.fm/uBW3f) from 2018 to 2023, California-based Sugarmade, Inc. (OTCQB: SGMD) has positioned itself at the confluence of two great market movements. The state was the first to buck the trend of prohibition when, in 1996, it passed the Compassionate Care Act, which legalized medical cannabis. In 2016, it made adult use legal as well, and, on January 1, 2018, sales of recreational pot officially began. Now, with demand for cannabis set to rise rapidly, attention is turning toward the supply sector and the cultivation and storage technologies like those now available from SGMD. The company’s partnership with Plantation Corp. has given it a toehold in the cannabis storage space, and its master marketing agreement with BizRight Hydroponics Inc. gives it immediate scale, expected to be around $30 million per annum.
Sugarmade’s strategy revolves around the supply of equipment and technologies to support the legal cultivation, processing and storage of cannabis and other agricultural products. Its marketing and distribution agreements open the doors to three…
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
Editor@NetworkNewsWire.com