While the huge increase in U.S. consumer demand from hemp extracts and hemp product is largely credited as the reason for the boom in the number of hemp acres under cultivation, there is a significant additional part of the hemp-growth story to tell.
With a pending acquisition in the cultivation supply market, Sugarmade Inc. (OTCQB: SGMD) (SGMD Profile) appears to be well poised to become a strong pick-and-shovel provider to the hemp industry. Even the large cultivators and suppliers are now getting in the hemp market. One of the first companies of the larger players to make the move into hemp cultivation was Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), which just a few days ago announced that it would invest $300 million to enter the hemp market. Not to be outdone in the hemp gold rush, Greenlane Holdings Inc. (NASDAQ: GNLN), which began trading on the NASDAQ, and The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) (TGOD Profile) have both entered the fray. KushCo Holdings Inc. (OTCQX: KSHB), another industry supplier, is also seeming to benefit for the strong growth in the hemp marketplace.
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About Sugarmade Inc.
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company is becoming a leading supplier to the growing hemp and cannabis industries as a non-plant touching provider of cultivation and processing supplies to industry players. The company is in the process of acquiring several leading hemp and cannabis supply companies that are currently producing in excess of $70 million in annual revenues. Sugarmade is also an investor in fast growing Hempistry, Inc., a Kentucky-based cultivator and processor of industrial hemp and hemp distillates and isolates, and operates Carryoutsupplies.com a leader provider to the quick service restaurant industry. For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SUGAR
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