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CannabisNewsBreaks – Sugarmade Inc.’s (SGMD) BudCars Cannabis Delivery Service Expands into LA Area

Company: Sugarmade Inc. (SGMD)
Category: Stock Spotlights

Sugarmade’s (OTCQB: SGMD) recently acquired BudCars Cannabis Delivery Service announced on April 16 that it was expanding into the Southern California marketplace (http://cnw.fm/9n3mD). An article discussing the company reads, “‘Our Sacramento locations will pass the $10 million mark for annualized sales within the next 60 to 90 days,’ Sugarmade CEO Jimmy Chan stated in a 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.’ . . . In the expansion announcement, the company reported that BudCars’ primary Sacramento locations have seen tremendous growth, with revenues consistently increasing 10% week over week. While the growth has been attributed to exploding demand for contactless delivery of cannabis products due to the COVID-19 pandemic, company officials expect the upward spike to continue, even after social-distancing restrictions are loosened. SGMD forecasts its BudCars business to top $30 million in annualized revenues this year in Sacramento alone.”

To view the full article, visit http://cnw.fm/5Bq4n

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. More information on Sugarmade can be found 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 this year. The company views these opportunities as scalable and capable of producing strong revenue growth for the company.

NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SUGAR

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW 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. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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