CannabisNewsBreaks – Sugarmade, Inc. (SGMD) Announces Strong Preliminary Calendar 2019 Performance that Exceeds Internal Forecasts
Sugarmade (OTCQB: SGMD), a major supplier to the hydroponic cultivation and hemp sectors, today announced preliminary calendar year-to-date revenue performance of $26 million and strengthening gross margins. Per the update, the company expects its recently-acquired hydroponics supply operation to produce approximately $32 million for the calendar year and believes it is well positioned moving into 2020 based on growing revenues and an expanding sector cost advantage. “This business sector is all about robust product sourcing, efficiency in logistics and effective e-commerce programs, not to mention effective placement on Amazon, where we are realizing great success. Our revenue and gross margin production are testaments to the fine job our staff has done relative to these areas,” SGMD Chief Executive Officer Jimmy Chan said in the news release. “Our revenue for this calendar year, as well as our gross margins, have exceeded our internal forecasts. We are especially pleased with how gross margins have remained robust all year and have actually risen over the past few months, bucking the expected seasonal trend in this subsector of the agricultural supply industry. We believe we are especially well set up moving into 2020, with not only e-commerce, but also brand and logistical advantages over…
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