NEW YORK, Jan. 29, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (SGMD) (“Sugarmade”, “SGMD”, or the “Company”), today announces a new and bold shift in its business strategy toward the virtualization of the cannabis sector as part of the major shift in the U.S. business model toward an on-demand economy. Sugarmade will be making several strategic moves over the coming weeks as it launches on-demand and related business operations via internally developed initiatives and via new relationships with proven sector business operators.
The on-demand economy is shifting power from business toward consumers, who are increasingly demanding goods and services on their own terms with a growing expectation for near-term gratification. No longer are consumers reliant on the traditional supply chain model, but instead are able to order numerous products and services with delivery in a matter of hours. This desire for instant access to products and services is now reaching the regulated cannabis market sector and many expect the sector to never be the same. In a radical shift in its business model, Sugarmade will be part of the on-demand revolution sweeping the regulated cannabis industry.
“Things are changing in society and in the economy as virtualization proliferates. Many of the most dynamic and innovative growth companies are part of this on-demand revolution and it is our goal to ensure Sugarmade is an important component of these trends. We see the acceleration of on-demand services within the cannabis sector and we believe it is the most lucrative area for us to pursue,” commented Jimmy Chan, CEO of Sugarmade. “We have radically changed our business model via internally developed initiatives and through upcoming relationships with established sector participants. Our investors should stay tuned for our new business model to develop over the coming weeks.”
For the past year, Sugarmade has observed numerous changes in the cannabis industry, many of which have been painful for sector participants. Several subsectors have collapsed and the Company believes several others are headed into troubled waters. Sugarmade plans to capitalize on its observations and on its staff’s extensive industry contacts to evolve the corporate business operation to not only survive the current industry turmoil but to also thrive. Targeting the on-demand trend in the regulated cannabis sector will be a major component of the Company’s future.
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 over the coming weeks. The Company views these opportunities as very scalable and capable of producing strong revenue growth for the Company.
Mr. Chan continued, “The opportunities we have negotiated are with established operations, which will allow us to begin revenue generation over the short term. Additionally, we have several internally developed programs that will add a new and unique spin to the existing cannabis distribution model. We plan to inform our investors of these actions over the coming weeks as we solidify these opportunities.”
About Sugarmade, Inc.
Sugarmade, Inc. (SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. More information on Sugarmade can be accessed at: www.sugarmade.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others. such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.