MONROVIA, Calif., Aug. 13, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Sugarmade, Inc. (SGMD), a major supplier to the growing hydroponic cultivation and hemp sectors, today announces it is now prepared to complete the first closing of its BZRTH, LLC acquisition. Recently, the Company announced BZRTH had completed its financial audit, which was one of the major items required to close the pending transaction. BZRTH is a major supplier to the hydroponic and hemp cultivation sectors, producing in excess of $30 million in annual revenues.
“It is an exciting time for Sugarmade, especially as the California licensing and legislative agenda continue to show strong promise. We have aggressive expansion plans and both the first closing of BZRTH and the beginning of hemp cultivation operations in conjunction with Kentucky-based Hempistry, Inc. are major milestones for our Company,” commented Jimmy Chan, CEO of Sugarmade.
Sugarmade believes the market for hydroponic and hemp cultivation supplies will continue to grow, especially in California. The past few years have seen substantial growth in the California industry, and with that growth came challenges for the state's governing bodies. After many months of delays, California authorities have reportedly issued over 10,000 licenses to producers, processors and retailers. With pending pro-hemp cultivation and pro-CBD in food legislation widely expected to pass in the California Legislature and to be signed into law by California Governor, Gavin Newsome, even more growth could come from the already booming California marketplace.
Mr. Chan continued, “It has always been our belief that the California market would continue to lead the country relative to hydroponic supply sales. With the bottleneck in licensing beginning to be cleared up, we are even more optimistic. When we add the strong opportunities in the hemp industry in other states, we believe our future as a major industry supplier is very bright.”
Sugarmade also recently announced commencement of hemp cultivation in conjunction with Hempistry, Inc., of Madisonville, Kentucky. Sugarmade recently announced it had begun to exercise its investment option in the Kentucky hemp cultivator. The hemp being cultivated this year by Hempistry is a fast growing strain that is especially rich in cannabidiol (CBD). The farm is located in Madison County, Kentucky.
The Company is on the process of calling a Special Meeting of shareholders to elect new directors of the Company, including at least two independent directors who have no “material relationship” to the Company, as defined by national stock exchanges. Chairman, Jimmy Chan, in accordance with the Bylaws of the Company, plans to call for the Special Meeting to elect new directors in order to provide the Company with requirements, including requirements for independent directors, as outlined by these national exchanges. Chairman Chan and the board will inform shareholders of the date of the special meeting in a timely manner.
About Sugarmade, Inc.
Sugarmade, Inc. (SGMD) 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 industry and is benefitting from the growth of the hydroponic marketplace. The Company is in the process of acquiring several leading hydroponic and agricultural 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.
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.
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SOURCE Sugarmade, Inc.