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Sugarmade Inc (OTCMKTS:SGMD) To Become the Leading Publicly Traded Cannabis Industry Supply Firm



Sugarmade Inc (OTCMKTS:SGMD) reported to its shareholders and to the growing cannabis industry, the creation of the industry’s leading publically traded hydroponics supply and cannabis firm. The company has finalized a master market deal with BizRight Hydroponics, Inc., a successful distributor and manufacturer to the cannabis and hydroponics markets. BizRight is projected to produce in surplus of $30 million in revenues this year, with substantial growth projected for 2018. The company projects to issue detailed revenue projection to its investors over the imminent weeks.

The details

Mr. Jimmy Chan, the CEO of Sugarmade, reported that they intend to advance company right alongside the growing legal cannabis division and this deal with BizRight moves company and its investors closer to this goal. The implementation of this deal will easily make company one of the largest firms in this growing market. As California, and other states open up, they see a notable opportunity to considerably grow their business operations.

As part of the deal, Sugarmade will pay the owners of BizRight common shares and cash based on revenue recorded through the master marketing agreement. The entire “earn out” of shares to be released to the BizRight owners will be obtained depending on annualized revenues from the deal of $30 million.

The company is in course of considerably increasing its accounting, managerial and financial staffs in order to organize the projected significant increase in transactions and orders, and to manage future deals within the cannabis segment, which are currently considered. In addition, the firm will be buying additional warehouse and office space to accommodate projected order flow.

Mr. Chan added that it is thrilling time to be a part of this industry and they are certainly expecting to the start of California recreational marketplace. With BizRight and Sugarmade both being based in San Gabriel Valley, they consider there are several other prospects for their firms to work together.

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