Sugarmade, Inc. (OTC:SGMD) one of the largest publicly traded cannabis-related hydroponics supply companies, today announces a significant milestone for the Company with the beginning of revenue recognition relating to its master marketing agreement with cannabis cultivation and hydroponic supplier, BizRight Hydroponics, Inc.
The Company is now recognizing revenue under this new agreement with the month of April expected to be the first full month of reporting. Sugarmade expects to see rapid growth in realized revenues throughout the June quarter and throughout fiscal 2018.
Jimmy Chan, Sugarmade CEO commented, “Preparing to grow a company at a rate in excess of that of the hyper-growing cannabis marketplace has taken a significant amount of planning. I am happy to report we have now implemented the critical components of our internal systems, installed a very talented pool of individuals, and meaningfully enhanced our financial reporting and controls, allowing us to begin booking revenues from multiple new revenue streams, most of which are directly related to cannabis cultivation. Sugarmade has now completed its 2017 audit and financial reporting, freeing its staff to soon report the two completed quarters of fiscal 2018. For the foreseeable future, we expect to see revenue growth rates well in excess of the overall cannabis marketplace. We will be outlining these expectations after the market closes on March 30th.”
The rapid growth in cannabis cultivation is expected to drive Sugarmade’s revenue growth for the next few years as more California State’s licenses are approved and additional States open up to medical and recreational cultivation and usage of cannabis. While the California and other West Coast marketplaces are driving a meaningful portion of the Company’s growth, revenue growth is being realized from almost all regions within the United States and Canada.
Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade’s brands include ZenHydro.com, CarryOut
Per: CannaInvestor