MONROVIA, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTC: SGMD ), one of the largest publicly traded hydroponics supply companies, today announces expansion into the European market for hydroponics supplies by way of its first order via Amazon UK. Under the terms of the agreement, Sugarmade will supply dozens of SKUs to be sold in United Kingdom.
The European market is growing relative to hydroponics. U.S.-based importers and marketers have developed strong product lines at very attractive prices, based on worldwide sourcing. The quality of these products and reasonable price points have started to attract European cultivators who have not been able to source similar products at attractive prices within the European markets. This inability to source quality products at attractive price points creates a significant opportunity for suppliers such as Sugarmade.
Over the past few financial quarters, Sugarmade has seen revenue growth patterns expand geographically. Whereas as recently as mid-2017, the majority of hydroponic-related revenue growth was seen from the California and other west coast marketplaces, growth is becoming more geographically dispersed among U.S. states where legalization has eased restriction. This movement into United Kingdom further expands the base of geographic growth areas.
"We continue to grow in terms of top line revenue and in geographic scope," commented Jimmy Chan, CEO of Sugarmade. "While we have previously informed our investors of our $30 million revenue goal for next year, revenues continue to grow across the board. The lack of available products within the European markets provides Sugarmade additional revenue growth opportunities. We view this as a potential growth market for Sugarmade especially considering there are more than 740 million people in Europe compared to only about 360 million in the U.S. We believe even a few points of market share of this huge market will have a very positive effect on our growth rate."
About Sugarmade, Inc. ( OTC: SGMD ):
Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade's brands include ZenHydro.com , CarryOutSupplies.com , and BudLife Cannabis Storage Solutions. For more information on the Company's products, please visit http://www.Sugarmade.com .
For inquiries please contact Jimmy Chan at (888) 982-1628 or info@Sugarmade.com .
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