NetworkNewsBreaks – Sugarmade Inc. (SGMD) Enters Supply Contract with Hempistry, Inc.
Major supplier to the growing hydroponic cultivation sector Sugarmade (OTCQB: SGMD) this morning announced its entry into a supply contract with Hempistry, Inc., as the Kentucky-based hemp cultivator acquires supplies for its hemp micropropagation operation. Per the update, Sugarmade expects the supply relationship to be ongoing as Hempistry expands both domestic and international operations. “With at least 42,000 acres of hemp expected to be planted in Kentucky and considering an average plant density per acre of well over 1,000, farmers in Kentucky will need hundreds of millions of clones over the coming years,” Sugarmade CEO and Hempistry Director Jimmy Chan said in the news release. “When these numbers are multiplied over the many other hemp cultivation states, it is easy for anyone to see the strong demand scenario that is quickly developing. We have already received our first shipments of micropropagation supplies and we are in process of making deliveries. Sugarmade plans to significantly expand our operations relative to hemp cultivation.”
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