NetworkNewsBreaks – Sugarmade, Inc. (SGMD) Annou
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Posted On: 06/16/2020 5:35:49 PM
NetworkNewsBreaks – Sugarmade, Inc. (SGMD) Announces Record BudCars Sales Growth as It Gears Up to Open First LA Hub
Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service (“BudCars”), today announced record growth in gross profits and gross profit margins for BudCars sales during the month of May (up 46% on a sequential month-over-month basis). Per the update, the Company continues to experience strong signals during the first half of June, with gross profits growing 9.9% on a week-over-week basis and believes this performance data provides a template for its per unit operational performance anticipated as it prepares for next month’s launch of its first Los Angeles hub. “As we gear up to open our first new hub in the Los Angeles regional market, we continue to see very good signs from our Sacramento hub, with the very rapid topline growth clearly translating to the bottom line as margins hold up and even improve,” Jimmy Chan, CEO of Sugarmade, stated in the news release. “As we recently reiterated, BudCars is not a delivery business comparable to GrubHub or Uber Eats. It is a top cannabis retail business with very consistent 46-52% gross margins on a wholesale inventory with very secure logistical underpinnings. This differentiation has been a source of misunderstanding, and it is critical to fully appreciating our value proposition and our strategy as a Company moving forward.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service (“BudCars”), today announced record growth in gross profits and gross profit margins for BudCars sales during the month of May (up 46% on a sequential month-over-month basis). Per the update, the Company continues to experience strong signals during the first half of June, with gross profits growing 9.9% on a week-over-week basis and believes this performance data provides a template for its per unit operational performance anticipated as it prepares for next month’s launch of its first Los Angeles hub. “As we gear up to open our first new hub in the Los Angeles regional market, we continue to see very good signs from our Sacramento hub, with the very rapid topline growth clearly translating to the bottom line as margins hold up and even improve,” Jimmy Chan, CEO of Sugarmade, stated in the news release. “As we recently reiterated, BudCars is not a delivery business comparable to GrubHub or Uber Eats. It is a top cannabis retail business with very consistent 46-52% gross margins on a wholesale inventory with very secure logistical underpinnings. This differentiation has been a source of misunderstanding, and it is critical to fully appreciating our value proposition and our strategy as a Company moving forward.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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