Sugarmade Completes Internal Systems For Rapid Growth in the Cannabis Supplies Sector - Completes Year-End Audit
CITY OF INDUSTRY, California: Sugarmade, Inc. (SGMD), one of the largest publicly traded cannabis-related hydroponics supply companies, today announces the completion of internal financial system enhancements in order to begin recognizing revenues from its master marketing agreement with BizRight Hydroponics, Inc.Additionally, the Company announces the completion of its year-end audit in preparation for its year-end, and other, financial filings and its intent to soon offer formal revenue growth guidance for year-end 2018 and 2019.
For the past few months, the staff at Sugarmade has been implementing a plan to significantly increase corporate accounting and financial resources to manage the over 400% revenue growth planned for the next few years. With these functions largely completed, the Company's staff is now beginning testing on live orders and revenue flows from BizRight products, in order to begin recognizing these new revenue streams.
Mr. Jimmy Chan, CEO of Sugarmade, commented, "Over the past few months we have changed much within our operation as we prepare to begin booking and billing revenue for a host of fast growing hydroponic supply related products. This will boost our revenue growth to a very significant degree making Sugarmade a strong and fast growing player in the legal cannabis supply sector. We believe the efforts of our staff will yield strong benefits relative to Sugarmade's continued growth prospects. We are likely to outline our specific target revenue growth guidance for 2018, and beyond, upon getting current with our financial reporting."
Sugarmade has now completed its audit for the year ending 2017, which has been held up for several reasons, including the system modifications reference above. With the audit now complete, the Company will soon be able to file is financial reports and disclosures.
Mr. Chan continued, "We have aggressive growth plans as we have previously outlined. The preparation of our organization to become one of the largest suppliers to growing cannabis and hydroponic supply sectors is right on schedule and now that we have completed our year end audit and moved most of our personnel to our new and much larger office space, we can finalize and file our year and quarter end reports. Planning for the rates of growth we are expecting takes a lot of hard work and patience. All of us at Sugarmade thank our investors for their patience during this process."