Branding and marketing company Sugarmade Inc (OTCMKTS:SGMD), which seeks to disrupt its industry through key investments in technologies and operations, issues a major corporate update on March 25.
The company provided information with regards to its operations and also about its newly minted cannabis delivery business Nug Avenue. Nug Avenue is largely operational in the Los Angeles area and could provide a vital boost to the company considering the rate at which the cannabis market has grown in the area. Nug Avenue is one of the more important projects to have been flagged off by Sugarmade in recent times.
The company has clearly moved into the cannabis space in a big way and Sugarmade has made the Californian market its main point of focus. The Chief Executive Officer of the company Jimmy Chan stated that Sugarmade aims to become a central player in the fast growing cannabis industry in California.
To that end, the company is focussed on significantly expanding its offerings with regards to end market access to consumers. The decision to get into the cannabis delivery is part of that strategy. Sugarmade has already established a delivery hub in Los Angeles and Chan also spoke about the prospects of the delivery business.
Sugarmade has opened its delivery hub in Los Angeles and Chan stated that the business has significant implications with regards to strong top line growth. He went on to state that he expects strong top line growth because of the company’s positioning in the Californian market and also because of the scale of the market in Los Angeles.
Last but not least; Sugarmade is looking to create vertically integrated supply chain. The creation of such a supply chain is aimed at bringing the growth that is generated in the top line is seen in the bottom line as well. Chan concluded by saying that a strong bottom line is ultimately the only way by which a company can keep delivering value to its shareholders.
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