Sugarmade
Provides Corporate Update as Nug Avenue Sees Accelerating Growth
Ahead of Further Expansion
NEW YORK,
NY -- December 8, 2021 -- InvestorsHub NewsWire -- Sugarmade, Inc.
(OTCMKTS:SGMD)
("Sugarmade", "SGMD" or the "Company") an emerging leader in the
vertically integrated California cannabis marketplace, is pleased
to provide this update to its shareholders as the Company moves
toward new growth initiatives while continuing to expand
organically within the framework of its primary operating
vision.
Nug
Avenue Performance. The Company currently
operates one Nug Avenue hub located in the Los Angeles metropolitan
area. This initial location has grown dramatically since its
inception in March 2021. By the end of June 2021, it had more than
10,000 unique members. That pace of growth has accelerated over
recent months and the Company now has nearly 25,000 unique
members.
Jimmy
Chan, Sugarmade CEO, stated, "We have seen rapid and accelerating
organic growth in customers at our initial Nug Avenue location
since we opened the doors in March. The good news is that this
trend survived reopening, with a reduction in pandemic-related
measures and regulations having no impact on our growth. That
provides a very healthy backdrop as we look ahead to opening new
locations, upgrading our service, and verticalizing our model
through our own cultivation resources."
Nug
Avenue Expansion. All documentation
toward the opening of the Company's second Nug Avenue location has
already been submitted. The Company is now awaiting specific
instructions about undergoing mandatory inspections and steps
related to planning and approvals before it can move forward and
officially open the new location.
In
addition, management is currently in the process of evaluating
additional properties for further expansion, including outside of
the Los Angeles marketplace.
New
Technology. The Company has also
implemented new cannabis delivery technology to establish a
competitive advantage in its core delivery zone: the Onfleet last
mile delivery solution with Blaze. Onfleet provides AI-based
automated dispatch, automatic SMS customer notifications with
accurate ETAs, real-time driver tracking, proof-of-delivery,
feedback collection tools, and powerful analytics to ensure every
delivery is an optimal experience.
In the
first month of adoption, Nug Avenue's average delivery time reduced
to 41.51 minutes, and customer satisfaction rose to 4.83 out of 5
stars on average.
"The
industry average is measured in hours when it comes to cannabis
orders in the California delivery marketplace," Chan continued. "We
are working to shorten that window and gain an edge to drive market
share gains. This technology provides everything from route
optimization to real-time delivery updates, saving us time and
money while producing higher customer satisfaction in the
process."
Outdoor
Cultivation. The Company continues
to move toward its first planting at the large 640-acre outdoor
cultivation site associated with its recently acquired Lemon Glow
subsidiary. Lake County officials are reviewing materials related
to the property at present. And the Company believes all necessary
approvals will be in place in time for the 2022 planting
season.
About
Sugarmade
Sugarmade, Inc.
(OTCMKTS:SGMD)
is a product and
branding marketing company investing in operations and technologies
with disruptive potential. Our Brand portfolio includes
CarryOutsupplies.com, SugarRush™, NUG Avenue, Lemon Glow and
Budcars.
For
more information, please visit
www.Sugarmade.com.
FORWARD-LOOKING
STATEMENTS: This release contains "forward-looking statements"
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements also may be included in other publicly available
documents issued by the Company and in oral statements made by our
officers and representatives from time to time. These
forward-looking statements are intended to provide management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. They can be identified by the use of words such as
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "would," "could," "will" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Examples of forward looking statements
include, among others, statements relating to future sales,
earnings, cash flows, results of operations, uses of cash and other
measures of financial performance.
Because
forward-looking statements relate to the future, they are subject
to inherent risks, uncertainties and other factors that may cause
the Company's actual results and financial condition to differ
materially from those expressed or implied in the forward-looking
statements. Such risks, uncertainties and other factors include,
among others, such as but not limited to; economic conditions,
changes in the laws or regulations, demand for products and
services of the company, the effects of competition, uncontrollable
forces of nature and other factors that could cause actual results
to differ materially from those projected or represented in the
forward looking statements.
Any
forward-looking information provided in this release should be
considered with these factors in mind. We assume no obligation to
update any forward-looking statements contained in this
report.
Corporate Contact:
Jimmy
Chan
+1-(888)-982-1628
info@Sugarmade.com
Investor
Relations Contact:
EDM Media,
LLC
https://edm.media