- SGMD CEO says that the company is planning to “significantly expand” its operations to provide supplies for growers of hemp
- Jimmy Chan, CEO, estimates that hemp farmers in Kentucky will ultimately require “hundreds of millions” of hemp plant clones
- SGMD, focused on supplying hydroponic and cultivation products, has started to make deliveries of micropropagation supplies to farmers
Sugarmade Inc. (OTCQB: SGMD), focused on hydroponic and hemp growing supplies, plans to significantly expand its supplies of hemp-cultivation products, specifically to farmers in Kentucky who are hard-pressed to meet booming demand. Jimmy Chan, CEO of SGMD, noted in a news release his belief that hundreds of millions of hemp clones will be needed in that state to keep pace (http://ibn.fm/RtJ85).
According to Chan, the hemp industry will require plant clones for cultivation to meet future demand. He cited farmers in Kentucky facing the challenge of a hemp boom, stating, “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.”
Hemp clones (http://ibn.fm/piJXA) are ready to plant, with the same genetics and phenotypes as the mother plant. The clones need no extra inputs, such as growing first indoors or in a greenhouse setting. SGMD is committed to providing the necessary supplies for supporting the micropropagation process of creating hemp plant clones (http://ibn.fm/W9Nfm).
SGMD has expanded its footprint in hydroponic and cultivation products. The company’s new agreement with Hempistry Inc. reinforces its commitment to supplying growers in the hemp sector. Sugarmade is investing in Hempistry, a privately held corporation, which has begun planting an industrial hemp strain in Kentucky.
In a news release, Chan, now also a director at Hempistry, added, “We have already received our first shipment of micropropagation supplies, and we are in the process of making deliveries.”
Based in Monrovia, California, SGMD is a hydroponics supply company that’s committed to growth through supplying the industrial hemp sector. SGMD is a product and brand-marketing company with numerous operations, such as packaging and paper goods for diverse industries. By delivering products, such as hydroponics, to the industrial hemp market the company is seeking to increase its revenue base.
For more information, visit the company’s website at www.Sugarmade.com
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://ibn.fm/SUGAR
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