- The booming hydroponics crop market is projected to be worth over $27 billion by 2022
- Sugarmade is one of the largest publicly traded hydroponics supply companies investing in the legal cultivation sector
- The global industrial hemp market is expected to reach $10.6 billion by 2025
Sugarmade Inc. (OTCQB: SGMD), a major supplier to the growing hydroponic cultivation sector, is diversifying its portfolio with supply commitments to the budding industrial hemp sector. A new agreement with Kentucky-based hemp cultivator Hempistry Inc. to deliver resources for its plant micropropagation work reveals a solid strategy as Sugarmade moves into the legal cultivation space, as detailed in a CBDWire editorial (http://cnw.fm/K6uFb).
Passage of the 2018 Farm Bill brought regulatory changes to the agriculture sector, allowing hemp cultivation in the U.S. and bringing new opportunities to growers and equipment providers alike. Sugarmade, already a major supplier within the hydroponics sector, sees the passage of the federal Farm Bill as beneficial to its growth potential.
Sugarmade quickly gained traction in the newly legal industrial hemp sector in April by signing Hempistry Inc. to a supply contract, which the company expects to be ongoing as Hempistry expands its operations, both domestically and internationally (http://cnw.fm/oN32e).
“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,” Sugarmade CEO Jimmy Chan, who is also a Hempistry director, stated in the news release. “When these numbers are multiplied over the many other hemp cultivation states, it is easy for anyone to see the strong demand scenario that is quickly developing.”
The hydroponics sector along with production of hemp and cannabis are seen as two of the top-five most important major agricultural investing trends for 2019, according to a blog post by HarvestReturns.com (http://cnw.fm/Hmrm7). Hydroponic farming can rapidly help serve unmet demands for fresh organic produce and can be adapted to many different crops, including cannabis and hemp.
The global industrial hemp market is expected to surge to $10.6 billion by 2025, according to Grand View Research (http://cnw.fm/vS1uH), while the global hydroponics market, which includes the production of all crops, is anticipated to grow to $27.29 billion by 2022, according to a report in Vegetable Growers News (http://cnw.fm/x7GYR).
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://cnw.fm/SUGAR
About CBDWire
CBDWire (CBDW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CBDNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CBDW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CBDW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CBDW brings its clients unparalleled visibility, recognition and brand awareness. CBDW is where news, content and information converge.
To receive instant SMS alerts, text CBDWire to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.cbdwire.com
Please see full terms of use and disclaimers on the CBDWire website applicable to all content provided by CBDW, wherever published or re-published: https://CBDWire.com/Disclaimer
Do you have a questions or are you interested in working with CBDW? Ask our Editor
CBDWire (CBDW)
Denver, Colorado
cbdwire.com
303.498.7722 Office
[email protected]
