- 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 CannabisNewsWire 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
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