DENVER–(BUSINESS WIRE)–HempFusion Wellness Inc. (TSX:CBD.U) (US:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”) issues this press release in response to recent trading activity and the decline in its share price. The Company wishes to reassure investors that all aspects of its business, including the five-channel distribution strategy, are in-motion and that there are no undisclosed events that the Company believes warrant the share price decline.
The Company has disclosed all material information in its press releases and other disclosure documents in compliance with its continuous disclosure obligations. HempFusion further confirms that its material contracts and relationships with its key distributors, both domestic and international, are in good standing.
“HempFusion is powering ahead, and I wanted to take the time to reassure investors that the decline in the stock price cannot be explained by an undisclosed development at the Company, as all material information has been disclosed and is readily available,” commented Jason Mitchell, N.D., the Company’s Co-Founder and Chief Executive Officer. “We believe the Company is in the strongest position it has ever been with significant partnerships, developments, new distributors, and international channels deep in development, including a significant sales pipeline, consumers returning to stores, multiple international expansion initiatives, and a robust balance sheet, including a strong cash position of approximately US$9.3 million as of December 31, 2020 in addition to the closing of the Company’s US$17 million initial public offering on January 6, 2021.
HempFusion remains, according to Brightfield Group, the #2 ranked CBD brand in Awareness. Probulin Probiotics finished 2020 as the fastest-growing Probiotic brand out of the Top 15 in the US, according to SPINS. The Company’s OTC Tropical products have ranked #1 in both sales dollars and units sold at a major Food & Drug Mass retailer in the US, according to NielsenIQ, and the Company has relaunched its website and digital strategy, resulting in a 10x increase to traffic. The Company remains excited and committed to strengthening its existing position as a leading health and wellness CBD company with a global reach.
HempFusion is a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition. HempFusion distributes its family of brands, including HempFusion, Probulin Probiotics, Biome Research, and HF Labs, to approximately 4,000 retail locations across all 50 states of the United States and select international locations. Built on a foundation of regulatory compliance and human safety, HempFusion’s diverse product portfolio comprises 48 SKUs including tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, Doctor/Practitioner Lines and more. With a strong focus on research and development, HempFusion has an additional 30 products under development. HempFusion is a board member of the US Hemp Roundtable, and HempFusion’s wholly-owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotics companies in the United States, according to SPINs reported data. HempFusion’s CBD products are based on a proprietary Whole Food Hemp Complex™ and are available in-store or by visiting HempFusion online at www.hempfusion.com or www.probulin.com.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to HempFusion’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the Company’s expansion strategy and the Company’s other plans, focus and objectives.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond HempFusion’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors set forth under “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the annual information form of the Company dated March 31, 2021 and available under the Company’s profile on SEDAR at www.sedar.com. HempFusion undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for HempFusion to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Jason Mitchell, N.D.
Chief Executive Officer and Director