HempFusion Comments on Recent Trading Activity, All Projects, Incl. Five Channel Strategy, in Motion and Strong Cash-On-Hand
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.