HempFusion Accelerates International Sales with United Arab Emirates Reopening
May 12 2021 - 7:05AM
Business Wire
HempFusion Wellness Inc. (TSX:CBD.U) (US:CBDHF) (FWB:8OO)
(“HempFusion” or the “Company”), a leading health and wellness
consumer packaged goods Company, is pleased to announce the Company
has received its first significant purchase order in over a year
from a long-standing international customer [based in Dubai, United
Arab Emirates], equating to $216,000; an indication that
international sales appear to be re-emerging in a post-COVID era
and larger retailers are beginning to re-order HempFusion
products.
Pre-COVID, the multi-billion-dollar Dubai-based company placed
multiple orders of similar size annually and remains one of the
longest-standing international customers of HempFusion. The company
has been a HempFusion customer for over six years and distributes
products throughout the Middle East, primarily in the United Arab
Emirates.
"We are pleased to see more and more of our international sales
resume, and we believe this initial +$200,000 purchase order is
just the beginning of increased international revenue for 2021,"
commented Patrick Bucaro, Head of International Development. "Had
COVID not occurred, this customer was expected to generate upwards
of $800,000 for us in 2020 and $1,000,000 in 2021. With our
projected domestic business growth and sales in the Middle East and
North Africa region re-opening, we are excited to see this early
indication that business on a global scale is starting to move in
the right direction. We are hopeful this particular customer will
generate north of a million dollars annually for us moving
forward."
HempFusion remains focused on growing revenues both domestically
and internationally through organic channels in addition to the
pursuit of M&A opportunities as the Company looks to expand
revenue through accretive acquisitions. The Company maintains a
strong cash balance including over a year of working capital with
no further financings planned.
"We are excited to see sign of a return to normal business
practices across the globe," added Dr. Jason Mitchel, the Company's
Co-Founder and Chief Executive Officer. "As people return to normal
life, we're excited to see increases in further international
channels such as Ireland, United Kingdom and China. This PO may be
a great indication of what's to come in 2021 and beyond."
ABOUT HEMPFUSION
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.
Follow HempFusion on Twitter, Facebook and Instagram and
Probulin on Twitter, Facebook and Instagram.
FORWARD-LOOKING STATEMENTS
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 domestic and international sales revenue, growth strategy
(including pursuit of M&A opportunities) 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210512005251/en/
Jason Mitchell, N.D. Chief Executive Officer and Director Email:
ir@hempfusion.com Phone: 416-803-5638
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