TSX-V: HEMP
VANCOUVER, May 15, 2018 /CNW/ - Hempco Food and
Fiber Inc. (the "Company" or "Hempco") (TSX-V: HEMP) is pleased to
provide the following operational update on the Company's product
diversification and market expansion achievements and initiatives.
Hempco is moving ahead aggressively with the following key
corporate activities that are focused on driving growth:
Distribution Agreement with UK's Largest
Wholesaler of Natural and Organic
Products
The Company has signed a distribution agreement with Tree of
Life, the United Kingdom's leading
wholesale distributor of natural and organic products. Tree of Life
serves more than 1,200 retailers in the UK and more than 30
countries worldwide. The agreement provides Hempco with
significantly increased market reach through Tree of Life's large
footprint and share of shelf space in the health food sector.
The relationship with Tree of Life was driven in part by the
recognition of the strong momentum hemp products continue to
experience in the health food market due to its beneficial
properties, such as omega 3's and high plant-based protein
content.
European Launch of Planet Hemp CBD
Product Line
The new Planet Hemp Organic Hemp Seed Oil + CBD Food Supplement
line was successfully launched at Europe's biggest Natural and Organic products
tradeshow on April 22-23, 2018. The
show, visited by ten thousand delegates, including distributors and
retailers, was very successful for the Company, both in terms of
raising visibility and in generating commercial traction. Reception
of the new product line was positive, with new orders
received.
Planet Hemp Organic Hemp Seed Oil + CBD Food Supplement product
line, available in Original, Mint and Orange, is the only
product approved by the Vegan and Vegetarian Societies. This is a
rapidly growing segment of the market, and this validation creates
significant differentiating power for Hempco.
Letter of Intent Signed with
Sustainable Building
Products Supplier
A Letter of Intent was signed with JustBioFiber Structural
Solutions, a specialist in sustainable building systems. The letter
of intent calls for an initial 300 tonnes of hemp hurd to be
supplied once the fiber plant in Nisku,
Alberta becomes operational in early summer 2018.
Hempco has targeted bulk fibre as one of its key strategic
growth markets. This LOI provides immediate traction for Hempco's
new plant.
Management Commentary
"The initiatives we have set in motion before and since I joined
the Company are starting to yield results, which we believe will
lead to significant growth over the coming quarters," said
Diane Jang, CEO of Hempco, "The
visibility and traction we are generating with our Planet Hemp
product lines are reflected by our presence in some of the world's
largest distribution channels, including Amazon, Kane Vet and now
Tree of Life. We see this as recognition of our operational
excellence, a validation of our strategy and a reflection of the
increased standing of Hempco due to its majority shareholder,
Aurora Cannabis. We will continue to expand our product portfolio
and target additional distribution channels as we take Hempco to
the next level of sustainable growth."
About Hempco
For more than 12 years Hempco has been a trusted and respected
pioneer, innovator and provider of premier hemp-based foods. Hempco
is committed to developing hemp foods, hemp fiber and hemp
nutraceuticals. Hempco is expanding its processing ability to meet
global demands in a 56,000 sq. ft. facility located at Nisku, Alberta. Hempco's common shares
trade on the TSX Venture Exchange under the symbol "HEMP".
On behalf of the Boards of
Directors,
HEMPCO FOOD AND FIBER INC
Diane Jang
CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release, including the assumptions that the
Hempco shareholders will approve the creation of a new control
person and allow the private placement to proceed. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. The Companies are under no obligation,
and expressly disclaim, any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
SOURCE Hempco Food and Fiber Inc.