DENVER--(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."
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 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.
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