GREY:HMPPF - Post by User
Post by
ChooChooKingon Dec 29, 2018 6:17pm
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Post# 29168570
Read the release .. Hemp still make more then 2 millions..
Read the release .. Hemp still make more then 2 millions..Korean Out .. American In $$$$$
Management commentary
"Fiscal 2018 was a year of transition for us, in which we diversified into new product lines and geographic areas, while dealing with the anticipated challenges from our exit of the negative margin Korean market," said Diane Jang, chief executive officer. "Execution is now focused on our five-prong growth strategy, which has started to deliver positive momentum. With our new Nisku facility becoming fully operational in the coming months, we anticipate achieving Global Food Safety Initiative (GFSI) certification, while enabling us to broaden our product offering into new markets and accelerate growth through increased production capacity. With the recent U.S. Farm Bill, this will strengthen Hempco's position within North America for whole plant utilization. These fundamental developments during our fiscal 2018, we believe, will further strengthen our position and enable us to pursue accelerated growth for fiscal 2019."
Financial review
A more detailed discussion of financial results is provided in the company's management's discussion and analysis, filed on SEDAR.
Revenues for the year ended Aug. 31, 2018, were $2,180,641 compared with $6,548,507 for the year ended Aug. 31, 2017. Exit from the Korean market and the transition of a U.S. customer, combined with product quality issues at the company's co-packer's facility, impacted 2018 sales, offset partially by positive momentum from Hempco's product and geographic diversification strategy.
Revenues in first quarter 2019 have begun to recover. The company recently signed an agreement with one of New Zealand's largest hemp importers/distributors. The Planet Hemp Superfood product line was newly launched and was introduced in health food and specialty stores across Canada as of first quarter 2019. The company signed agreements with key health and wellness food distributors Jonluca (a Canadian Business's growth 500 company) and Satau to extend market coverage in Ontario and Quebec, respectively. Sales of Praise products for pets have also been encouraging within Canada and the United States.