Hempco, a rapidly growing company For the six month period ending February 28, 2017, Hempco recorded revenues of approximately $4.5 million, a 136% increase over the comparable period in the prior year.
In order to meet growing global demand for its hemp-based products, Hempco currently is completing the construction of a facility in Leduc County, less than 5 km from the Aurora Sky production facility now under construction at Edmonton International Airport. Upon completion, Hempco's new facility will double its current capacity to a total of approximately 225,000 kg per month of hulled hemp seed. Additionally, the Alberta facility is easily scalable and can be expanded to approximately 600,000 kg per month.
Management commentary
"Hempco is a rapidly expanding company with a strong and broadly diversified product offering, across a variety of health-related markets," said Terry Booth, CEO. "Leveraging our relationship with extraction leaders, the potential to develop a high-volume, low-cost source for CBD-based products creates significant upside potential, making this transaction particularly attractive. The proposed transaction would further strengthen the foundation on which we are building our high-margin concentrates business, as well as bring further diversification to our expanding product offering."
Charles Holmes, CEO of Hempco, added, "The transaction with Aurora provides us with the resources to accelerate our commercial development. Additionally, it provides us with a very highly visible partner, whose strong brand recognition we can leverage to grow our market share. The strategic location of both our new facilities by the Edmonton International Airport, and within close proximity of world class extraction processing facilities, provides further important logistical advantages as we expand our international reach. Hempco is delighted to be working with the world class Aurora team who share our vision and intentions to play a leading role in shaping the future of the global hemp industry."