Hempfusion Wellness does not say why stock is down
2021-04-15 16:05 ET - News Release
Mr. Jason Mitchell reports
HEMPFUSION COMMENTS ON RECENT TRADING ACTIVITY, ALL PROJECTS, INCL. FIVE CHANNEL STRATEGY, IN MOTION AND STRONG CASH-ON-HAND
Hempfusion Wellness Inc. is issuing this press release in response to recent trading activity and the decline in its share price. The company wishes to reassure investors that all aspects of its business, including the five-channel distribution strategy, are in motion, and there are no undisclosed events that the company believes warrant the share price decline.
The company has disclosed all material information in its press releases and other disclosure documents, in compliance with its continuous disclosure obligations. Hempfusion further confirms that its material contracts and relationships with its key distributors, both domestic and international, are in good standing.
"Hempfusion is powering ahead, and I wanted to take the time to reassure investors that the decline in the stock price cannot be explained by an undisclosed development at the company, as all material information has been disclosed and is readily available," commented Jason Mitchell, ND, co-founder and chief executive officer. "We believe the company is in the strongest position it has ever been, with significant partnerships, developments, new distributors and international channels deep in development, including a significant sales pipeline, consumers returning to stores, multiple international expansion initiatives, and a robust balance sheet, including a strong cash position of approximately $9.3-million (U.S.) as of Dec. 31, 2020, in addition to the closing of the company's $17-million (U.S.) initial public offering on Jan. 6, 2021."
Hempfusion remains, according to Brightfield Group, the No. 2 ranked cannabidiol brand in awareness. Probulin Probiotics finished 2020 as the fastest-growing probiotic brand out of the top 15 in the United States, according to Spins. The company's over-the-counter tropical products have ranked No. 1 in both sales dollars and units sold at a major food and drug mass retailer in the United States, according to NielsenIQ, and the company has relaunched its website and digital strategy, resulting in a 10-fold increase in traffic. The company remains excited and committed to strengthening its existing position as a leading health and wellness CBD company with a global reach.
About Hempfusion Wellness Inc.
Hempfusion Wellness is a leading health and wellness cannabidiol 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 retailers 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 Food and Drug Administration-drug-listed over-the-counter topicals; and doctor/practitioner lines. With a strong focus on research and development, Hempfusion has an additional 30 products under development. Hempfusion is a board member of the U.S. Hemp Roundtable, and Hempfusion's wholly owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotic 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 on-line.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.