HempFusion Wellness Increases Size of Private Placement
HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) announced on September 17, 2021 that it has raised the target amount of its previously disclosed non‑brokered private placement from USD $2 million to over USD $2.5 million. The upsize reflects strong interest from the Company’s network of retail investors, brokers and institutional funds.
Details of the Expanded Offering
The Private Placement remains subject to customary closing conditions, including receipt of all necessary corporate and regulatory approvals and approval from the Toronto Stock Exchange. The closing date has been extended to September 30, 2021. Full terms of the offering are outlined in the Company’s news release dated August 27, 2021, which is available under HempFusion’s profile on www.sedar.com.
Leadership Comments
Dr. Jason Mitchell, Co‑founder and Chief Executive Officer of HempFusion, noted the heightened demand:
“We received quite a few requests from our large network of retail investors, brokers, and funds, to allow further access into this small strategic private placement. While we continue to maintain a strong balance sheet, the incoming funds represent strong investors with expected long‑term time horizons, and we’re excited to welcome them into our Company at such a pivotal time.”
Board Update
In conjunction with the financing news, HempFusion disclosed that David Doherty resigned as a director effective September 17, 2021. The Board thanked Mr. Doherty for his contributions to the Company.
About HempFusion Wellness Inc.
HempFusion Wellness is a health‑and‑wellness firm that markets premium probiotic supplements and CBD‑infused products. Its brand portfolio includes:
- HempFusion™
- Sagely Naturals™
- Apothecanna™
- Probulin Probiotics™ – one of the fastest‑growing probiotics companies in the United States according to SPINs data
The Company leverages whole‑food hemp nutrition to offer 112 SKUs ranging from USDA Organic Certified tinctures and FDA‑listed OTC topicals to probiotic supplements, skin‑care items, a practitioner line and a white‑label division. HempFusion reports 43 products currently under development.
Its products are stocked in more than 15,000 U.S. retail locations across all 50 states and are also distributed internationally in China, Mexico, Ireland, the United Kingdom, the United Arab Emirates, South Korea and Canada. Consumers can purchase through each brand’s website, www.hempfusion.com, the Probulin Store on Amazon.com, Alibaba’s Tmall.com and numerous other e‑commerce platforms.
For additional information, visit www.hempfusion.com or follow HempFusion on Twitter, Facebook and Instagram.
Forward‑Looking Statements
This release contains forward‑looking statements within the meaning of Canadian securities legislation. Such statements reflect HempFusion’s current expectations regarding the closing of the Private Placement and the Company’s strategic plans, but they are subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date of this release. Further details on risks, including the impact of the COVID‑19 pandemic, are available in the Company’s annual information form dated March 31, 2021 on www.sedar.com.
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