\nHempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) <\/b>(\u201cHempFusion\u201d or the \u201cCompany\u201d), an industry leader in full spectrum cannabidiol (CBD) hemp extract wellness products and probiotics, today reported financial results for the first quarter ended March 31, 2021. All dollars are stated in US Dollars.\n<\/p>\n
Q1-2021 Financial Highlights<\/span><\/b><\/p>\n Q1-2021 Business Highlights<\/span><\/b><\/p>\n \n“With nearly all international business paused due to COVID throughout 2020 and Q1 2021, and with slower than expected reopenings, the Company still achieved an incremental QoQ growth of 7.6%. Now, with vaccine rollouts taking place across the country, we are encouraged with reopening rates and excited that our sales, which currently take place in approximately 75% brick-and-mortar businesses, are beginning to reopen,” commented Jason Mitchell, N.D., HempFusion’s Co-Founder and Chief Executive Officer.\n<\/p>\n \n“We remain committed to developing new revenue channels and have entered additional countries including China, Ireland, and the United Kingdom, and we are excited with subsequent quarterly events in which new purchase orders were received, showing early signs of the return of international business. These international POs have the potential to drive millions in revenue. We are working feverishly to accelerate sales through organic channels and the continued pursuit of M&A opportunities; early indications have Q2 shaping up to be our best quarter yet,” continued Dr. Mitchell.\n<\/p>\n Statements of Loss and Comprehensive Loss <\/b><\/p>\n The Below is from the Unaudited Condensed Interim Financial Statements for the Three Months Ended March 31, 2021 and 2020; Please Refer to the Complete Report, Including the Notes, Other Statements and Other Contents Therein.<\/span><\/i><\/b><\/p>\n \nConsolidated net revenue for the three months ended March 31, 2021 increased 7.6% quarter-over-quarter to $983,496 versus $913,646 in Q4-2020, and DTC e-commerce net sales increased 59.3% reflecting increased marketing efforts, a targeted DTC team, and targeted digital promotions. Site traffic increased by 62%, and conversion rates increased to 1.9%. DTC accounted for 24.8% of total revenue in the first quarter of 2021 versus 16.8% for Q4-2020.\n<\/p>\n \nConsolidated B2B net revenue decreased 2.8% to $739,241 from $760,341 in Q4-2020 reflective of the above-referenced growth in DTC and a decrease in conventional grocery.\n<\/p>\n \nInternational sales increased to $75,994 from nil showing a return to normal from Q4-2020, and early indication of future international orders accelerating and producing incremental quarterly gains. HempFusion maintains a leadership position in retailers across the United States, including the #1 in sales by dollar volume and SKUs in one of the top five largest FDM channel retailers.\n<\/p>\n \nGross profit of $280,205 or 28.5% of net revenue is primarily attributed to improvement in inventory and supply chain management.\n<\/p>\n \nOperating expenses were $6,306,703, an increase of 42.9% from $4,414,792 in Q4-2020, primarily attributed to IPO related expenses, including D&O insurance and listing fees, as well as marketing and digital expenses.\n<\/p>\n Balance Sheet | Cash Position <\/b><\/p>\n The Below is from the Unaudited Condensed Interim Financial Statements for the Three Months Ended March 31, 2021 and 2020; Please Refer to the Complete Report, Including the Notes, Other Statements and Other Contents Therein.<\/span><\/i><\/b><\/p>\n \nThe Company ended Q1-2021 with a strong cash position of $17,074,030 ensuring the capital requirements of the Company are met, with ample room for strategic M&A. The Company incurred $2,655,134 in general and administrative expenses and $3,651,569 in sales and marketing expenses.\n<\/p>\n \n\u201cIn 2019, HempFusion (combined with Probulin on a pro forma basis with respect to 2019) achieved net revenue of $4,627,544, followed by $3,823,638 in 2020. The impact COVID has had on our business is clear. We have adapted. It\u2019s important to note we have strategically bolstered the Company\u2019s online presence with the help of new channels such as Amazon for Probulin and Alibaba\u2019s Tmall for both brands. Our efforts have resulted in early traction and success, as we continue to strengthen our foothold in the direct-to-consumer CBD market. This quarter showed a strong DTC sales increase of 59.3%. We expect this trend to continue as DTC now accounts for 24.8% of total revenue in the first quarter of 2021 versus 16.8% for Q4-2020,\u201d commented Dr. Mitchell.\n<\/p>\n Conference Call <\/b><\/p>\n \nManagement of the Company will host a conference call to discuss the Company’s first quarter 2021 results at Monday, May 17, 2021 at 4:15 p.m., Eastern Time. To participate in the call, please dial 888-506-0062. For international callers, dial 973-528-0011. Use Participant Code: 795055. To join the webcast: https:\/\/www.webcaster4.com\/Webcast\/Page\/2710\/41342<\/a>.\n<\/p>\n \nA replay will be available from the Investor Relations section of HempFusion\u2019s website at HempFusion.com\/corporate-information<\/a>.\n<\/p>\n ABOUT HEMPFUSION<\/b><\/p>\n \nHempFusion 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\u2019s 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\u2019s wholly-owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotics companies in the United States, according to SPINs reported data. HempFusion\u2019s CBD products are based on a proprietary Whole Food Hemp Complex\u2122 and are available in-store or by visiting HempFusion online at www.hempfusion.com<\/a> or www.probulin.com<\/a>.\n<\/p>\n \nFollow HempFusion on Twitter<\/a>, Facebook<\/a> and Instagram<\/a> and Probulin on Twitter<\/a>, Facebook<\/a> and Instagram<\/a>.\n<\/p>\n FORWARD-LOOKING STATEMENTS<\/b><\/p>\n \nThis news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, \u201cforward-looking statements<\/b>\u201c) that relate to HempFusion\u2019s 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 \u201cwill likely result,\u201d \u201care expected to,\u201d \u201cexpects,\u201d \u201cwill continue,\u201d \u201cis anticipated,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimated,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cforecast,\u201d \u201cprojection,\u201d \u201cstrategy,\u201d \u201cobjective\u201d and \u201coutlook\u201d) 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 continued growth of the Company\u2019s international business and revenue, the Company\u2019s plans to accelerate sales, DTC sales expectations and the Company\u2019s other plans, focus and objectives.\n<\/p>\n \nForward-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\u2019s 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 \u201cCautionary Note Regarding<\/i>Forward-Looking Statements<\/i>\u201d and \u201cRisk Factors<\/i>\u201d in the annual information form of the Company dated March 31, 2021 and available under the Company\u2019s profile on SEDAR at www.sedar.com<\/a>. 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.\n<\/p>\n Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.<\/i><\/b><\/p>\n \nHEMPFUSION WELLNESS INC 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n 983,496<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n977,379\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 703,291<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n944,756\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 280,205<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,623\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2,655,134<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,176,528\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 3,651,569<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,238,264\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 6,306,703<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,414,792\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (6,026,498<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n(4,382,169\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n (102,465<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n(65,268\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n 4,783<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,582\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(64,387\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n (70,809<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (36,342<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n177,275\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (204,833<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n55,202\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (5,821,665<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n(4,437,371\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n (0.05<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n(0.04\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n 116,351,760<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n99,699,196\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nHEMPFUSION WELLNESS INC. 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2020\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 17,074,030<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,262,517\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 341,026<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n457,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2,931,910<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,576,866\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2,611,815<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,530,846\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 22,958,781<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,827,287\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 309,975<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n303,162\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 211,003<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n225,589\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 259,997<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 23,739,756<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,356,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 1,685,275<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,324,534\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,975,514\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 61,595<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n60,279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 1,330,757<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,367,099\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 3,077,627<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,727,426\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 149,408<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n165,310\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 3,227,035<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,892,736\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 57,383,871<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,002,867\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 17,412,878<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,572,556\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 5,455,635<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,805,877\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (59,739,663<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n(53,917,998\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n 20,512,721<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,536,698\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n 23,739,756<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,356,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210517005906\/en\/<\/a><\/span><\/p>\n \nJason Mitchell, N.D. KEYWORDS:<\/b> United States North America Canada Colorado<\/p>\n INDUSTRY KEYWORDS:<\/b> Retail Specialty Fitness & Nutrition Health<\/p>\n\n
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Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
\n
(Express in US dollars)\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n For the three<\/b><\/td>\n For the three<\/b><\/td>\n<\/tr>\n \n \n \n \n months ended<\/b><\/td>\n months ended<\/b><\/td>\n<\/tr>\n \n \n \n \n March 31,<\/b><\/td>\n March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n $<\/b><\/td>\n $<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue, net of discounts<\/b><\/td>\n \n \n \n \n \n \n Cost of goods sold<\/td>\n \n \n \n \n \n \n Gross profit<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Expenses<\/b><\/td>\n \n \n <\/tr>\n \n \n General and administrative<\/td>\n Note 14<\/td>\n \n \n \n \n \n \n Sales and marketing<\/td>\n \n \n \n \n \n \n Total expenses<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss from operations<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other (income) expenses <\/b><\/td>\n \n \n <\/tr>\n \n \n Other (income)<\/td>\n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n Change in fair value of derivative liabilities<\/td>\n Note 10<\/td>\n \n \n \n \n \n \n Gain on derecognition of derivative liabilities<\/td>\n \n \n \n \n \n \n \n Change in fair value of purchase consideration<\/td>\n Note 4<\/td>\n \n \n \n \n \n Total other (income) expenses<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Income tax (recovery) expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss and comprehensive loss<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Loss per common share – basic and diluted<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average number of common shares – basic and diluted<\/b><\/td>\n \n \n \n \n \n \n
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Unaudited Condensed Interim Consolidated Statements of Financial Position
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(Express in US dollars)\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31,<\/b><\/td>\n December 31,<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n $ <\/b><\/td>\n $ (Audited)<\/td>\n<\/tr>\n \n ASSETS<\/b><\/td>\n \n \n <\/tr>\n \n Current<\/td>\n \n \n <\/tr>\n \n Cash<\/td>\n \n \n \n \n \n \n Trade receivables<\/td>\n Note 5<\/td>\n \n \n \n \n \n Inventory<\/td>\n Note 6<\/td>\n \n \n \n \n \n Prepayments<\/td>\n Note 7<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment<\/td>\n Note 8<\/td>\n \n \n \n \n \n Right-of-use-assets<\/td>\n Note 9<\/td>\n \n \n \n \n \n Prepayments – non current<\/td>\n Note 7<\/td>\n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES<\/b><\/td>\n \n \n <\/tr>\n \n Current<\/td>\n \n \n <\/tr>\n \n Accounts payable and accrued liabilities<\/td>\n \n \n \n \n \n \n Derivative liabilities<\/td>\n Note 10<\/td>\n \n \n \n \n \n Lease obligations<\/td>\n Note 9<\/td>\n \n \n \n \n \n Purchase consideration payable<\/td>\n Note 4<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Non-current<\/td>\n \n \n <\/tr>\n \n Lease obligations<\/td>\n Note 9<\/td>\n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n SHAREHOLDERS’ EQUITY <\/b><\/td>\n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Share capital<\/td>\n Note 10<\/td>\n \n \n \n \n \n Warrant reserve<\/td>\n Note 10<\/td>\n \n \n \n \n \n Contributed surplus<\/td>\n Notes 10 and 11<\/td>\n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n Total equity<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total liabilities and shareholders’ equity<\/td>\n \n \n \n \n \n <\/p>\n
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Chief Executive Officer and Director
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Email: ir@hempfusion.com
\n<\/a>
Phone: 416-803-5638\n<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210517005906\/en\/1100513\/3\/HF_Logo-Aqua.jpg\"){kind=logo}
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