HempFusion Wellness Inc. completed its initial public offering (IPO) of 7,000,000 common shares at a price of $1.00 per share for gross proceeds of $7 million and 10,000,000 units of the company for gross proceeds of $10 million. The company will begin trading on the Toronto Stock Exchange today under the following symbols:
- CBD.U – the Common Shares (including the Offered Shares, the Unit Shares (as described below) and the Warrant Shares (as described below));
- CBD.WT.V – the Warrants; and
- CBD.WT.U – the 2019 Warrants.
“We are incredibly excited to have completed our initial public offering and begin trading on the Toronto Stock Exchange,” commented Jason Mitchell N.D., HempFusion’s CEO. “The additional $17 million in capital adds to our healthy treasury, providing us with a solid foundation to build from and execute on our strategic plans for 2021 and beyond. Our goals include increased investment into research and development, expanding our sales and distribution networks, and firmly establishing HempFusion as a leader in the dynamic global CBD industry.”
HempFusion is a 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 retailers across all 50 states of the United States and select international locations. HempFusion’s product portfolio comprises 46 SKUs including, tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, Doctor/Practitioner Lines and more. HempFusion says it has an additional 30 products under development. HempFusion is a board member of the US Hemp Roundtable, and HempFusion’s wholly-owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotics companies in the United States, according to SPINs reported data.
The company said it had revenues of $3 million in 2019 with a net loss of $12 million and total liabilities of $7.7 million.
Mitchell is a naturopathic doctor and brings 25 years of business development, scientific, nutritional, and product development experience to the company’s leadership. Mitchell has in-depth knowledge of the natural supplements industry, Hemp, CBD and probiotics, as well as ingredient sourcing. Mitchell also has extensive understanding and a background in regulatory matters specifically relating to FDA and other U.S. and foreign governmental agencies. Mr. Mitchell previously held the position of Chief Science Officer for Country Life Vitamins, where he developed over 300 products and assisted that company through its acquisition by Kikkoman Foods in 2006.