HempFusion Wellness (OTCMKTS:CBDHF) Stock Extends The Fall: What Next?
Leading health and wellness company providing premium probiotic supplements and products having CBD, HempFusion Wellness (OTCMKTS:CBDHF) on August 5, 2021, announced the launch of the highly anticipated CBD Gummy line.
The company said that it has received positive feedback on its gummy products from customers. The company harnesses proprietary broad-spectrum hemp extract, to develop great-tasting gummies featuring natural functional ingredients as well as premium flavors.
Brightfield Group estimates that CBD gummy market will reach $500 million in sales in 2021, a spike of 44% over the previous year, and will surge to $1.8 billion in 2026.
Jason Mitchell, N.D., Chief Executive Officer of HempFusion Wellness, said that the company’s gummy line is its newest revenue driver and is being shipped to major food as well as retail locations through eCommerce as well as distribution channels. Mitchell encouraged consumers to try its new delicious Elderberry CBD Immune Support as well as Summer Cherry Gummies.
Jon Visser, Chief Revenue Officer said that the firm’s decision to manufacture products in different sizes gives access to potentially multiple locations. Visser added that single package appeals to channels like Convenience, Frontend Checkstand, Airport, and Hospitality.
The company also announced the completion of the acquisition of APCNA Holdings LLC, which was announced earlier. With a revenue of over $3.8 million in 2020 of Apothecanna, it will tripleHempFusion’s historical proforma revenue to ~$12 million. It would also lead to distribution to an additional 1,800 stores. The acquisition will also facilitate robust eCommerce platform driving over 17,000 average monthly sessions and $2.0 million in gross sales per year with a 76% gross margin historically.
