VANCOUVER, Dec. 10, 2018 /CNW/ - Hempco Food and Fiber Inc. (the "Company" or "Hempco") (TSX-V: HEMP) announced today its strategic plan to accelerate growth and support the Canadian hemp industry.
As one of the largest hemp-based food producers in Canada, Hempco will focus on sustaining and growing the Canadian hemp industry. The Company's five-prong strategy includes:
- Building new global markets for Canadian bulk hemp products and its consumer brands Planet Hemp Superfood and Praise Hemp (nutrition and supplements for animals). To this end, the Company has and continues to develop new sales channels, including new market penetration in New Zealand, new distributor listings for Planet Hemp Superfood and expansion of the Praise brand into over 200 retail locations across Canada.
- Accelerating innovations aimed at bringing new product offerings to market for new consumer categories and market segments. Two new products, Super-Seeds Original and Super-Seeds Savoury Onion were recently launched under the Planet Hemp Superfood brand and gaining sales momentum.
- Developing tri-crop opportunities for hemp-based foods, fiber and nutraceuticals to maximize revenue for farmers, producers and processors.
- Championing Canadian hemp as a healthy ingredient for food manufacturers through marketing and other promotional activities, including key trade shows, to increase visibility of Canadian hemp and the Company's brands. Hempco participated in its first ingredient trade show, SupplySide West, Las Vegas on November 8-9, 2018, meeting key prospective buyers. Plant-based protein was one of the top four hot ingredient trends.
- Taking on an active and essential leadership role with the Canadian Hemp Trade Alliance (CHTA) to help drive the CHTA's objectives in promoting Canadian-grown hemp and derivative products, while working closely with the government on research, regulations, and international trade efforts and missions.
Hempco's CEO, Diane Jang was elected to the CHTA's Board on November 19, 2018. She will chair the newly formed, Market Development Committee. The committee's objective is to market and grow market share of the Canadian Hemp industry globally.
"We believe that a united effort by all Canadian stakeholders in the hemp industry, will result in sustained growth," said Diane Jang, CEO. "As one of the leaders in the Canadian hemp industry, we believe that we have the team, infrastructure, networks and assets to successfully execute on our strategy, strengthen our competitive position on the global market and support the Canadian hemp industry."
The CHTA is a national organization that promotes Canadian hemp and hemp products globally. Established in 2003, the Alliance represents those involved in Canada's hemp industry. Members include farmers, processors, manufacturers, researchers, entrepreneurs and marketers.
For more than 12 years Hempco has been a trusted and respected pioneer, innovator and provider of quality hemp-based foods, hemp fiber and hemp nutraceuticals. Hempco produces and markets the brands Planet Hemp and Praise, hemp-based foods and nutritional supplements for people and animals. Hempco is expanding its processing ability to meet global demands in a 56,000 sq. ft. facility located at Nisku, Alberta. Hempco's common shares trade on the TSX Venture Exchange under the symbol "HEMP".
On behalf of the Board of Directors
Chief Executive Officer
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include the Company's anticipation of further growth, its expectation that continued spot inspections by the Canadian Food Inspection Agency will strengthen its standing as a trusted supplier, its intent to achieve the BRC Global Standard for Food Safety and its efforts to implement these standards at its Nisku, Alberta facility, its expectation that the Nisku facility will be operational by Fall 2018. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Companies are under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Hempco Food and Fiber Inc.
For further information: John Ross, Chief Financial Officer, +1.647.291.4234, [email protected]