Hempacco Announces Revenue Up 277% Year-Over-Year for the Nine Months Ended September 30, 2022
Strengthened financial position sets stage for accelerated growth
San Diego, California--(Newsfile Corp. - December 8, 2022) - Hempacco Co., Inc. (NASDAQ: HPCO) ("Hempacco" or the "Company"), a hemp smokables company focused on Disrupting Tobacco's™ nearly $1 trillion industry with hemp cigarettes, smoking paper, and alternatives to nicotine tobacco products, today announced revenues for the nine months ended September 30, 2022 increased 277% year-over-year to approximately $3.4 million.
"Product sales were up 85% year-over-year in the third quarter," said Sandro Piancone, Co-Founder and CEO of Hempacco. "Our industry leading partnerships and collaborations and our team's dedication to rapidly and efficiently expanding operations are key drivers of our continued performance."
"Much of our growth year-to-date was achieved with limited capital prior to our Nasdaq IPO," said Jorge Olson, Co-Founder and CMO of Hempacco. "Our IPO enabled us to strengthen our balance sheet which should greatly improve our ability to capitalize on the wealth of opportunities in front of us as we continue to execute on our mission of disrupting tobacco's nearly $1 trillion industry."
Hempacco has established world-class partnerships and joint ventures, including Hemp Hop, launched in partnership with hip-hop icon Rick Ross and Rap Snacks founder and CEO James Lindsay, a 50/50 joint venture with Cheech and Chong, and a relationship with HBI-Raw, one of the world's leading smoking papers companies.
Hempacco Co., Inc.'s goal of Disrupting Tobacco's™ nearly $1 trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing herb, spice, and cannabinoid smokables and rolling paper. Hempacco owns The Real Stuff™ functional hemp cigarette and rolling paper brand.
Hempacco's operational segments include:
- Manufacturing of smokables and hemp rolling paper
- Smokable technology development
- The Real Stuff™ brand of functional smokables and rolling paper
- Cheech and Chong Hemp Cigarettes and Hemp Hop Smokables with Rick Ross
Learn more at www.hempaccoinc.com
Order products at www.realstuffsmokables.com
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) potential failure to meet projected development and related targets; (ii) changes in applicable laws or regulations that may impact our products and business; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
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