Hempacco Announces Record Revenue for Fiscal Year 2022
Hempacco files 10-K and reports record growth and expansion
San Diego, California--(Newsfile Corp. - May 16, 2023) - Hempacco Co, Inc. (NASDAQ: HPCO) ("Hempacco"), a hemp smokables company Disrupting Tobacco's™ nearly $1 Trillion industry with hemp cigarettes, smoking paper, and alternatives to nicotine tobacco, announced today that it has filed its annual report on Form 10-K for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission. The company reported revenues of $3.967 million for the year ended December 31, 2022, an increase of 234% from $1.187 million for the year ended December 31, 2021.
Hempacco attributed its strong performance to several factors, including:
- The launch of its own hemp cigarette brand, The Real Stuff, gaining popularity among consumers looking for alternatives to tobacco and nicotine.
- The expansion of celebrity partnership brands like Snoop Dogg, Cheech & Chong, and Hemp Hop with Rick Ross.
- The introduction of HempBox, a company with six hundred kiosk vending machines that are planned to carry Hempacco's products.
- The development of its proprietary technology and intellectual property used in the manufacturing of hemp paper and hemp cigarettes, plus its hemp filter infusion patent, a patent to spray hemp with terpenes, and the latest patent to take the cannabis smell out of hemp.
- The establishment of its international presence, with the opening of its European office in Poland and the formation of a strategic alliance with Healthy Grains, the largest agricultural business exporter in Latin America.
"We are very proud of our achievements in 2022, which reflect our vision to disrupt the tobacco industry with innovative hemp and CBD smokable products," said Sandro Piancone, co-founder and CEO of Hempacco. "We have established ourselves as a leader in this emerging market, with a diversified portfolio of brands, products, and services that cater to different segments and preferences of consumers. We have also invested in our technology, infrastructure, and partnerships to expand our reach and scale our operations globally. We are confident we have a strong foundation for continued growth in 2023 and beyond."
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Hempacco recently hired Growth Path Partners to help improve its periodic filing process. The decision was taken to ensure the company's financial statements were accurate and compliant with industry regulations. This move is expected to help Hempacco save time and money in the long run by streamlining the financial statement preparation and filing process and ensuring that the company's reports are reliable and prepared on a timely basis. The company anticipates that the pre-audit firm will also provide Hempacco with valuable insights into its financial performance, helping the company make sound decisions for the future.
Hempacco became a publicly-traded Nasdaq company in 2022. The company saw the move as a sign of the industry's growing acceptance and popularity, as well as its potential for growth and profitability. Hempacco's decision to go public was met with enthusiasm from investors and cannabis enthusiasts alike. With its listing on a major stock exchange, Hempacco believes it has opened up investment opportunities for people interested in the industry. It has also created new use cases for hemp-derived products and services, which could potentially revolutionize the industry.
Hempacco Co., Inc.'s goal is 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 operating segments include:
- Manufacturing of smokables, hemp rolling paper, and cannabinoid sticks
- 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
- Snoop Dogg Joint Venture of Hemp-Derived Products
Hempacco Co., Inc. is a publicly-traded Nasdaq company under the symbol HPCO. For more information about the company and its products, visit www.hempacco.com.
For investor inquiries, please contact:
Sandro Piancone, CEO
Investor Relations: email@example.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 "S.E.C.") 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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