INDVR Brands Inc. Announces Appointment of Hugh Hempel as Chairman and CEO
Calgary, Alberta and Denver, Colorado--(Newsfile Corp. - August 31, 2021) - INDVR Brands, Inc. (CSE: IDVR) (the "Company" or "INDVR Brands" or "INDVR"), a premier cannabis brand house and infused products producer, is pleased to announce that effective immediately, Hugh Hempel has been promoted to the role of Chairman and CEO.
Hempel is a cannabis industry veteran with a successful entrepreneurial track-record, including a highly successful equity exit in the cannabis field. Hempel entered the cannabis industry in 2013 while using CBD oils to treat the uncontrollable seizures of his identical twin daughters, who suffered from a rare and fatal neurodegenerative disease often referred to as "Childhood Alzheimer's." Hempel and his wife Chris founded Strainz in 2013 to legally develop and distribute premium-grade hemp and cannabis products.
In 2014, Hempel led a team that successfully applied for cannabis licenses in Nevada, securing seven vertically integrated privileged licenses, including three coveted dispensary licenses. In 2019, Hempel played a vital role in the sale of a portion of the licenses to a publicly-traded cannabis SPAC creating a successful exit for his investors.
In parallel, Hempel continued to build Strainz into a recognized cannabis brand house by expanding its footprint from Nevada to Colorado and then Washington. INDVR Brands Inc. has expanded its brand with the Strainz portfolio of intellectual property, which includes an extensive lineup of product types, including topicals, vape pens, and virtually all forms of edibles.
Mr. Hempel's capabilities include extensive cannabis and hemp industry experience, a solid financial orientation, and experience growing adult-use and medical brands in highly regulated U.S. markets. Hempel was instrumental in creating the Bronnor facility, one of Colorado's premier marijuana-infused production and distribution facilities, and maintains an unmatched working knowledge of all aspects of cannabis product design and production.
Prior to his career in cannabis, Hempel established a 30-year track-record of developing high-performing teams at pioneering technology companies. Hempel previously held positions at IBM, Apple and was the Director of Online Marketing for Netscape as a part of the core team that made the internet a commercial reality.
"INDVR is very well positioned to capture the significant market opportunity in front of us with our established brands," said Hempel. "We intend to accelerate our penetration into new locations and expand our current market position. I look forward to working alongside the entire INDVR team to provide compelling THC and Hemp based products to our expanding base of loyal customers and to drive sustainable growth that benefits our employees and shareholders."
Joshua Mann, INDVR's past CEO, will remain as a non-executive member of the Board of Directors and work closely with Hempel on INDVR's ongoing asset integrations and its next phases of growth.
Joshua Mann, past CEO of INDVR, stated, "We are confident in Hugh's experiences as a leader and pioneer in the U.S. Cannabis industry. Hugh is strategically located near INDVR's core operations and will leverage his expansive network to benefit the Company and its shareholders. We believe INDVR is well-positioned for the continuing growth of our in-house brands and working with partners to penetrate new and bigger markets. I look forward to working closely with Hugh on developing and enriching our portfolio of award-winning products."
About INDVR Brands Inc.
INDVR is focused on growing its popular hemp and cannabis brands throughout North America. We are committed to the pursuit of becoming a premier, globally recognized "House of Brands," holding a portfolio of award-winning products with an extensive market footprint. For consumers, INDVR seeks to be the recognized source of a broad portfolio of the highest quality hemp and cannabis products suited to meet both health and lifestyle needs. INDVR's management team brings expertise in manufacturing and retail operations, hemp and cannabis R&D, and cannabis cultivation, all working together to support a U.S. expansion plan through organic growth and accretive acquisitions.
Additional information regarding INDVR is available under INDVR's SEDAR profile at www.sedar.com.This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Phone: +1 (403) 619-2200
United States Contact:
Trevor Brucato, Managing Director
RB Milestone Group (RBMG)
New York, NY & Stamford, CT
Disclaimer and Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "anticipate", "could", "intend", "expect", "believe", "will", "projected", "potential", "endeavor", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following the closing of the Transaction, any stated or perceived benefits or results attributed to the Company in regards to the Transaction, the closing of the debt settlement agreements and the benefit of the Offering to the Company. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
To the extent any forward-looking information in this press release constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated product sales of the Company and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading "Disclaimer and Forward-Looking Information".
Cannabis is legal in certain States in the United States ("U.S."), however cannabis remains illegal under U.S. federal laws. INDVR Brands intends to conduct its U.S. cannabis operations in a manner consistent with the applicable State laws and in compliance with regulatory and licensing requirements applicable in the applicable State. However, the readers should be aware that any change in federal guidance on enforcement actions could adversely affect INDVR Brand's ability to access private and public capital required in order to support continuing operations and its ability to operate in the U.S.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve INDVR Brands of liability under the U.S. Federal law, nor will it provide a defense to any Federal proceeding, which may be brought against INDVR Brands. Any such proceedings brought against INDVR Brands may materially adversely affect its operations and financial performance in the U.S. market.
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