INDVR Brands, Inc. has announced that, effective immediately, Hugh Hempel has been promoted to the role of its 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. He 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 a statement, Hempel commented: "INDVR is very well positioned to capture the significant market opportunity in front of us with our established brands. 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."
In June this year, INDVR named Hempel as the company’s new president and chief operating officer (COO) after completing its previously-announced acquisitions of Nevada-based Strainz Inc and Colorado-based Bronnor, Corp through its wholly-owned INDVR Brands US subsidiary.
READ: INDVR Brands appoints Hugh Hempel as its new president after closing its acquisitions of Strainz and Bronnor
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, he 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. (CSE:IDVR) 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.
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 US markets. He 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.
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.
Mann commented: "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."
INDVR is focused on growing its popular hemp and cannabis brands throughout North America. It is 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 US expansion plan through organic growth and accretive acquisitions.
Contact the author at jon.hopkins@proactiveinvestors.com