HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness Inc. said it and its family of brands plan to immediately expand its already sizeable footprint in the US’s most populous state.
That follows the passage of California’s Assembly Bill 45 permitting the retail sale of products containing hemp-derived extracts and CBD, a move the company applauded.
“The 2018 Farm Bill removed hemp from the definition of marijuana in the Controlled Substances Act. Now California has passed Assembly Bill 45 that will allow California consumers to purchase food, beverage, dietary supplements and cosmetics manufactured with hemp-derived CBD,” HempFusion co-founder and CEO Jason Mitchell said in a statement.
“As one of the most compliant CBD companies on the market, HempFusion's family of brands already meets or exceeds California’s new regulatory requirements and welcomes this opportunity to quickly expand our footprint in the state,” he added.
READ: HempFusion Wellness closes previously announced private placement for gross proceeds of approximately US$2.94 million
HempFusion noted that it already has a large distribution footprint within retail locations in California and expects to continue to be one of the leading companies in the state. Its recently acquired female-focused brand, Sagely Naturals, was founded in California and has built a strong reputation among California consumers for safe and reliable premium hemp extract products, it added.
“Continued progress in California will help the company achieve its future revenue goals,” Mitchell concluded.
HempFusion Wellness is a leading health and wellness company whose family of premium consumer brands include HempFusion, Sagely Naturals, Apothecanna, and Probulin Probiotics, one of the fastest-growing probiotics companies in the United States, according to SPINs reported data.
Utilizing the power of whole-food hemp nutrition, the HempFusion family of brands’ product portfolio comprises 112 SKUs including USDA Organic Certified Tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, probiotic supplements and skincare products, a Doctor/Practitioner line, a White Label division and more. With a strong focus on research and development, HempFusion Wellness has 43 products under development.
Contact the author at stephen.gunnion@proactiveinvestors.com