HempFusion Reports Strong Q3 2021 Financial Results

CANNANNEW REPORT

Consolidated Net Revenues Increased 155% in the Quarter, and Seeing Accelerated Sales Activity in Q4 2021 DENVER–(BUSINESS WIRE)–$CBD.U #CBD–HempFusion Wellness Inc. (TSX:CBD.U) (OTCQB:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness company offering premium probiotic supplements and products containing CBD, today reported financial results for the third quarter ended September 30, 2021. All dollar amounts are stated in U.S. dollars. HempFusion will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss Q3-2021 financial results. Please see the Conference Call Details section of this news release for information about how to participate. Third Quarter 2021 Financial Highlights Q3-2021 net revenue of $3.1 million increased 155% over the $1.2 million reported in Q3-2020 and 154% versus Q2-2021. Excluding the recently completed acquisitions, HempFusion revenue increased 31% versus Q3-2020 and 30% over the previous quarter as the Company continues to make strong progress on its retail distribution and ecommerce growth initiatives. Direct-To-Consumer (DTC) eCommerce sales of $971,911 increased 190% from $334,322 in Q2-2021. HempFusion stand-alone website-based sales increased 38.2% versus the same period last year. Platform DTC sales including Amazon, Walmart and Tmall increased 145% versus the same period last year. B2B net revenue increased 140% to $2.2 million in Q3-2021 from $898,620 in Q2-2021 and 95% compared to $1.1 million in Q3-2020. Gross profit was $1.3 million or 43% of net revenue versus 33% in the prior year quarter, representing a 1,000 bps improvement reflective of more effective inventory management, improvements in managing production costs and higher margin sales contributions from the two most recent acquisitions. Cash position at the end of the quarter was $5.4 million. Third Quarter 2021 Business Highlights HempFusion completed both of the previously announced acquisitions of Sagely Enterprises Inc. (“Sagely Naturals”) and APCNA Holdings LLC (“Apothecanna”). These acquisitions greatly expand…

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