“The company has built a strong foundation throughout a challenging 2020,” Denver-based HempFusion wrote in a shareholder update.
“After the completion of a successful IPO, the company remains focused on executing it’s five channel strategy driving significant revenue growth across domestic and international markets in 2021 and beyond. We remain hyper focused on the long game.”
HempFusion markets probiotic supplements and products that contain CBD – one of the few companies to offer over-the-counter drug listed topical products. Its Probulin Probiotics brand ended 2020 as the fastest-growing probiotic amongst the top ten in the US, according to SPINS.
A recent survey by Brightfield Group ranked the group number two in the US for CBD brand awareness.
“COVID and continued lack of clarity from the FDA related to official regulatory guidance for CBD used in dietary supplements, foods, and beverages has made 2020 a challenging year,” the group wrote. “However, these challenges have led to strategic changes, establishing the foundation for HempFusion to succeed in 2021 and beyond.
“There are no quick and easy ways to navigate this dynamic and emerging industry. The company remains focused and highly optimistic that the five-channel strategy and international expansion will drive significant success throughout 2021 and beyond.”
HempFusion said it was gaining significant traction with a new eCommerce model that has led to a double-digit increase in online sales, from 6% to 24% over the past few months. It recently launched The Probulin Store on Amazon.com, with sales nearly tripling in less than three months, according to a release.
The company is targeting international markets, with a presence in Ireland and the UK and eyes on Latin America, Canada, India, China and the rest of Europe.
Contact Angela at [email protected]
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Story by ProactiveInvestors
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