Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

HempFusion Wellness reports year-over-year, triple-digit increase in 3Q revenue

% of readers think this story is Fact. Add your two cents.

HempFusion Wellness Inc reports that its third-quarter revenue increased year-over-year by triple-digits.

In a statement, the company also said it ended the quarter with $5.4 million in cash.

For the quarter ended September 30, 2021, the company said it generated $3.1 million versus $1.2 million in the year-ago period. It also said revenued jumped 154% compared to the 2Q of 2021.

READ: HempFusion launches ingestible and topical CBD products into another Top 15 US supermarket chain

Excluding recently completed acquisitions, HempFusion revenue increased 31% versus the 3Q of 2020 and 30% over the previous quarter as the company continues to make strong progress on its retail distribution and e-commerce growth initiatives.

The company said its HempFusion (TSX:CBD.U, OTCQX:CBDHF) stand-alone website-based sales increased 38.2% versus the same period last year. Platform DTC sales including Amazon, Walmart, and Tmall increased 145% year-over-year. And B2B net revenue increased 95% compared to $1.1 million in the 3Q 2020.

Lastly, the company said its gross profit was $1.3 million, or 43% of net revenue, versus 33% in the prior-year quarter, reflective of more effective inventory management, improvements in managing production costs, and higher-margin sales contributions from the two most recent acquisitions.

“Our recent acquisitions, combined with continued product development within the company, have positioned HempFusion to be a leading player in the health and wellness industry,” said HempFusion CEO Dr. Jason Mitchell.

“Our strong brand portfolio is leading to continued retail wins, strong e-commerce growth and is driving significant growth in our total company revenue, as reflected by the 155% growth rate this past quarter. Coming out of the quarter we have seen continued strength, with October preliminary net sales of $1.4 million. We expect this momentum to continue as we move through the always important holiday sales period.”

Dr. Mitchell added that the company remains confident in its ability to meet or exceed its revenue guidance for 2022 of $20 million to $25 million and expects its profitability and cash burn to improve significantly throughout 2022.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.