Leading European Hemp Brand HempFlax Announces Growth In FY20 Report

Hemp cultivation and processing brand HempFlax posted its full-year 2020 earnings report on Tuesday, with revenues of €14.5 million ($17.4 million), up 43% from 2019's $10.1 million.

EBITDA increased 63% from 2019, totaling €1.8 million, marking the company's second profitable year. EBITDA margins increased to 12.7% from the previous year's 11.1%.

The company is touted as Europe's largest independent grower and processor of industrial hemp.

Other notable highlights from the period include:

• 616% increase in profit before tax up, totaling €659,000 for 2020
• Revenue increases across the company's product line, including CBD, hemp-based plastic replacement, construction materials, animal wellness, agriculture and genetics and farming
• 1,089% gain in sales of construction materials stemming from the May 2020 acquisition of German natural fiber insulation manufacturer Thermo Natur
• 12% sales growth for the company's hemp fiber credited to rising shipping costs increasing demand for local fiber, as well as increased demand for hemp glass in automobiles
• 42% sales increases in CBD sales, which included sales of Jacob Hooy brand CBD sold through Holland & Barrett
• Animal bedding demand grew 14%, with the spike credited to 3.2 million UK households adding a pet to their home since the pandemic began.

Remaining Operational During COVID Pays Off

The company credited its growth in 2020 to adapting quickly during the pandemic as well as several other developments taking place:

• Acquiring the previously mentioned Thermo-Natur. Once completed, HempFlax launched a building supplies division, HempFlax Building Solutions GmbH
• Having company fibers reaccredited through DEKRA's International Sustainability and Carbon Certification (ISCC) PLUS
• The launch of shelf-to-seed blockchain-verified CBD search tool CanCheck.org.

2021 Activity So Far

HempFlax reports its Q1 2021 sales are up 27% from 2020, noting that demand for its product line continues to increase.

The company is now modernizing its Oude Pekela, Netherlands headquarters with solar roof panels to be completely energy self-sufficient. Similar plans for its German offices are underway.

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