HempFusion Wellness Inc. CBDHF CBD (FWB:8OO) released its preliminary and unaudited Q4 and annual 2021 results.
Q4 2021 Business and Unaudited Financial Highlights:
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Q4 2021 net revenue of $3.7 million increased approximately 66% over Q4 2020 pro-forma net revenue of $2.2 million and 19% versus Q3 2021.
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Gross profit was $1.6 million or 43% of net revenue in Q4 unchanged from the prior quarter, representing no decline even though rising production and material costs were experienced.
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After quarter end, the company implemented a strategic price increase that is expected to drive gross margins directionally towards its goal of 50% or greater for 2022.
2021 Preliminary and Unaudited Annual Results:
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2021 net revenue of $9.1 million increased 36% over the prior year. Including the impact of acquisitions, consolidated pro-forma net revenue for 2021 was $12.1 million.
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Preliminary gross profit margin for 2021 more than doubled from 16% to 36%, mainly due to the addition of the higher margin acquisitions.
Other Key Highlights
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The company’s brand Probulin Probiotics achieved Ministry of Health registration and assigned Dubai Drug Code numbers authorizing four of its products to be sold as drugs in the UAE.
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On December 31, 2021, HempFusion’s exclusive and proprietary hemp-derived CBD extract achieved self-affirmed generally recognized as safe status
The filing of the company’s audited financial statements and related management discussion and analysis, related CEO and CFO certifications and annual information form for the year ended December 31, 2021 have been delayed. The company anticipates that it will be able to file the annual financial filings by or before April 29, 2022.
Due to the delay in the filing of the 2021 annual financial filings, pursuant to National Policy 12-203 management cease trade orders the company has voluntarily applied to the applicable securities regulatory authorities and been approved for a management cease trade order related to the company’s securities to be imposed against the CEO and chief financial officer of the company to trade securities of the company.
The MCTO will be in effect until the annual financial filings are filed. All other security-holders will still be able to trade in the securities of the company in accordance with applicable securities laws. Until the annual financial filings are filed and the MCTO has been revoked, the company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing default status reports every two weeks.
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