San Diego, California–(Newsfile Corp. – October 12, 2022) – Hempacco Co., Inc. (NASDAQ: HPCO) (“Hempacco” or the “Company”), a hemp smokables company focused on Disrupting Tobacco’s™ nearly $1 trillion industry with hemp cigarettes, smoking paper, and alternatives to nicotine tobacco products, today announced revenues for the six months ended June 30, 2022 increased approximately 486% year-over-year to approximately $2.8 million.
“Our strong performance in the first half of 2022 is testament to our industry leading partnerships and collaborations and our team’s dedication to rapidly and efficiently expanding operations,” said Sandro Piancone, Co-Founder and CEO of Hempacco. “Revenue growth accelerated in the second quarter this year, up approximately 93% over our Q1 revenues, with gross operating margins increasing from 18% to 25%. In addition, a strong focus on cost controls reduced our operating expenses by 45% in the same period, a key driver to our achieving breakeven EPS in Q2 this year.”
Jorge Olson, Co-Founder and CMO of Hempacco, added, “Our growth in the first half of the year is even more impressive when you consider the capital we had available at the time. Now, with the proceeds raised in our Nasdaq IPO, we are operating from a significantly strengthened position which we believe will enable us to further accelerate sales growth moving forward.”
Through world-class partnerships and joint ventures, including Hemp Hop, launched in partnership with hip-hop icon Rick Ross and Rap Snacks founder and CEO James Lindsay, a 50/50 joint venture with Cheech and Chong, and our relationship with HBI-Raw, the world’s leading smoking papers company, Hempacco is ideally positioned for success Disrupting Tobacco™.
The Company’s collaboration with HBI-Raw, first launched in the fourth quarter of 2021, was a key revenue driver in the first half of the year. Product deliveries from the initial collaboration and $9.2 million purchase order have been underway since January 2022, with ongoing full truck load orders continuing.
Hempacco Co., Inc.’s goal is Disrupting Tobacco’s™ nearly $1 trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing herb, spice, and cannabinoid smokables and rolling paper. Hempacco owns The Real Stuff™ functional hemp cigarette and rolling paper brand.
Hempacco’s operational segments include:
Learn more at www.hempaccoinc.com
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) potential failure to meet projected development and related targets; (ii) changes in applicable laws or regulations that may impact our products and business; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
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