Following the Passage of California’s Assembly Bill 45, HempFusion Plans Retail Expansion

Rhea-AI Summary

HempFusion Wellness Inc. (TSX:CBD.U, OTCQX:CBDHF) announces its readiness to expand operations in California following the passage of Assembly Bill 45, which allows the retail sale of hemp-derived products. CEO Jason Mitchell emphasized the company's regulatory compliance and existing distribution network, positioning it as a leading player in the state. With over 15,000 retail locations nationwide and a robust product portfolio, HempFusion looks to meet growing consumer demand while bolstering future revenue aspirations.

Positive

• Expansion opportunity in California due to Assembly Bill 45.
• Strong existing distribution network in a populous state.
• Company's brands already meet or exceed regulatory requirements.
• Acquisition of Sagely Naturals enhances market presence.

Negative

• None.

HempFusion Family of Brands Already Meet or Exceed Expected Guidelines

DENVER--(BUSINESS WIRE)-- HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness Company offering premium probiotic supplements and products containing CBD, applauds California’s Assembly Bill 45 permitting the retail sale of products containing hemp-derived extracts and CBD. The Company and its family of brands plans to immediately expand its already sizeable footprint in California, the country’s most populous state.

“The 2018 Farm Bill removed hemp from the definition of marijuana in the Controlled Substances Act. Now California has passed Assembly Bill 45 that will allow California consumers to purchase food, beverage, dietary supplements and cosmetics manufactured with hemp-derived CBD” said Jason Mitchell, N.D., HempFusion‘s Co-Founder and Chief Executive Officer. “As one of the most compliant CBD companies on the market, HempFusion's family of brands already meet or exceed California’s new regulatory requirements and welcomes this opportunity to quickly expand our footprint in the state.”

“With an already large distribution footprint within retail locations in California, we expect to continue to be one of the leading companies in the state,” continued Dr. Mitchell. “Our recently acquired female-focused brand, Sagely Naturals, was founded in California and has built a strong reputation among California consumers for safe and reliable premium hemp extract products. Continued progress in California will help the Company achieve its future revenue goals,” continued Dr. Mitchell.

ABOUT HEMPFUSION

One of a select few CBD companies who are today fully prepared to meet or exceed expected FDA guidance, HempFusion Wellness Inc. is a leading health and wellness company whose family of premium consumer brands include HempFusion™, Sagely Naturals™, Apothecanna™, and Probulin Probiotics™, one of the fastest-growing probiotics companies in the United States according to SPINs reported data.

Utilizing the power of whole-food hemp nutrition, the HempFusion family of brands’ product portfolio comprises 112 SKUs including USDA Organic Certified Tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, probiotic supplements and skin care products, a Doctor/Practitioner line, a White Label division and more. With a strong focus on research and development, HempFusion Wellness has 43 products under development.

Available from more than 15,000 US retail locations across all 50 states, HempFusion Wellness products are also available in China, Mexico, Ireland, United Kingdom, United Arab Emirates, South Korea and Canada and may be purchased online from each brand’s website, The Probulin Store on Amazon.com, Alibaba’s Tmall.com, the world’s largest cross-border online marketplace, and a multitude of additional e-commerce sites.

For more information, visit www.hempfusion.com and follow HempFusion on Twitter, Facebook and Instagram.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to HempFusion’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the Company’s expansion plans, compliance with expected regulatory requirements and guidelines, achievement of revenue goals and the Company’s other plans, focus and objectives.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond HempFusion’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors set forth under “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the annual information form of the Company dated March 31, 2021, and available under the Company’s profile on SEDAR at www.sedar.com. HempFusion undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for HempFusion to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211012005430/en/

Investor Relations

Eric Balshin

+1 437-826-9911

eric@sophiccapital.com

Company Contact:

Jason Mitchell, N.D.

Chief Executive Officer and Director

ir@hempfusion.com

Source: HempFusion Wellness Inc.

FAQ

What does HempFusion Wellness Inc. do?

HempFusion Wellness Inc. offers premium probiotic supplements and products containing CBD, focusing on health and wellness.

What is the significance of California's Assembly Bill 45 for HempFusion?

Assembly Bill 45 permits the sale of hemp-derived products, allowing HempFusion to expand its operations significantly in California.

How many retail locations carry HempFusion products?

HempFusion products are available in over 15,000 retail locations across all 50 states.

What are the future goals of HempFusion related to revenue?

HempFusion aims to achieve future revenue goals by expanding its product offerings and enhancing its market presence, particularly in California.

What is the stock symbol for HempFusion?

The stock symbol for HempFusion is CBDHF on OTCQX.