Humble & Fume Inc. - HUMBF STOCK NEWS

Humble & Fume Inc. (CSE: HMBL, OTCQX: HUMBF) announced significant leadership changes on April 25, 2023. Chris Candelario will assume the role of President of US Distribution effective April 26, 2023, while Charlie Cangialosi, the VP of Commercial for California, will depart the company on April 28, 2023, to focus on family and travel. CEO Jakob Ripshtein expressed gratitude for Cangialosi's contributions and optimism about Candelario's appointment, citing his nearly 20 years of experience in the distribution industry, including leadership roles in sales and logistics. This strategic move aims to enhance the company’s distribution capabilities and customer service. Humble & Fume is a prominent distributor in the North American cannabis market, known for its customer-centric approach and robust operational infrastructure.

Humble & Fume Inc. (CSE: HMBL; OTCQX: HUMBF) announced an additional US$2 million investment from Green Acre Capital Distribution Corp. in its joint venture, HC Solutions Holdings Inc., focusing on cannabis distribution in the United States, particularly California. With this investment, Green Acre's ownership in HCI rises from 45% to 50%, while Humble retains the other half. This funding, sourced through an option agreement with Johnson Brothers, will accelerate Humble's expansion efforts. Previous investments from Green Acre totaled US$8 million.

Humble & Fume Inc. (CSE: HMBL, OTCQX: HUMBF) announced its Q2 2023 results, showing a remarkable 177% quarter-over-quarter revenue growth in its California cannabis distribution business. Operating expenses decreased by $2 million (30% year-over-year) in the North American accessories business. However, costs increased by $4.4 million due to expansion efforts in California. Gross margins improved to 17.1%, up from 11.9% in Q1 2022, driven by operational efficiencies that reduced inventory by $1.5 million. The new leadership team is committed to enhancing growth, operational efficiency, and margin enhancement.