Hempacco continues to deliver product to HBI under long-term $9.2M purchase order
San Diego, California – 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:
- Manufacturing of smokables and hemp rolling paper
- Smokable technology development
- The Real Stuff™ brand of functional smokables and rolling paper
- Cheech and Chong Hemp Cigarettes and Hemp Hop Smokables with Rick Ross
Learn more at www.hempaccoinc.com
Order products at www.realstuffsmokables.com
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