Staff
Hempacco applied to list its common stock on the Nasdaq Capital Market, under the symbol “HPCO.” In its filing, the company said it is focused on Disrupting Tobacco by manufacturing and selling nicotine-free and tobacco-free alternatives to traditional cigarettes. The company says it is using a proprietary, patented spraying technology for terpene infusion and patent-pending flavored filter infusion technology to manufacture hemp and herb-based smokable alternatives.
Hempacco launched the production and sale of its own in-house brand of hemp-based cigarettes, The Real Stuff Smokables, in three presentations: the twenty pack, the ten pack, and the Solito single pack, all of which are sold in our patented counter displays in convenience stores through master distributors.
“We have also entered into several joint ventures to launch multiple new smokables brands: Cali Vibes D8, a joint venture focused on Delta 8 smokable products; Hemp Hop Smokables, a joint venture with rapper Rick Ross and Rap Snack’s CEO James Lindsay; a joint venture with StickIt Ltd., an Israeli corporation, to manufacture cannabinoid sticks for insertion into other cigarettes; and a joint venture to launch Cheech & Chong-branded hemp smokables.”
Hempacco Co., Inc. was acquired by Green Globe International, Inc. in May 2021 and became a wholly-owned subsidiary of it. Subsequently, it issued additional shares of common stock, and as of immediately prior to this offering, it is a majority-owned subsidiary of Green Globe International, Inc., with Green Globe International, Inc. owning approximately 93.4% of our capital stock.
The company reported $1.1 million in revenue in 2021 and $1.8 million in net losses. It said it expects to continue to incur significant expenses related to our expanding operations and to generate operating losses in the near future. “The size of our losses will depend, in part, on the rate of future expenditures and our ability to generate revenues. We incurred a net loss of $1,870,675 for the year ended December 31, 2021, and a net loss attributable to our common stockholders of $2,613,904 for the year ended December 31, 2021, and our accumulated deficit increased to $3,459,214 as of December 31, 2021.” The company leases property owned by the CEO Sandro Piancone, who is paid $300,000 a year.
In addition it has launched a brand of flavored hemp rolling papers, and also private label manufacture hemp rolling papers for third parties. It is currently manufacturing hemp rolling papers for HBI International, one of the leading smoking paper producers in the world, and recently received its largest purchase order to date for approximately $9.2 million from HBI International’s Skunk and Juicy brand to manufacture hemp rolling papers for it.
