Business
HempAmericana CEO Issues New Letter to Shareholders
HempAmericana CEO Issues New Letter to Shareholders.
About this update from Hemp Americana Inc
[{"type":"text","content":"\nNEW YORK, July 19, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--HempAmericana, Inc. (OTC:HMPQ) (“HempAmericana” or the “Company”) CEO issues the following letter to Shareholders:\n Dear Valued Shareholder, As we navigate the ever-exciting transition into our new marketplace in the high growth CBD Oil sector, the Company has been fortunate to encounter few setbacks along the way in this journey over the past 12 months. In almost every respect, we have encountered a best-case-scenario outcome: acquiring a state-of-the-art facility, installing blue-chip machinery and personnel into that equation, and staying primarily debt-free through this process without burdening shareholders or our balance sheet along the way. I know I can speak for everyone involved at HempAmericana when I state that we feel extremely excited and fortunate to be where we are right now. However, due to the caveat emptor designation still in place from the OTC Markets Group (the “OTC”), the company has struggled to establish new financing channels to fund our aggressive growth strategy looking ahead. While the situation is far from dire, we have decided to attack this issue preemptively before it becomes “important” in any real sense. As such, we have hired an experienced SEC lawyer, Greg Schenzia, of the SEC focused firm Sichenzia Ross Ference Kesner LLP, to represent the Company to the OTC for the express purpose of the imminent removal of the caveat emptor designation, while continuing to represent the Company in all aspects of the reporting process. In the meantime, I have personally injected $120K to buffer against any potential capital shortfalls and to ensure that our operations will move forward as planned. Fortunately, we will only see a minor scheduling adjustment (approximately 60 days) in total as we integrate this factor. On a more exciting note, we are expecting the Central Maine Power Company to install our Pole and Transformer to provide us with the necessary power capacity to ramp up full production activities at our principal extraction and processing facility in Augusta, Maine. This is especially exciting given that we currently have 4,000 lbs of blue chip hemp flower sitting in our facility right now ready for our initial production run. Once that production is underway, it shouldn’t take l...