- Humble invests US$8 million into Joint Venture to distribute Cannabis in the United States with an initial focus on California.
- Green Acre Distribution Corp. completes a US$2 million investment to further fund Joint Venture for a 20% interest in the Joint Venture.
- The Joint Venture and its resulting formation agreements are part of the previously announced Private Placement with Green Acre.
- Both Green Acre investments funded by an option agreement with Johnson Brothers, a leading wine, spirits, and beer distributor.
TORONTO, April 25, 2022 /PRNewswire/ – Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) (“Humble” or the “Company”), a leading North American distributor of cannabis and cannabis accessories, announced today that, further to the Company’s press release of November 15, 2021, it has formed HC Solutions Holdings Inc., a Joint Venture (“JV”) with Green Acre Capital Distribution Corp. (“Green Acre”), for the purpose of distribution of cannabis throughout the United States, initially focused on accelerating the Company’s expansion into cannabis distribution operations in California. Subsequent the formation of the JV, Green Acre completed a US$2 million investment directly in the JV. Green Acre has funded its investment through an option agreement with Johnson Brothers, a leading wine, spirits and beer distributor in the United States. Further information on the JV, Green Acre and Johnson Brothers are set out in the Company’s November 15, 2021 press release.
The additional $2 million investment by Johnson Brothers, funded through their Green Acre option agreement, demonstrates continued support for our US expansion strategy. Humble is excited to launch in the California market, delivering something new to the cannabis brands in that area.
Joel Toguri, Chief Executive Officer of Humble
We are actively executing on our growth strategy. As our business evolves and expands, we continue to be hyper focused on sustainable profit generation and positive cash flow to deliver long-term shareholder value.
Humble brings a new approach to the sales and distribution market in the California cannabis market. California is currently one of the largest adult-use market globally, worth approximately US$4.4 billion and expected to double over the next 10 years1. With over 6,000 cultivators and over 700 retailers Humble believes that cannabis brands are looking for a new and innovative ways to support ambitious sales targets and build strong retail relationships and brand awareness directly with consumers2.
- Source: BDS Analytics
- Source: Bureau of Cannabis Control
About Humble & Fume Inc.
Humble & Fume Inc. is a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and strong fulfillment infrastructure. As the only fully integrated cannabis distribution solution, Humble bridges the gap for retailers, licensed cannabis producers, multi-state operators, and cannabis consumers to maximize sales penetration, and increase financial performance. With over 20 years of North American operating experience, Humble has cultivated extensive vendor and customer relationships, distributing premium cannabis consumables and consumption devices. The Company is comprised of four subsidiaries that represents its vertical integration across North America; B.O.B. Headquarters Inc. / Humble+Fume, Windship Trading LLC, Humble Cannabis Solutions and Fume Labs Inc.