“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,” said 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.
1 Source: BDS Analytics
2 Source: Bureau of Cannabis Control
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.
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Humble and Fume, Inc.
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This news release contains "forward-looking information" within the meaning of applicable securities laws relating to, the Company’s assessment of the cannabis market in United States generally and specifically, the state of California, and the expected results for brand partners of the Company. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the potential for Johnson Brothers, through Green Acre, to increase its ownership percentage in the JV, the potential impact on brands that engage Humble for their distribution and / or sales agency and the future of the cannabis industry in California and across the United States, including the anticipated ongoing consumer demand, are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such forward-looking statements will occur as described herein. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Readers are encouraged to refer to the Company’s disclosure available on its SEDAR profile (at www.sedar.com) for information as to the risks and other factors which may effect the Company’s business objectives and strategic plans.