CALGARY, AB - TheNewswire - Nov 25, 2024 - The Hempshire Group, Inc. (TSXV: HMPG) ("Hempshire" or the "Company"), an innovator and manufacturer of non-tobacco and non-nicotine smokable alternatives that formulates and sells its own proprietary brand of hemp smokes under MOUNTAIN® Smokes globally, is pleased to announce the appointment of Mr. Shawn Balaghi as CEO, Director, and Chairman of the Board. The Company is also appointing Mr. Brad Kersch as a Director and Chief Operations Officer of Hempshire and Kevin Bautier as a Director.
Shawn and Brad join Hempshire at a pivotal moment as the Company is working to expand its market in Europe and South America with new distribution partners. Mr. Balaghi and Mr. Kersch bring a wealth of experience and will immediately focus Hempshire on innovation, and a diversification strategy around a portfolio of brands within the hemp, mental health and wellness categories, catering to the evolving needs of consumers globally. Through Shawn and Brad’s successful business ventures they believe Hempshire will have the necessary access to capital to build a successful and financially strong CPG company.
Bringing over 25 years of experience in the Canadian and US capital markets, Shawn has served as the CEO, CFO, and Director of several public and private companies -- holding key roles in corporate finance, corporate development, strategic planning, and corporate compliance with the securities regulators. Shawn has worked closely with some of the largest independent auditing firms in Canada and the US and has raised significant working capital for several start-ups and has led them to public listings in Canada, the US, and Germany. Shawn has also completed studies at Simon Fraser University supported by the Toronto Stock Exchange focusing on Canada’s complex system of securities regulation. Topics include fundamentals of corporate governance, securities law, shareholder communications and investor relations, financial statement requirements, obligations for company insiders, understanding TSX/TSX Venture Exchange requirements, and directors’ powers, functions, and liabilities.
Brad Kersch is a visionary entrepreneur and accomplished executive with decades of experience across diverse industries, including biotechnology, consumer goods, and media. As the CEO and Founder of Red Bioscience Inc., Brad has driven innovation in product development, implemented strategic business visions, reinforcing his expertise in corporate leadership and growth. The company has partnered with the University of British Columbia on a groundbreaking nasal product that eradicated the COVID-19 virus without harming healthy human cells and continues the research on the effectiveness against the RhinoVirus.
Previously, Brad served as the Founder and Chairman of a TSX-listed company, where he oversaw compliance with Health Canada, managed international business relationships, and secured over $15 million in financing. At Solace Management Group Inc., as CEO he guided the company to a 200% increase in profitability, spearheaded marketing strategies, and successfully executed its sale. Brad’s career reflects a consistent ability to develop businesses, foster international partnerships, and drive significant financial growth. While President of International Business Development with Online Film Services (Nasdaq) he was able to successfully navigate and secure sales of its multi-million-dollar enterprise software to FOX, Warner Brothers & Disney.
Mr. Bautier has been working with Hempshire in an accounting role since its inception in
2019. Kevin Bautier is a California based accounting professional with years of experience in accounting, bookkeeping, payroll, and taxes. Mr. Bautier has an entrepreneurial focus helping early-stage companies who need specific accounting and financial help. He is the owner of an accounting firm employing twenty-eight accountants filing more than 1,759 tax returns per year. Additionally, Mr. Bautier holds the position as Treasurer for non-profit organizations and some privately owned businesses.
Looking forward, Hempshire is set to expand its range of products in the hemp, mental health, and wellness sector by integrating emerging brands that complement its international sales goals. The Company views acquisitions as a crucial strategy for accelerating revenue growth and reaching profitability. By capitalizing on economies of scale, Hempshire aims to build lasting value for its shareholders.
“Many CPG brands in the industry face challenges like those encountered by most start-ups, particularly with rising costs in all aspects of product launches. We believe this presents an excellent opportunity for us to acquire brands and integrate them under our management. By streamlining expenses and boosting revenue, we aim to conserve cash and carefully monitor our investments, focusing on the returns they generate for our company’s bottom line,” says Shawn Balaghi, CEO and Director.
Additionally, Shawn will work with Mr. Kevin Bautier, the current CFO of Hempshire, to immediately complete the regulatory requirement to resume trading on the TSX-V and continue to be compliant.
The Current Board of Directors of Hempshire have resigned. Hempshire wants to thank them for their contributions and wishes them well on their future endeavours.
About Hempshire
Hempshire formulates and markets MOUNTAIN® Originals cannabidiol hemp smokes (“CBD Hemp Smokes”) with <0.3% THC. Hempshire also offers private white-labeling services and contract manufacturing services, through its partners, for brands in the United States and internationally.
Information about the Company’s MOUNTAIN® Smokes line of CBD Hemp Smokes can be found at the
Company’s ecommerce website at https://mountainsmokes.com .
For more information contact: Shawn Balaghi
Chief Executive Officer
604 773 0242
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information concerning the anticipated filing of the financial statements, the plans of new management and board, the expansion of new markets, the diversification strategy, the acquisition strategy, expansion of new markets, and resumption of trading.
Hempshire believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Hempshire can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to inherent risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed.
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