Not long after its successful IPO in august, Hempacco, a hemp manufacturing company, is making headlines again. This time, they aim to boost their commercial growth by launching a new cryptocurrency. For this ambitious firm, convenience store trade shows, partnerships with pop culture icons, and multiple product offerings are just a few steps towards their financial goals.
Hempacco, which named itself the ‘Disruptor of the Tobacco Industry,’ is a reputable hemp manufacturing company that made $6 million on its Initial Public Offering. It made a name for itself as one of only two companies in San Diego, California, to launch an IPO with such mounting success on the S&P 500 stock market in 2022.
Today, Hempacco’s smokables have become incredibly popular among customers looking for non-tobacco cigarettes. The fact that Americans are now leaning more toward CBD, marijuana, and hemp rather than tobacco is only improving the company’s odds of success. The company is also associated with major names like hip-hop rapper Rick Ross, Lil Baby, Migos, and Cardi B. Their influence will only improve its sales and profitability.
Hempacco’s successful bell ringing at the Nasdaq MarketSite
On 23rd September this year, Hempacco was globally syndicated from the Nasdaq MarketSite in New York City’s Times Square in a momentous bell-ringing ceremony. This event was attended by the company’s representatives, given that it officially introduced Hempacco to billions of dollars worth of potential investments.
At 4 pm, the company’s co-founders, Jorge Olson and Sandro Piancone rang the closing bell, with other senior management and their families present. Other stakeholders and partners like James Lindsay, the CEO of Rap Snacks, were also present to celebrate this IPO.
Hempacco is the first hemp smokables company to join Nasdaq. The successful bell-ringing is just another of the company’s steps toward its primary financial success goals. In addition to potential investments, the bell ringing ceremony helped to cement the business’ legitimacy and improve brand awareness.
Hempacco’s ICO plans
The company is looking forward to an Initial Coin Offering (ICO), where it will launch its cryptocurrency. While the date of release is unknown, the ICO is more likely to happen than not. Moreover, before the end of the year, the token symbol will be announced.
A company executive who chose to remain anonymous has revealed that the company will also start accepting major cryptocurrencies like Ethereum, Bitcoin, SHIB, Solana, LiteCoin, and DOGE in their outlets. It is not yet clear whether Hempacco will craft its blockchain or operate off an existing one like VeChain’s or Binance’s.
What does the Hempacco ICO mean?
The release of a cryptocurrency by a hemp processing company may provide a token that clients can use to purchase hemp cigarettes. The company is also looking to expand into additional Cannabis products like CBD cigarettes. Using crypto in purchasing may help clients confirm the authenticity of any Hempacco product. An example of a company using crypto to ensure clients get legitimate products would be Canada technology brandTruTrace collaborating with VeChain.
Launching a new, legitimate cryptocurrency could add up to ten times the company’s investment. The success of this new token will rely heavily on the company’s existing means to boost its popularity and use.
Hempacco’s business goals
Hempacco was launched in 2019 and is based in San Diego, California. Its most notable business objective is to disrupt the nearly $1 trillion-dollar tobacco industry with hemp-based and herbal alternatives to nicotine cigarettes. These alternatives include cannabinoids, herbs, spice smokables, and rolling paper. One may have seen their brand, ‘The Real Stuff, ‘ rolling paper and functional hemp cigarettes. These products are available both wholesale and retail.
Hempacco is already listed on the S&P 500 and Nasdaq, where it has already managed to make millions in investor revenue. With its existing links to major names in American popular culture and the preference for Cannabis products, the launch of a cryptocurrency may only propel the company further toward its goals.
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