Hempacco, which manufactures nicotine-free cigarettes made from hemp, raised $6 million by offering 1 million shares at $6, as expected. The company originally planned to offer 3 million shares at a range of $4 to $6 before revising the terms in late July.
The company produces nicotine-free and tobacco-free smokable hemp and herb products for its in-house brand of hemp-based cigarettes, The Real Stuff Smokables, as well as hemp-based cigarettes for private label customers in the cannabis and tobacco alternatives industries. Launched in 2020, its smokable CBD brands are currently sold in over 200 retail locations in San Diego, California. It also has a fleet of roughly 600 kiosk vending machines that it plans to refurbish and use to expand distribution.
Hempacco plans to list on the Nasdaq under the symbol HPCO. Boustead Securities acted as sole bookrunner on the deal.
