Hempacco appoints new independent directors

SAN DIEGO, CA – Hempacco Co., Inc., a company specializing in the manufacturing of cigarettes, announced the appointment of two new independent directors to its Board, as revealed in a recent filing with the Securities and Exchange Commission. The appointments of Paul Glavine and Harrison Newlands, effective as of last Thursday, aim to fill existing vacancies and enhance the company's governance structure.

Both Glavine and Newlands meet the independence criteria set by SEC and Nasdaq regulations and will join Jerry Halamuda on the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Their expertise is expected to bring valuable insights to Hempacco's strategic planning and oversight.

Paul Glavine, 35, brings a wealth of experience from the biotech sector as a co-founder, Chief Growth Officer, and Director of Cybin Inc., a company focused on developing psychedelic therapeutics for mental health. Glavine, who has a history of entrepreneurial success, has been involved in raising significant capital through mergers and acquisitions, totaling over $450 million in the past six years.

Harrison Newlands, 33, carries a diverse background in capital markets, having co-founded and advised various mid-cap companies. His career highlights include his role in the early growth of Fire & Flower, a pioneering retail-focused cannabis company, and his involvement with Hypercharge Networks, Canada’s first publicly traded EV charging company. Newlands brings a strong understanding of the North American capital markets landscape, which will be instrumental in guiding Hempacco through its future endeavors.

The company has not disclosed the specific terms of compensation for the new directors, as agreements with Mr. Glavine and Mr. Newlands have yet to be finalized.

In other recent news, Hempacco Co., Inc. has been making significant moves in the market. The company recently announced the acquisition of assets from Simtech LLC, MJAC Vending LLC, and Bear Air, LLC, a strategic move set to significantly expand its vending machine operations and product offerings. Additionally, Hempacco's subsidiary, Hempbox Vending, Inc., will undergo a rebranding to become "Celebrity Vending," managing at least 100 vending machine kiosks.

However, Hempacco is also facing potential Nasdaq delisting due to delayed filings of its annual and quarterly reports. The company has until mid-June 2024 to present plans to regain compliance, with potential extensions until mid-October 2024 if approved by Nasdaq.

In another development, Hempacco and Illumination Brands have announced plans for a merger of U.S. operations. The proposed merger aims to form a vertically integrated beverage and snack brand incubator named Illumination Brands, projected to generate $35 million in revenues in its first year.

These recent developments could significantly impact the company's operations and its standing on the Nasdaq exchange. While the company's plans are subject to approval, they represent significant steps in Hempacco's broader goal to disrupt the nearly $1 trillion tobacco industry with alternative products.

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