San Diego, California–(Newsfile Corp. – May 26, 2021) – Hempacco Co., Inc. (“Hempacco”) and Green Globe International, Inc. (OTC PINK: GGII) (“Green Globe”) are pleased to announce that Green Globe and a majority of the shareholders of Hempacco have entered into a share exchange agreement pursuant to which Green Globe would acquire Hempacco in consideration of the issuance of 70,312,160,174 shares of common stock of Green Globe to Hempacco’s shareholders.
Shareholders representing 97.9757% of Hempacco’s outstanding shares have signed the share exchange agreement, and Hempacco expects that the remaining Hempacco shareholders will sign the share exchange agreement in the coming days.
Hempacco is a leading manufacturer and marketer of Functional Smokes” Fast Moving Consumer Goods (FMCG) flag shipped by Herb and Hemp Cigarettes. To further their mission of Disrupting Tobacco”, they are going public by “reverse acquisition” with Green Globe (assuming the transaction closes). This step should provide Hempacco with the means to raise capital and pursue potential acquisitions of promising hemp cigarette brands and other companies that can further their mission of Disrupting Tobacco”.
If the transaction closes, the Green Globe shares issued to Hempacco’s shareholders would be restricted securities, and they could not be resold until the shares were either registered with the United States Securities and Exchange Commission (the “SEC”), or an exemption from registration were available to permit resale. The parties anticipate that the Rule 144 exemption from registration would not be available until one year following the date that Green Globe files registration-statement disclosure information regarding Hempacco, its business operations, and financial statements, with the SEC.
“Going public may allow Hempacco to raise capital and potentially acquire some great companies,” said Sandro Piancone, Founder and CEO of Hempacco. “The top two reasons to take a company public are to raise capital and make acquisitions, and we believe we’re well on our way to do both,” Sandro concluded.
Hempacco operates its own smokables production facility and R&D center in San Diego, creating and manufacturing CBD, CBG, other cannabinoids, and herb smokables with the capacity to produce thirty million cigarettes per month per machine.
“Green Global’s major asset is its investors,” said Jorge Olson, Co-Founder, and CMO of Hempacco. “GGII has passionate and involved investors who we hope will help Hempacco sell more products and reach more people. We view GGII’s investors as a marketing machine, capable of expanding our customer base using their online presence and networking circles,” said Jorge.
Hempacco plans to create shareholder value in three ways:
- Joint Ventures with other great companies and entrepreneurs to develop a portfolio of herb and hemp smokables.
- Research and development of new products and intellectual property.
- Creating new brands and placing them in distribution, including wholesalers, retailers, direct to consumers and Hempacco’s proprietary vending machines.
About Hempacco Co., Inc.:
Hempacco Co., Inc. is Disrupting Tobacco’s” nearly $1 Trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing consumer goods including CBG and CBD hemp cigarettes. The company owns and licenses intellectual property, has conducted extensive research and development, and is engaged in manufacturing and sales of smokable hemp brands, including The Real Stuff” Hemp Smokables. Hempacco Co., Inc. operational segments include joint-venture private label agreements and sales, Intellectual Property licensing, and the development and sales of inhouse brands using patented counter displays as well as six hundred planned Kiosk vending machines called HempBoxes”.
