NEW YORK, Oct. 29, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- HempAmericana, Inc. (OTC: HMPQ) is proud to announce the retirement of all outstanding convertible debt. As of the filing of the Company’s Q1 financial report (the most recent official record of outstanding convertible debt), HempAmericana had $112,500 in total convertible debt. All of that debt has now been completely retired through a recent transaction. The Company’s balance sheet now carries no secured or unsecured debt.
Salvador Rosillo, HempAmericana CEO, commented, “The Micro-Cap space is dominated by large Convertible obligations. It has long been the structure of choice by many funds for capital allocation to small publicly-traded companies. However, it can result in serious dilution risk for common equity holders. I am very proud to let our shareholders know that the HempAmericana balance sheet is now completely free of this burden.”
Management notes that the Company has generally avoided financing through convertible obligations, preferring to build its business on top of a foundation of equity funding. This policy is predicated on avoiding the deep depreciation in common share prices that can arise over time due to the dilutive potential inherent in the structure of most converts deployed in micro-cap investment agreements.
Mr. Rosillo continued, “Over the past two years, we have successfully funded the building of a first-class high-capacity CBD extraction and production facility in Augusta, Maine. And, during this process, HempAmericana shares have maintained a viable and stable share price range. Now that we have the facility fully built and in active production, and we have a clean balance sheet, investors will not have to worry about the toxic overhang of financing that process. It’s great to be free and clear, and up and running!”
About HempAmericana, Inc. HempAmericana is currently in the rolling paper and CBD oil business using the brand name Weed Got Oil. Search Rolling Thunders hemp papers on YouTube for a product demonstration of the Company's papers. The company owns an extraction machine and now plans to become a leader in the CBD oil market by establishing three laboratories for the extraction and research of the oils contained in the hemp plant. HempAmericana also researches, develops and sells products made of industrial hemp. See more at www.hempamericana.com
