The Hempshire Group, Inc. Provides an Update on the Filing of 2023 Year-End and First Quarter 2024 Results

CALGARY, AB, June 10, 2024 /CNW/ - The Hempshire Group, Inc. (TSXV: HMPG) ("Hempshire" or the "Company") provides an update with respect to the management cease trade order (the "MCTO") issued by the Alberta Securities Commission (the "ASC") on May 9, 2024. The MCTO was issued in connection with the filing of its annual financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2023 (collectively, the "Annual Filings"). The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company went through a CFO transition which has caused delays, however the Company is continuing to work on the steps required to complete the Annual Filings and its interim financial statements, management's discussion and analysis and related certifications for the three month period ended March 31, 2024 (the "Interim Filings") and expects to file the Annual Filings and the Interim Filings by June 30, 2024. The Company has requested that the ASC permit the MCTO to remain in place until June 30, 2024 and be extended to apply to the Interim Filings.

The Company is providing this status update in accordance with the provisions of the Alternative Information Guidelines set out in National Policy 12-203 Management Cease Trade Orders.

The Company confirms as of the date of this news release that, except as disclosed in this news release, there has been no material change in the information contained in the announcements issued on May 1, 2024 and May 21, 2024 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Hempshire

Hempshire formulates and markets its own proprietary brands under the MOUNTAIN® Smokes brand name, including MOUNTAIN® Originals hemp smokes with <0.3% THC.

Information about the Company's MOUNTAIN® Smokes line of hemp smokes can be found at the Company's ecommerce website at https://mountainsmokes.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information concerning: Hempshire's business, strategies, expectations, planned operations and future actions; and the anticipated filing of the Annual Filings and the Interim Filings.

Hempshire believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Hempshire can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to inherent risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed.

SOURCE The Hempshire Group, Inc.

Tom Shuman, Chief Executive Officer, [email protected]