The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Hemp company Ecofibre (EOF) has started distributing its Hemp Black facemasks for sale in the United States
  • The masks are made with Ecofibre’s Hemp Black technology — a hemp-derived textile that boasts moisture-wicking, antimicrobial and thermal regulating properties
  • The company has adjusted and accelerated its product launch, in order to meet the rising demand caused by COVID-19
  • Ecofibre and its business partner, TexInnovate, intend to manufacture approximately 160,000 facemasks per month by August 1, 2020
  • Despite COVID-19’s impact on the business’ pharmacy sales, the company has reaffirmed its guidance for 2020’s second half
  • Ecofibre shares are trading 8.8 per cent higher for $2.91 per share

Hemp company Ecofibre (EOF) has started distributing its Hemp Black facemasks for sale in the United States.

The masks are made with Ecofibre’s Hemp Black technology — a hemp-derived textile that boasts moisture-wicking, antimicrobial and thermal regulating properties. The facemasks consist of anti-microbial copper technology yarns, element-infused adaptive fibres, and multi-layer 3D knitting. They are reusable and machine-washable for up to 25 cycles.

Ecofibre and its North Carolina-based business partner, TexInnovate, have produced the facemasks for civilian use. The facemasks are not intended for clinical use, and do not carry clinical FDA approval.

Ecofibre’s CEO, Eric Wang, described the product as a high-quality washable mask, featuring Hemp Black technologies.

“Whilst masks can be easily sold at this time, fair and sustainable pricing is critical. We expect the existing demand for protective facemasks to remain for the foreseeable future.

“At least 90 per cent of our capacity will be made available to major healthcare supply distributors, and a small percentage of masks allocated to our direct-to-consumer channel and US state governments,” he said.

Earlier this year, Ecofibre announced it would adjust and accelerate its product launch, due to rising demand for facemasks. The COVID-19 pandemic has caused the sale of similar personal protective equipment (PPE) to skyrocket.

In the last six weeks, Ecofibre’s Hemp Black business produced the facemasks to tackle the shortage of quality masks in the U.S. The company has set its mask manufacturing capacity at approximately 160,000 units per month by August 1, 2020.

In other news, Ecofibre has reported some early signs of COVID-19’s impact on its own operations. The company’s business, Ananda Health is experiencing lower pharmacy sales, due to limited pharmacy hours and softer trading conditions.

However, Ecofibre expects that the sale of Hemp Black facemasks will offset any negative impacts felt by Ananda Health. The company has reaffirmed its belief that 2020’s second-half profits will broadly resemble its first half’s profits.

Ecofibre shares are trading 8.8 per cent higher for $2.91 per share at 2:27 pm AEST

EOF by the numbers
More From The Market Online

US FDA grants Mesoblast orphan-drug designation for Revascor

Mesoblast (ASX:MSB) has been granted ODD and RPDD from the United States FDA for its allogeneic…
The Market Online Video

Recce Pharmaceuticals teams with leading Indonesian biomed company for anti-infective push

Recce Pharmaceuticals (ASX:RCE) has inked an MOU with PT Etana Biotechnologies, a leading biomedical organisation in…

Reset Mind Sciences to remain Little Green Pharma subsidiary

Reset Mind Sciences has withdrawn its offers under the Prospectus lodged with ASIC on November 9,…

Cochlear upgrades FY24 earnings guidance as shares surge 5pc

Cochlear (ASX:COH) is upgrading its earnings guidance following a better-than-expected growth of its ear implant for…