Hempco Food and Fiber Inc has entered into an exclusive one-year distribution rights agreement with Seoulution Corp, an international South Korean trading company, to supply hemp food products, including hulled hemp seed (hemp nut) valued at approximately $3 million USD. The company will be distributing hemp to South Korea, Japan, China, Taiwan, Indonesia, Malaysia and Singapore.
Hempco has been supplying hulled hemp seed, or hemp nut, to Korean consumers since November 2015. That first order of 20,000 lbs was used as part of a home shopping channel test market for hemp seed nut to Korean consumers, which successfully sold out within an hour. The result was a massive demand for hemp seed foods in Korea and several more orders have been fulfilled.
The company continues to work on qualifying potential new customers.
Joon Lee, general manager of Seoulution Corp, said: “Seoulution is absolutely thrilled to work with Hempco Canada Superfoods to improve the way people consume food in Asia. As a major import and export company in Asia, we are going to skillfully manage and maintain the high demand for hemp products in South Korea, and further work with our partners in East Asia and South East Asia to expand globally.”