Ecofibre : Annual General Meeting Speeches

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ASX ANNOUNCEMENT	ASX: EOF
____________________________
19 November 2021
Ecofibre Limited Annual General Meeting Speeches
Ecofibre Limited (Ecofibre, Company) (ASX:EOF, ADR: EOFBY)
usePlease find attached the Chairman and Managing Director addresses, and the accompanying
slides, to be presented at Ecofibre Limited's Annual General Meeting today.
personalIn the United States, Ananda Hemp is the leading pharmacy brand for hemp-derived CBD products. The Company produces
Investor Relations and Media please contact:

Jonathan Brown, Company Secretary, Ecofibre Limited Level 12, 680 George Street, Sydney NSW 2000 [e-mail]

About Ecofibre

Ecofibre is the leading diversified hemp company globally.

nutraceutical products for human and pet consumption, as well as topical creams and salves. See www.anandahemp.comand www.anandaprofessional.com. The Company also supplies its leading Ananda Hemp CBD products to Australians via

Forthe SAS-B program. See www.anandahemp.com.au.

Hemp Black manufactures and sells sustainable, high-performance textile products in the United States. See www.hempblack.com.

In Australia, Ananda Food is the leading grower and producer of a range of hemp food products including protein powders, de-hulled hemp seed and hemp oil. See www.anandafood.com. The Company is also a leading provider of quality industrial hemp genetics in the United States.

The Company owns or controls key parts of the value chain in each business, from breeding, growing and production to sales and marketing. Our value proposition to customers is built on strong brands and quality products.

Authorisation

This document is authorised to be given to the Australian Securities Exchange (ASX) by the Board of the Company.

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Chairman's Address

At last years' AGM, when the share price was approximately twice today's level, I indicated that our largest business Ananda Health had been negatively impacted by COVID-19, lawlessness in key markets, market supply and the price impacts associated with significant competition.

Unfortunately our impacted revenue hasn't responded as expected and as a result the share price halved over the last 12 months.

While our revenue and profit performance have been disappointing, we have continued to build out our three businesses, including the acquisition of TexInnovate in August 2020 to accelerate the development and growth of Hemp Black.

The CEO will go into more detail but let me give our new shareholders a brief outline of the strengths and potential of these businesses.

First, it needs to be remembered that Ecofibre is a diversified portfolio of cannabis businesses based on hemp, and not marijuana. Unlike marijuana, hemp contains less than 0.3% of 'THC', the cannabinoid that gives a high. Hemp is legal in most countries, whereas marijuana is federally illegal in most countries including the countries we operate in - Australia and the USA. Hemp does most things that marijuana can do, and often better, without being illegal.

A few years ago, a well-known University Vice Chancellor commenced a dinner attended by researchers from the 'Lambert Initiative' with the

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words 'it appears this miraculous cannabis plant is going to prove more miraculous than we could ever have imagined'.

From my life experience, this comment may not be an exaggeration.

Ecofibre is also doing extensive research, and a summary of our studies and clinical trials have been published to the ASX at various times, including, on 28 October this year, the preliminary results from our work with the University of Newcastle.

The company started as a small hemp seed business focussed on R&D, with a diversified seed bank and a low-value fibre operation that sold products including animal bedding and garden mulch. Eric joined as a director in November 2015 at my suggestion when I also invested in the company. Eric then became CEO in December 2017.

Today Ecofibre has three very different hemp businesses in its portfolio. All are environmentally friendly and sustainable, and much more important to you, our shareholders, all three businesses have good growth prospects and will become profitable as they grow.

Starting with the Australian based business, let me briefly highlight the features of these businesses and why they all have the ability to become profitable within the next 24 months.

Ananda Food - Australian based

Hemp is a 'super food' plant - the seed is high in protein (over 30%) and fibre, and rich in polyunsaturated Omega 3, 6 and 9 oils, iron and other

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vitamins and minerals. To date we have grown our grain crops largely in Northern Tasmania, but our plant varieties also enable us to also grow in warmer regions with different harvest dates.

Ananda Food products can be bought in Woolworths under the 'Macro' brand and we also supply Soul Seed which supplies Coles supermarkets. We also supply product for ECS Botanics to Coles and Woolworths.

The demand for plant-based protein will continue to grow and Ananda's hemp food products are ideally placed to benefit from this demand. When shopping may I urge you to pick up a packet of Australian owned and grown Hemp Seeds, Hemp Protein or Hemp Oil.

Ananda Food continues to enjoy steady growth and the business has the infrastructure to handle much higher volumes.

Ananda Health - USA based

The growing and processing of our Ananda Hemp wellness products is all done in Kentucky, USA, with the exception of the 'carrier' hemp seed oil which is imported from our Ananda Food Australian business.

Ananda Health's Full Spectrum Hemp Extract product was the 'cash cow' which funded our research activities, the development of Hemp Black's high tech fibre business, and our overall portfolio.

As previously reported, the impact of COVID-19, along with oversupply and price competition has severely impacted this business. As Eric will

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discuss, Ananda Health is focussed on supporting our pharmacy customers and continues to carry out a number of scientific trials which show great promise.

Hemp Black - USA based

Hemp Black completed its acquisition of TexInnovate in August 2020, which has significantly strengthened the business and deepened our capabilities.

Hemp Black completed its research program with Thomas Jefferson University in April 2021, and has been investing to add new production lines which are increasing its future production capacity.

Together with significant new product R&D to support a pipeline of future customers, Hemp Black is well positioned to deliver its specialist expertise into multiple product markets. This includes patent-protectedhigh-tech hemp materials with much promise as the world moves toward sustainable plant-based fibres.

Eric will also talk further about this growing part of the portfolio.

Corporate Governance

At last year's meeting, I advised that the Board expected to appoint a new director after the release of the half year results, and then add a further director later in the 2021 calendar year. I also stated that both of these appointments were expected to be highly experienced Directors.

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