UK CBD company Love Hemp has raised £2m via a private funding drive – and announced a day of record sales.
The AQSE-listed company was previously known as World High Life and operated as an investment vehicle but rebranded following the acquisition of the Love Hemp brand.
The fundraising was carried out via ‘subscription units’, with each unit comprising one share at a price of 3.5p per share, as well as the option to acquire more shares in the next 90 days.
It comes after an April fundraising drive saw a further £7m in private equity pumped into the company.
Love Hemp plans to use the capital for administrative purposes as well as to support marketing efforts following on from a pair of key appointments in this department.
Andrew Male, chairman and director of Love Hemp Group, said: “This fundraise, coupled with the placing in early April, demonstrates a strong appetite for the Love Hemp brand and a strong belief in our expansion strategy.
“Love Hemp Group has undergone a number of changes in the past six months as we have revised our focus and streamlined the company.
“I am proud of the work that has been done to get the company into such a robust position and am confident that it will continue to go from strength to strength whilst providing our shareholders with a good return on their investment.”
The company has also disclosed May 20 was the best ever day for the company’s website thanks to a sale.
Love Hemp received 400 orders in a 14-hour period, selling 3,415 units resulting in £86.4k of total sales.
The company is yet to receive novel foods validation from the Food Standards Agency.
Tony Calamita, chief executive officer of Love Hemp Group, said: “This fundraise coupled with the success of our online sale is outstanding and truly highlights the company’s reputation as an industry leader as well as the support from our customers.
“The Love Hemp brand continues to strengthen, and I am so proud of what we have achieved in a very short time.”
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