Cannabis group Love Hemp eyeing return to stock market later this year: Company rescued out of administration in February by Portillion Capital
Cannabis group Love Hemp is eyeing a return to the stock market later this year, The Mail on Sunday understands.
The company, which sells cannabidiol (CBD) products, was rescued out of administration in February by Portillion Capital.
The new owners have ploughed cash into the firm and expect it to make nearly £28 million in sales over the next 12 months.
Love Hemp is planning to raise money over the summer, when it anticipates a valuation of £25 million. This will be the prelude to a stock market listing – either on the London Stock Exchange or in the US, if it secures private equity funding.
Since the takeover, Love Hemp has signed a five-year ambassador deal with two-times world heavyweight champion Anthony Joshua. It has also struck a sales deal with the Ultimate Fighting Championship, which puts on boxing and martial arts matches.
CBD is the non-psychoactive compound in cannabis plants. It has surged in popularity. Backers say it helps to ease anxiety, provide pain relief and treat conditions such as insomnia.
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Love Hemp sells a range of CBD products, including oils, capsules and edible gums. But the firm has had an unrelaxing year, tumbling into administration after facing ‘significant’ legal issues that hit its finances.
It was also forced to defend itself against claims made by a former managing director.
The group delisted from the Aquis Stock Exchange and went into administration before being snapped up by Portillion.
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