Love Hemp, the struggling cannabis supplement company, announced last night that administrators were appointed.
In February, Aquis Stock exchange stated that it was ready to cooperate with the Financial Conduct Authority in order to increase scrutiny of Love Hemp (a struggling cannabis supplement company), in light of a number of allegations.
Peterhouse stated at the time that it was resigning as Love Hemp’s adviser after Love Hemp officially confirmed to Peterhouse the fact that £1.2 million of its £2 million fundraising pledged on February 4, 2022, had not been received by the company.
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Love Hemp stated that Jamie Taylor and Paul Cooper, both of Begbies Traynor were appointed joint administrators to ensure the business continues trading.
Love Hemp is listed on Aquis Stock Exchange and has a three-year partnership with Anthony Joshua in 2021. It sells products that contain cannabidiol. This is a legal and non-psychotropic extract from the cannabis plant. CBD is claimed to be a treatment for conditions like depression, insomnia, and other ailments. Ocado and Boots are two of the retailers that carry CBD products.
The company responded to claims made by Philip Small, the former managing director. Small is suspected to have made several claims regarding its financial affairs.
Love Hemp stated that Small’s claims are being investigated thoroughly by Love Hemp’s legal and business advisers. The board cannot believe that any of these comments are true until the investigation is complete.
After Peterhouse Capital, its advisor, resigned last May, trading in shares of the company was stopped. After Aquis’ investigation, it was found to have misled investors about its financial situation and it was fined £70,000.
