Love Hemp, a CBD brand backed by Anthony Joshua, reported record sales in light of growing interest in the sector.
The aquis-listed company stated Tuesday that revenues rose by 60% to £4.3million in the year ended June.
The unit sales of the London-based company, which recently changed its name to World High Life, grew 244% to almost 190,000. The number of accounts opened by consumers has more than doubled to 37,000
According to the firm, the company was helped by large orders from Boots and Holland & Barrett for October 2020. Third-party retailer sales increased 236% over the previous year.
Love Hemp raised more than £10 million equity during the period to support its international growth strategy. According to Bosses, they anticipate “significant” growth in the coming financial year due to upcoming partnerships with Amazon.
Tony Calamita is the brand’s chief executive. He stated that the brand’s record revenue in the fiscal year 2021 was an endorsement of Love Hemp’s growing strength and visibility. This growth has been in line with consumer interest in high-quality CBD products in the UK.
He said that the US CBD market was significantly larger than the UK, and would be transformative for Love Hemp. We are on a growth trajectory that will see us at least double our revenue by FY22.
CBD is the non-psychoactive compound found in cannabis plants. It’s used medicinally to treat conditions such as insomnia and provide pain relief.
The demand for CBD products is increasing rapidly in the UK. Bank of America Merrill Lynch estimates that CBD’s global market will reach $39 billion by 2032.
Joshua is a two-time champion world heavyweight. He has signed a three-year tie-up with Love Hemp that will see him serve as the Love Hemp ambassador and work on CBD products for athletes.
Love Hemp plans to move to the LSE Main Market. After a number of CBD firms opted to list in the UK this year, the Financial Conduct Authority granted permission for medical cannabis firms to float.
Many companies have been welcomed by the markets in 2021 including Kanabo, an Israeli-based CBD company that focuses on sleep disorders and CBD.
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