A London-based cannabis investment company focused on investing in or buying companies operating in the CBD wellness and medicinal cannabis industries has made its first investment in the hemp and CBD space.
World High Life Plc purchased Love Hemp Ltd., a London-based supplier of hemp-derived CBD products, with more than 40 product lines including oils, sprays, vapes, edibles and water-based products.
The company has established distribution deals with more than 1,200 retail stores in the U.K., including Ocado, Holland & Barrett, WH Smith and Sainsbury’s.
Terms of the deal were not disclosed.
According to World High Life CEO David Stadnyk, the company researched global markets to “identify prime investment opportunities” for its first acquisition, assuming global markets would adopt legislation for legal cannabis.
“Essentially, our mandate was to find the innovators….that were leading by example, operating with best practices, having established brand recognition in major retailers and a robust online sales and marketing platform, demonstrating substantial sales growth on all fronts, and companies built to be agile and responsive because we knew from experience that this is a rapidly changing industry and those attributes are essential,” Stadnyk said in a company statement.
In response to business disruption during the coronavirus pandemic, Love Hemp shifted its sales efforts online and has seen a 39% sales increase month over month since January, while expanding its product line, Stadnyk said.
World High Life trades on the over-the-counter markets as WRHLF.
