CBD brand owner Love Hemp Group plc is £2.35m richer. It raised the gross proceeds through subscription of 67,142,857 of new ordinary shares (0.1 pence each) in the company at a price of 3.5p per share.
The company says it will use the cash as working capital and to support the company’s marketing efforts. Admission to allow the shares to be admitted to trading on the access segment of the AQSE growth market is expected today, Thursday 3 June. “The fundraise is conditional upon [this] becoming effective,” the company says in a statement.
Love Hemp produces and supplies more than 40 product lines, comprising of oils, sprays and tinctures and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores across the UK and Europe, including leading high street names such as Sainsbury’s, Boots, Ocado and Holland & Barrett.
Love Hemp has announced that it has 766,230,903 of ordinary shares of 1p each in issue, each share carrying the right to one vote.
Commenting on the subscription, Andrew Male, the chairman and director of Love Hemp Group says: “The proceeds of this fundraise will help enable the team to pursue a global presence and cultivate exciting partnerships.
“As we move towards a main market listing, I am pleased to see investor interest continue to improve, and feel we have a very exciting journey ahead of us.”