Love Hemp Group PLC raises funds to finance global marketing programme
There is a broker option that will enable investors to subscribe for up to an additional 28.57mln new ordinary shares at the same issue price
PLC (LON:AQSE) raised more than £5mln through an oversubscribed share issue.
The shares were issued at 3.5p a pop.
The proceeds will help fund the company’s new global marketing programme that will be implemented across the UK and US and includes a partnership with UFC (Ultimate Fighting Championship) as announced on 16 March 2021, as well as for general corporate purposes.
The cannabidiol (CBD) and hemp product supplier also announced it is to move to the Official List of the London Stock Exchange this year.
“Love Hemp’s oversubscribed fundraise is a testament to the brand’s reputation as a leading supplier of CBD and hemp products across the UK and the continued interest from investors. The company intends to use the funds to create a strong platform from which we can propel the brand into global recognition using our new marketing strategy,” said Andrew Male, the chairman of Love Hemp.
“Having access to the main market will greatly benefit our shareholders by building the brand’s public profile and improving liquidity and access to the capital markets,” he added.
The proceeds will be used to support Love Hemp’s global marketing strategy which includes the recently announced, exclusive partnership with @ufc #LIFE #LoveHemp #CBD pic.twitter.com/wivS6U3W9g
— Blytheweigh (@Blytheweigh) April 8, 2021
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