Love Hemp lights up new plan for stock market float

Cannabis group Love Hemp is looking forward to a return to the stock market later this year, The Mail on Sunday understands.

The company, which sells cannabidiol (CBD) products, was taken out of administration by Portillion Capital in February.

The new owners have put money into the business and expect it to generate nearly £28 million in sales over the next 12 months.

Love Hemp plans to raise money in the summer, when it expects a £25 million valuation. This will be the prelude to a stock exchange listing – either on the London Stock Exchange or in the US, if private equity financing is obtained.

Since the acquisition, Love Hemp has signed a five-year ambassador deal with two-time world heavyweight champion Anthony Joshua. It has also signed a sales agreement with the Ultimate Fighting Championship, which hosts boxing and martial arts competitions.

CBD is the non-psychoactive compound in cannabis plants. It has risen in popularity. Backers say it helps relieve anxiety, provide pain relief, and treat conditions like insomnia.

Love Hemp sells a range of CBD products, including oils, capsules, and edible gums. But the company has had an unrelaxing year, falling into administration after facing “significant” legal troubles that hit its finances.

It also had to defend itself against claims from a former director.

The group delisted from the Aquis Stock Exchange and went into administration before being captured by Portillion.