A CBD brand backed by Anthony Joshua is upgrading to London’s main market after a set of bumper results.
CBD stands for cannabidiol, which is a non-psychoactive ingredient that comes from cannabis.
It is used to treat issues such as insomnia and for pain relief. Love Hemp said sales in the year to June 30 almost doubled from £2.7million to £4.3million as the cannabis product becomes mainstream.
Backing: Love Hemp signed a three-year endorsement deal, which includes shares, with former world boxing champion Anthony Joshua (pictured)
Throughout the year the business saw increasing orders from High Street chains Boots and Holland & Barrett, as well as strong online sales, including through Amazon.
It said 35 per cent of sales were to new customers and it made £1.25million in annual profit, up from £960,000 a year earlier.
The CBD health and wellness company signed a three-year endorsement deal, which includes shares, with former world heavyweight boxing champion Joshua.
Love Hemp, founded in 2015, will make the jump from the relatively small Aquis stock exchange to London’s main market.
Chief executive and co-founder Tony Calamita said Love Hemp will shift its marketing focus to sell to people looking for solutions to problems with sleep, stress and anxiety, and for recovery and pain relief.
He said the last year has been ‘a challenging phase in the company’s development’.
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