Just days after launching on a junior London stock market, medical cannabis company World High Life (WHL) has purchased one of the U.K.’s top CBD brands.
Canadian entrepreneur David Stadnyk said he was on the market for the ‘biggest and best’ in the U.K. and and this has seen WHL snap up leading U.K. CBD brand Love Hemp for £9 Million, reports Reuters. Love Hemp was established by London entrepreneurs Tony Calamita and Tom Rowland in 2015.
The two are best friends and were in the same class at school together. They were one of the first in the U.K. to recognize the opportunities in the market after Tom turned to CBD to help his dad, also Tom, in his battle with cancer, reports the Croydon Advertiser.
High Quality, Disruptor CBD Brand
On its website the company says the two saw an opportunity to create ‘a ‘disruptor, high-quality and innovative CBD brand. Product development has been key to its successes as one of the first to feature a full range of CBD-infused goods, including; spring water, oils, sprays, vapes, chocolate, jelly domes and beauty products with CBD infused face mask and body salves.
It has distribution agreements with more than 1,200 British stores, including major High Street brands Sainsbury’s and Holland and Barrett. The company says the ‘brand is proud to operate in a regulated way in an unregulated market’.
Biggest In The World
In an interview with proactive Investors Mr Stadnyk said that such are the opportunities on offer in Europe that within five years he can make WHL the ‘biggest CBD and medical cannabis business in the world’.
Mr Stadnyk, CEO of World High Life, told Reuters in an interview that,‘We’re always looking for new markets and the U.K. is poised for growth’. Stadnyk says, the deal should be completed by the end of the month and would help WHL expand across Britain and mainland Europe.
$4 Million Investment
WHL has also announced a share placing to raise up to £5 Million pounds, and Vancouver company Codebase Ventures has invested $4 Million into WHL, making it one of its largest shareholders. The Love Hemp acquisition is subject to due diligence and includes £4 Million in cash on completion.
Mr Stadnyk is the former President & CEO of $350 Million Canadian business The Supreme Cannabis Company. WHL listed on the junior NEX Exchange in September 2019 and joins the growing band of North American companies looking to move into the U.K. and European markets.
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