Medical cannabis investment company World High Life has agreed to buy London based cannabis oil supplier Love Hemp, in a deal worth up to £9m.
Love Hemp has a range of more than 40 products, including CBD oils and edibles, and distribution agreements with more than 1,200 stores such as Sainsbury’s and Holland and Barrett.
World High Life said the deal will significantly accelerate its expansion plans across Europe. “We’re always looking for new markets and the UK is poised for growth” David Stadnyk, CEO of World High Life said.
Despite issues with regulation in the UK and Europe, Stadnyk believes the investment will beneficial for World High Life, saying in an interview he is avoiding risk as Love Hemp products do not contain THC (tetrahydrocannabinol).
The deal is expected to complete in coming weeks, subject to due diligence.
