CBD and medicinal cannabis investment company World High Life plc (NEX:LIFE) said on Monday that it would buy Love Hemp in a £9 million deal.
Love Hemp is a London-based supplier of a range of CBD and Hemp products. With over 40 product lines, Love Hemp has established agreements with over 1,200 stores in in the UK, including leading brands such as Ocado, Holland & Barrett and WH Smith.
“The Directors of LIFE believe that this transaction will help World High Life significantly accelerate its expansion plans across the United Kingdom and Europe, with a focus on Germany over the course of 2020,” World High Life said in a company statement.
“If completed, the transaction will also give World High Life access to Love Hemp’s extensive online distribution network and access to the 1,200 convenience stores in the UK, including leading high street stores such as Holland & Barrett and WH Smith, through which Love Hemp currently sells its products,” World High Life added.
Though the UK may be far from full legalisation of the drug for recreational purposes, medical use of the drug has seen big breakthroughs.
The two main cannabinoids from marijuana that are of medical interest are THC and CBD. Unlike THC, CBD does not make people high when consumed.
Instead, CBD offers a range of anti-inflammatory, anti-pain and anti-psychotic properties.
Elsewhere in the sector, earlier in July Sativa Group opened its first CBD wellness retail store in Bath. It provides a range of over 50 CBD products, and offers consumers the opportunity to try CBD infused coffee and tea.