- Investment company focused on cannabidiol (CBD) sector
- To list in Canada as well as the UK
- Acquired UK CBD business Love Hemp in 2019
What it does
World High Life PLC (LON:LIFE) is listed in London on the Aquis Growth Exchange and invests in medicinal cannabis, hemp and CBD sectors globally, with a particular interest in the European and Canadian markets.
How it’s doing
World High Life’s main business is wholly-owned Love Hemp, which it acquired for a minimum consideration of £9mln in 2019.
Love Hemp is a London-based supplier of a range of CBD and hemp products with agreements in place with UK supermarkets and health food stores such as Ocado and Holland & Barrett.
The business has more than 40 product lines, comprising oils, sprays and vapes and a variety of edible and water-based CBD products. LH Botanicals is Love Hemp's CBD wholesale production arm.
Early in July, the Love Hemp brand received ISO 9001:2015 certification to provide an international mark of quality.
The certification confirms the brand’s quality management standards, efficiency and customer satisfaction.
In June, World High Life said it had filed a preliminary non-offering prospectus as part of a proposed listing on the Canadian Securities Exchange (CSE).
The investment company said a successful listing will mean its shares will be listed in Canada, UK and the US, providing investment opportunities for shareholders in each country.
The filing accompanied the firm’s interim results for the nine months to March 31, 2020, where it reported revenues of £1.05mln alongside a gross profit of £521,000 and a net and comprehensive loss for the period of £11.3mln after substantial impairment charges.
World High Life's results followed an update on June 11 when the company reported that Love Hemp had experienced a surge in online sales during the coronavirus pandemic.
An effort by Love Hemp to build greater awareness and capacity online to drive sales resulted in continued sales increases throughout the period, culminating with May's online sales achieving a 107% increase over January's figure.
Ross Westbrook joined World High Life in June as an adviser for North American growth and operations.
His role is to prepare for the launch of Love Hemp’s products in North America and will plan and implement its strategy and operations for expansion.
World High Life is an investee company of Codebase Ventures, a Vancouver-based investment firm.
What the boss says: David Stadnyk, chairman
"The Love Hemp Brand and product line continue to grow in the UK with strong consumer support, and our team has recognised the significant opportunity that exists to expand to North America as the next step in achieving our objective of making Love Hemp a global brand."
- Love Hemp sales continue their growth in the UK
- Products are launched in the North American market
- Potential for expansion into new territories