Love Hemp Group PLC (AQSE:LIFE, OTCQB:WRHLF) said it achieved “significant sales growth” and record revenues in its latest full year as consumer recognition of its brand steadily increased.
In an update for the year to June 30, the cannabidiol (CBD) and hemp products supplier reported revenues for the period of £4.3mln, up 60% year-on-year, while the number of units sold surged 244% to 188,865 and the number of consumer accounts jumped 106% to 36,975.
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Love Hemp noted that large orders from pharmacy chain Boots and health supplement chain Holland & Barratt had boosted revenues from third-party retailers by 236% in the year, adding that revenues from its online channels had grown by 17% and were expected to expand further going forward.
The company also said that while its revenues continued to be UK-centric, this was expected to “change meaningfully” as it pursued a large-scale international growth strategy.
"The record revenue we have seen in the financial year 2021 is an endorsement of the growing strength and visibility of Love Hemp, which has grown in line with the burgeoning consumer interest in high-quality CBD products in the UK. This consumer demand and trust in our products is increasingly being reflected in major high-street retailers seeking to stock Love Hemp products to enrich their wellness offerings, where we have seen our shelf presence double in FY21. During the year, we saw a 236% increase in third party retail sales and a 56% increase in units sold through our high street stockists, including Boots and Holland & Barrett”, Love Hemp chief executive Tony Calamita said in a statement.
“Our multi-channel approach to sales resulted in increased online sales and consumer accounts. Our online distribution network and the revenue streams emanating from it are expected to increase significantly in FY22 as we launch new online channel partners, including Amazon.
“Love Hemp is well positioned to benefit from the growing consumer appetite for CBD wellness products in the UK, and we look forward to launching our first major marketing campaign ahead of Christmas in partnership with Anthony Joshua. In addition to growth in the UK market, we have spent the year preparing for our launch into new geographies, including the US. The US CBD market is considerably larger than the UK and will therefore be transformational for Love Hemp. Our growth strategy puts us on a trajectory to at least double our revenue in FY22", the CEO added.