Love Hemp Group PLC (AQSE:LIFE, OTCQB:WRHLF) has inked a distribution deal for Asia with eCargo Holdings Limited.
The deal kicks off and will be anchored by an online and offline presence in Hong Kong and South East Asia retail channels, before expansion into India and Japan through strategic partnerships in 2022, the company said.
"This partnership is a significant step forward in our global growth strategy,” said chief executive Tony Calamita.
“The global CBD market is forecast to exceed US$20bn by 2024, a 614% increase from today's valuation, with Asia representing a sizeable part of this market as regulations continue to adapt.
“Working with eCargo, an established eCommerce and offline sales enabler, allows us to effectively penetrate these Asian markets and quickly position Love Hemp as a trusted, high-quality brand, as it is known in the UK."
eCargo chief executive Lawrence Lun added: “I'm glad to welcome Love Hemp Group into our brand portfolio and assist them on the next step of their global growth by leveraging our Asia Pacific network.
“Love Hemp's brand reputation and product quality speaks for itself, and we look forward to a long and successful working relationship helping them expand throughout Asian markets."