Love Hemp Group PLC revenues jumped 60% in its latest financial year with momentum continuing through new branding partnerships, such as with boxer Anthony Joshua.
Revenue rose to £4.33mln (£2.69mln) in the year to end June, with a gross profit of £1.25mln (£0.96mln) and a year-end cash balance of £0.93mln.
Tony Calamita, chief executive, said that Love Hemp had undergone major changes during the period with the next phase focused on building brand visibility and loyalty and creating a distinctive position in the burgeoning CBD wellness sector.
He highlighted the launch in November of a first campaign featuring Joshua, which coupled with impactful marketing, is a crucial part of the growth strategy, he added.
"Positioning outdoor adverts near our key retail outlets has already resulted in significant orders from both Boots and Holland & Barrett.
"We have also attracted new customers to lovehemp.com in November with 35% of November orders coming from first-time buyers.
Calamita said the group was also moving away from regular promotions.
“ Revenue from lovehemp.com increased 12.6% in November compared to average revenue of the previous 10 months, and this uplift was achieved while moving away from discount led promotions other than the Black Friday week.
“Our revised marketing strategy will see us pivot towards a focus on the consumer use cases of sleep, stress, anxiety, recovery, and pain.”