Love Hemp Group PLC (AQSE:LIFE, OTCQB:WRHLF) chair Graham Mullis told investors that it continues to make progress at both corporate and operational levels, as it confirmed that it has now paid a fine from the AQSE exchange.
The company noted that it received a discount for early settlement, paying £70,000 instead of £100,000.
Love Hemp added that it has worked diligently with AQSE during its confidential investigation as well as identifying and working with a proposed new AQSE Advisor. The company’s shares have been suspended during the period.
As a result of the suspension, the company said it has been unable to sufficiently progress its proposed move to the Standard Segment of the London Stock Exchange, and, the Financial Conduct Authority has confirmed the review of its application has lapsed due to the passage of time.
Whilst disappointing, the company said the lapse does not preclude it from progressing any new or dual market listing in the future.
“We understand shareholders may be disappointed with the cessation of the listing process to the Standard Market of the LSE but we would like to reassure shareholders that the company is developing exciting plans both corporately and operationally which it looks forward to sharing in the future," the company said in a statement.
As it continues to strengthen Love Hemp also said it has appointed Robert Smyth as its chief financial officer with immediate effect.
“Robert has the experience, both financial and managerial to make a significant impact to the running and planned growth of the business. We also believe his experience and skills will complement our entrepreneurial CEO, Tony Calamita, well," Love Hemp noted.
Smyth commented: “I am delighted to be joining Love Hemp and be part of such a dynamic and entrepreneurial management team. I believe Love Hemp is at an exciting stage in its life-cycle and is positioned to do well in the rapidly expanding CBD market. I look forward to contributing to its growth and success."