Anthony Joshua, the backer of a CBD company is moving to London’s main marketplace after some impressive results.
CBD refers to cannabidiol. This is a nonpsychoactive ingredient found in cannabis.
The cannabis plant is also used for pain relief and to treat insomnia. Love Hemp said sales in the year to June 30 almost doubled from £2.7million to £4.3million as the cannabis product becomes mainstream.
Support: Love Hemp and Anthony Joshua, former world champion boxer, signed an endorsement agreement for three years that includes shares.
Throughout the year the business saw increasing orders from High Street chains Boots and Holland & Barrett, as well as strong online sales, including through Amazon.
It said 35 per cent of sales were to new customers and it made £1.25million in annual profit, up from £960,000 a year earlier.
CBD wellness and health company has signed an endorsement agreement for three years with Joshua. This includes shares.
Love Hemp was founded in 2015. It will move from London’s small Aquis stock market to London’s main markets.
Tony Calamita, chief executive officer and co-founder of Love Hemp, stated that the company will change its focus on marketing to target people who are looking for relief from stress, anxiety and sleep problems, as well as for pain and recovery.
According to him, the past year was a “challenging phase” in company development.