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Love Hemp secures £2.3 million from retail and institutional investors to fuel growth

·1-min read
<p>CBD stands for cannabidiol - the non-psychoative compound in cannabis plants - and it can be extracted from plants or created synthetically in a lab</p> (REUTERS)

CBD stands for cannabidiol - the non-psychoative compound in cannabis plants - and it can be extracted from plants or created synthetically in a lab

(REUTERS)

Cannabidiol brand Love Hemp has secured £2.3 million after a fundraising backed by retail as well as institutional investors.

One of the UK's leading CBD and hemp product suppliers, the London-based company will use some of the proceeds to support its marketing efforts, including overseas.

Chairman Andrew Male said the demand from investors showed the strength of the brand.

Last week, he revealed the company's biggest day of sales after 1,400 orders in a 14-hour period generated £86,400.

Love Hemp has reported seeing demand surge since the pandemic hit as people have looked for help with anxiety or sleep disorders.

Male added: “We are committed to future growth of the company and the proceeds of this fundraise will help enable the team to pursue a global presence and cultivate exciting partnerships.”

He added: “As we move towards a Main Market listing, I am pleased to see investor interest continue to improve and feel we have a very exciting journey ahead of us."

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