Love Hemp has raised £2.35m – more than originally planned – to support its growth plans for health and nutritional products based on marijuana.
The company has agreed to sell 67,142,857 shares to investors at 3.5p a share. Announcing the fundraising on 25 May, Love Hemp said it intended to raise £2m.
Love Hemp said it would use the money for general purposes and to support marketing after revamping its marketing team and re-signing Kamaru Usman, a martial arts champion, as brand ambassador.
Andrew Male, chairman of Love Hemp, said: “This fundraise has proved the strong appetite from both retail and institutional investors and further underpins the strength of our brand. The proceeds of this fundraise will help enable the team to pursue a global presence and cultivate exciting partnerships.”
The money will add to the £7m raised by the company in April for marketing its products in the UK and the US.
