The supplier of CBD and hemp products said it had made £86,400 of total sales during its Drop Day sale on May 20, ahead of its forecasts for the event
Love Hemp Group PLC (LON:LIFE) (OTCQB:WRHLF) said it has raised £2mln to support its administration and marketing efforts after reporting a record day of sales through its ecommerce site last Thursday.
In an announcement after the close on Tuesday, the cannabinoid (CBD) and hemp product supplier said it had raised the funds through a subscription of new shares at a price of 3.5p each, a 7.7% premium to its closing price that day.
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Each subscription unit is comprised of one new share and a half warrant exercisable for 90 days, also at 3.5p per share.
The fundraise followed Love Hemp’s Drop Day sale on May 20, during which it said its ecommerce platform had received over 1,400 orders in a 14-hour period. During the time, the company said the brand sold 3,415 units resulting in £86,400 of total sales, the biggest day of sales that it has ever had online and ahead of its forecasts for the sale event.
“This fundraise, coupled with the placing in early April, demonstrates a strong appetite for the Love Hemp brand and a strong belief in our expansion strategy. Love Hemp Group has undergone a number of changes in the past six months as we have revised our focus and streamlined the Company. I am proud of the work that has been done to get the Company into such a robust position and am confident that it will continue to go from strength to strength whilst providing our shareholders with a good return on their investment”, Love Hemp chairman and director Andrew Male said in a statement.
“This fundraise coupled with the success of our online sale is outstanding and truly highlights the Company’s reputation as an industry leader as well as the support from our customers. The Love Hemp brand continues to strengthen, and I am so proud of what we have achieved in a very short time. The impressive sales seen during Love Hemp’s Drop Day sale gives me confidence that our consumer base will continue to grow as we expand operations and build a globally recognised brand”, added chief executive Tony Calamita.