FAST-GROWING UK CBD brand Love Hemp is increasing its workforce by over 50% as it prepares to move into new premises on the back of record sales.
Love Hemp’s new South London facility is expected to be complete in early 2021 and will allow the business to increase production to over 43,000 units of CBD oils, capsules, and cosmetics per day, from the maximum of 8,000.
Love Hemp says it expects to add an additional 25 to 30 staff on top of the 40 it already employs.
CBD Company Offloads Legacy Assets
This comes as the business saw sales more than double in July from the corresponding period in 2019.
Tony Calamita, CEO, at Love Hemp: ”This expansion further increases our capabilities…Our strategy is to continue to expand our local footprint, whilst also providing quality CBD products to our consumers throughout the UK and around the world.”
Fellow UK market-listed CBD business Zoetic International has exited the oil and gas industry, from where it emerged, with the sale of its remaining Colorado assets.
In a London Stock Exchange announcement it said: “With the completion of these sales, the Group will have materially exited the natural resources sector and will be well positioned to continue the growth of its CBD business as an agile and innovative market leader through the reallocation of Group resources.”
Europe’s Largest Indoor Cannabis Facility
The company has subsequently announced an agreement for its Chill brand of tobacco alternative CBD products to be distributed in over 15 markets across the European Union.
In Germany its sole licenced producer of cannabis medicines Demecan, has acquired a 30,000 sq ms growing and production facility, near Dresden, from Canadian firm Wayland.
Demecan is the only domestic company allowed to cultivate medicinal cannabis on behalf of the Federal Institute for Drugs and Medical Devices (BfArM).
With the purchase of the asset, the company says it now owns the largest indoor cannabis production facility in Europe.
its Managing Director and co-founder Dr Adrian Fischer said: “The production facility provides the necessary space for Demecan’s future growth. This investment truly is the foundation for our path to becoming the leading manufacturer of medical cannabis products in Germany and Europe.”
Legacy US Tax Issues Hitting Bottom Line
Thoughtful Brands Inc – formerly Mota Ventures – has launched a joint venture with German-based Franchise Cannabis Corp to sell and market Franchise-manufactured CBD, hemp and cosmetic products in the EU, Switzerland, Norway and the UK.
Thoughtful Brands will provide marketing and e-commerce operations infrastructure. Vancouver-based Thoughtful is a vertically-integrated CBD and psychedelic medicine company, with operations in North and South America, and Europe.
The sterling performance of cannabis businesses during the pandemic seems to have whetted the appetite of investors, with cannabis companies last month raising nearly three times the amount raised through equity deals in July.
However the improving performances of the many US multi-state operators is being tempered by legacy tax issues which are dragging down profits reports New Cannabis Ventures
Under pressure Canadian firm Aurora Cannabis Inc has named Miguel Martin as its new CEO. This comes as the firm said it would book up to C$1.8 billion ($1.37 billion) in restructuring charges.
The company said on Tuesday Mr Martin would replace interim CEO Michael Singer, who took the helm after the exit of founder and chief executive officer Terry Booth in February.