The new owner of collapsed cannabis firm Love Hemp plans to float the group on the London Stock Exchange within the next three months.
Portillion Capital, which bought Love Hemp out of administration in February, has put in place a new board and signed a global sponsorship deal with boxing group Ultimate Fighting Championship (UFC).
It has also struck a five-year contract with boxer Anthony Joshua.A brand ambassador for Love Hemp’s cannabidiol (CBD) products, the twice world heavyweight champion also owns shares in the group.
In the ring: Boxer Anthony Joshua is a brand ambassador and owns shares
CBD is the non-psychoactive compound in cannabis plants.Products based on the ingredient have surged in popularity in the past few years. Devotees say it eases anxiety, gives pain relief and helps cure insomnia.
Love Hemp sells a range of products containing CBD, including oils, capsules and ‘gummies’ – chewable sweets.But the company has had a far from relaxing year – falling into administration in February after ‘significant’ legal issues hit its finances.
Love Hemp was also forced to defend itself against claims about its financial affairs made by a former managing director.It delisted from the Aquis Stock Exchange and went into administration before being snapped up by Portillion.
Kamran Sattar, Portillion’s chief executive, said he would be joined on the board of Love Hemp by lawyer Francesca Yardley, investment banker Mitesh Soni and Sir Iqbal Sacranie, former secretary general of the Muslim Council of Britain.