LONDON, UK / ACCESSWIRE / February 4, 2022 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), the brand-led consumer goods company focused on CBD health and wellness solutions, is pleased to provide the following corporate update.

Highlights

• The Company has opened a financing to raise up to £2.0 million at 1p per share
• Move to Main Market of the London Stock Exchange plc ("LSE") on track for Q1
• Strengthening the Board and the Company's corporate governance
• Operational initiatives are underway enhancing shareholder value and reducing operating costs substantially
• Move to new facility will result in the consolidation of all business activities
• Strategic alliances formed with key suppliers
• Improved balance sheet through a ‘Shares for Debt' programme

Fundraise

The Company is pleased to announce that it intends to raise up to £2.0 million by way of a placing and conditional subscriptions of new Ordinary Shares at a price of 1p per share.

The funds raised will be used for general working capital purposes, as well as streamlining the business through the initiatives described below.

Operational Updates

Since the Company's year end of 30 June 2021, Love Hemp has embarked on several internal initiatives at both the Group and Limited (operational) level. These include;

• Moving to the new facilities, which will result in the consolidation of all business activities and will reduce operating cost substantiality
• Combining of roles and the building of efficiencies through proactive modifications and change management initiatives; and
• Andrew Male and Tony Calamita electing to accept their renumeration in shares until 30 June 2022, along with others in the Company, or until such time as the Board determines appropriate.

This will result in significant cost savings overall and greatly reduce the Company's cash outlay.

Board & Management

Love Hemp has appointed Garry Cook and Graham Mullis as Non-Executive Directors from 14 February 2022. These appointments provide another level of governance for the Company and enables the formalisation of Board independence and committees.

Internally, the Company has also formalised the group CFO role with James Mahony. James will be taking on a more active role with regards to reporting and governance within the operations.

Supplier Alliances

The Company has also decided to offer some of its key suppliers an opportunity to participate as shareholders by offering them shares for the supply of products in the Company, thereby building a longer and stronger relationship.

An example of this is Newell Sciences Limited ("Newell Sciences"), the supplier of our premium raw CBD ingredients from the US and a partner in Love Hemp's Novel Food application with the Food Standards Agency. Newell Sciences have been supplying premium CBD extracts to Love Hemp for two years now and the Company is looking forward to a long-standing relationship.

Shares for Debt

The Company is improving its balance sheet by offering a ‘Shares for Debt' programme. It should be noted that the participants of the ‘Shares for Debt' programme have all continued to be engaged with the Company and are forward looking relationships.

Result of General Meeting

The Company is also pleased to announce that at the General Meeting held today, all resolutions were duly passed.

Tony Calamita, CEO of Love Hemp Group, commented, "Love Hemp has initiated transformational changes to create ongoing efficiencies, increase organic sales growth across all channels and build greater shareholder value. Combined with recent Board appointments, which takes us to another level, we are now well positioned for our move to the Main Market which is anticipated to be before the end of the first quarter. The funds raised through the latest financing round will be used to support this process as well as our streamlining initiatives."

-ENDS-

For further information please visit: www.lovehempgroup.com or contact:

About Love Hemp Group

Love Hemp Group is a brand-led consumer goods company focussed on health and wellness solutions for consumer use cases including sleep, pain, anxiety, stress and recovery. The Company is a pioneer in the UK-based premium high-quality CBD market, with over 40 products including oils, edibles, sprays, cosmetics and topicals. The Company's range of products are sold online across 70 websites and in over 2,000 stores including some of the biggest retailers in the UK, such as Holland & Barrett, Boots and Ocado. Listed on the Aquis Stock Exchange (AQSE: LIFE) the Company recently changed its name to Love Hemp Group plc, from World High Life, to better reflect its focus on supporting the "best in class" CBD brand as it embarks on a wider expansion of its core business and offering.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Love Hemp Group PLC