September 24, 2023

The new owner of bankrupt cannabis firm Love Hemp plans to list the group on the London Stock Exchange within the next three months.

Portillion Capital, which bought out Love Hemp in February, has set up a new board and signed a global sponsorship deal with the Ultimate Fighting Championship (UFC) boxing group.

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He also signed a five-year contract with boxer Anthony Joshua. Cannabidiol (CBD) product brand ambassador Love Hemp, a two-time world heavyweight champion, also owns shares in the group.

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In the ring: Boxer Anthony Joshua is a brand ambassador and stockholder

CBD is a non-psychoactive compound in cannabis plants. Over the past few years, the popularity of products based on this ingredient has increased dramatically. Devotees say it relieves anxiety, eases pain and helps cure insomnia.

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Love Hemp sells a range of products containing CBD, including oils, capsules, and gummies. But the company has had a far from quiet year – it went into administration in February after “significant” legal problems hit its finances.

Love Hemp has also been forced to defend itself against statements about its financial dealings by a former managing director. It was delisted from the Aquis stock exchange and went into administration before being bought by Portillion.

Kamran Sattar, chief executive of Portillion, said he would be joined on Love Hemp’s board of directors by lawyer Francesca Yardley, investment banker Mitesh Soni and Sir Iqbal Sakrani, former general secretary of the UK’s Muslim Council.

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