Medicinal cannabis investment company World High Life LIFE.NXX announced Monday a deal to buy British cannabis oil brand Love Hemp for $11.23 million. Love Hemp cooperates with more than 1,200 British stores, and some of them are big brands, such as Sainsbury’s (SBRY.L) that sells its CBD-infused water.
The company also declared a share placing to raise up to £5 million.
David Stadnyk, CEO of World High Life, told Reuters he “is eschewing risk with the outline deal with Love Hemp whose CBD (cannabidiol) products do not contain the illegal mind-altering THC (tetrahydrocannabinol)."
“We’re always looking for new markets and the UK is poised for growth,” Stadnyk said.
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He added that the deal should be completed by the end of September, and that it will push World High Life to expand across Britain and mainland Europe, concentrating on Germany.
Reuters explained that some Canadian companies are looking flotations in London aiming to be among the first ones when cannabis market starts booming in Europe, as industry consultants claim that the European cannabis market has the potential to be the biggest in the next five years.
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