World High Life to Acquire Love Hemp for $11.23M to Expand European Presence

VCBeat (WeChat ID: vcbeat) has learned that World High Life, a medical cannabis investment company, recently announced the acquisition of the UK-based cannabis oil brand Love Hemp for $11.23 million. As a thriving startup, Love Hemp has secured distribution agreements with over 1,200 medical cannabis retailers in the UK, including well-known brands such as Sainsbury’s, which sells medical cannabis, and Holland & Barrett, which offers cannabis oils.

It is reported that World High Life has also announced a share placement plan, expected to raise up to £5 million.

David Stadnyk, CEO of World High Life, told Reuters that he is actively mitigating the risks involved in finalizing the deal with Love Hemp. Notably, Stadnyk emphasized that Love Hemp’s medical cannabis products are free of tetrahydrocannabinol (THC).

It is reported that cannabis can be classified into industrial hemp, drug-type cannabis, and intermediate-type cannabis, with the primary distinction lying in the concentration of the psychoactive component tetrahydrocannabinol (THC). Legally authorized industrial hemp contains THC levels below 0.3%. Medical cannabis falls under the category of industrial hemp.

David Stadnyk stated, “We have been seeking new markets, and our business in the UK is experiencing growth.”

He added that the agreement should be finalized by the end of September and will drive World High Life’s business expansion into the UK and continental Europe, particularly Germany.

Reuters explained that some Canadian companies are considering listing in London, hoping to be among the first listed companies as the European cannabis market begins to flourish. Industry consultants stated that Europe has the potential to become the world's largest market for medical cannabis over the next five years.

In fact, market forecasts predict that the medical cannabis market will expand globally.

Prohibition Partners, a world-leading market intelligence and strategic consulting firm, found in its latest report that the Asian medical cannabis market is estimated to reach $5.8 billion by 2024. According to the analysis, this figure could quadruple by 2027 if legislation is introduced in some major Asian markets. Meanwhile, Medical Marijuana Inc. predicts that U.S. medical cannabis sales will surpass $12 billion in 2025.

World High Life PLC is an investment firm with a strategic focus on investing in or acquiring companies engaged in the medical cannabis business.

David Stadnyk, one of the founders of Supreme Cannabis (FIRE.TO), a cannabis company listed in Toronto, established World High Life with the aim of pioneering the medical cannabis market in Europe.

Love Hemp, a disruptive cannabis brand in the UK, was founded in 2015 by two London entrepreneurs, Tony Calamita and Thomas Rowland.

All Love Hemp products are certified THC-free and have undergone third-party testing under strict laboratory conditions, ensuringCannabidiol (concentration of CBD).

(Compiled by Ning Chen)