- Investment company focused on cannabidiol (CBD) sector
- To list in Canada as well as the UK
- Acquired UK CBD business Love Hemp in 2019
What it does
World High Life PLC (LON:LIFE) is listed in London on the Aquis Growth Exchange and invests in medicinal cannabis, hemp and CBD sectors globally, with a particular interest in the European and Canadian markets.
How it’s doing
In early November, the company completed a £381,143 fundraising through a private share subscription that will be used to conduct due diligence on further investment opportunities.
The group has also given an indication of where the funds could be going, saying in September that in accordance with its investment strategy and building on momentum from its Love Hemp subsidiary, it is now “actively considering” investment targets in the medicinal cannabis space. Potential targets include new technologies, pharmaceuticals, synthetic cannabinoids, CBD and hemp with potential for wide applications in multiple jurisdictions.
World High Life has also begun construction of a new 13,500-square feet facility that will allow it to increase production by 400%. That means capacity will grow to 43,000 units of cannabidiol oils, capsules and cosmetics per day from the current limit of 8,000.
The company’s subsidiary, Love Hemp, is also making strides having recently launched a new consumer brand called Buzz Leaf targeted at a younger demographic in order to grow market share.
Over the summer, the company saw s strong sales activity, reporting sales growth of 57% in the month of July compared to June. The firm said sales improved in all channels – online, retail, and wholesale – and it highlighted that online sales specifically are significantly higher than pre-coronavirus (COVID-19) pandemic levels.
In June, World High Life said it had filed a preliminary non-offering prospectus as part of a proposed listing on the Canadian Securities Exchange (CSE).
The investment company said a successful listing will mean its shares will be listed in Canada, UK and the US, providing investment opportunities for shareholders in each country.
The filing accompanied the firm’s interim results for the nine months to March 31, 2020, where it reported revenues of £1.05mln alongside a gross profit of £521,000 and a net and comprehensive loss for the period of £11.3mln after substantial impairment charges.
World High Life’s results followed an update on June 11 when the company reported that Love Hemp had experienced a surge in online sales during the coronavirus pandemic.
An effort by Love Hemp to build greater awareness and capacity online to drive sales resulted in continued sales increases throughout the period, culminating with May’s online sales achieving a 107% increase over January’s figure.
Ross Westbrook joined World High Life in June as an adviser for North American growth and operations.
His role is to prepare for the launch of Love Hemp’s products in North America and will plan and implement its strategy and operations for expansion.
World High Life is an investee company of Codebase Ventures, a Vancouver-based investment firm.
What the boss says: David Stadnyk, chairman
“There are compelling opportunities to achieve our mandate, improving quality of life and wellness through innovations in medicinal cannabis, synthetic pharmaceutical derivatives, CBD and Hemp, with a number of investment opportunities that our team is actively pursuing.”
“The Love Hemp team is doing terrific work, advancing its business model under difficult circumstances, due to [coronavirus], and growing on many fronts. That momentum has allowed our World High Life team to become more active on the investment side of our business as we see tremendous opportunities, especially in the cannabinoid pharmaceutical space.”
- Love Hemp sales continue their growth in the UK
- Products are launched in the North American market
- New investment opportunities using recently acquired funds