Love Hemp raises extra £2m as investors opt for cannabis

Love Hemp said it would raise £2m from a broker option after investors showed a strong appetite for the company's cannabis products.

The company said it would issue 57.65m shares under the broker option, almost double the number originally planned. All valid applications under the broker option will be allocated in full, it said.

The broker option will raise £2.02m, taking the gross funds raised in the share placing announced on 8 April to £7.04m. Love Hemp will use the money for a global marketing programme, focused on the UK and US, and for general spending.

Andrew Male, Love Hemp's chairman, said: "Following a successful initial fundraise, the continued investor interest highlights the strength of the company and its investment thesis. Love Hemp Group has a strong marketing programme and these funds will help promote the brand globally."