Love Hemp has announced its full financial results for 2021 (year ending 30 June), highlighting a revenue of £4.33m.
Love Hemp has stated its gross profit was £1.25m with a cash balance of £0.925m following significant market investment. Its investment aligned with the company’s objective of establishing a strong brand-led presence across multiple channels of retail – including wholesale distribution inclusive of £6.3m pre-payments for marketing and licensing agreements.
The company secured a three-year endorsement agreement with two-time Heavyweight Champion of the World and Olympic gold medallist Anthony Joshua OBE, which saw the champion become a shareholder. Joshua spearheaded Love Hemp’s new national campaign which is featuring across national media channels including ITV, All 4 and Sky, The Metro, and on outdoor advertising formats in London, Manchester, Liverpool, and the Northeast.
The company has highlighted understanding its consumers as key to the momentum of its brand building.
CEO, Tony Calamita, commented: “Love Hemp Group has undergone major changes during the period. Embedding a new team, aligning the business with its new regulatory reporting obligations, and establishing appropriate corporate governance measures have been our priority for the Company’s corporate maturation and planned move to the Main Market of the London Stock Exchange.
“These corporate changes have been alongside delivering growth in revenue, attracting new customers, developing new retail relationships and securing partnerships with leading organisations and individuals. A huge amount has been achieved to date and important preparations have been made for the Company’s growth trajectory.
“This next phase is focused on building brand visibility and loyalty and creating a distinctive position for Love Hemp in the burgeoning CBD wellness sector. Investment in brand-building commenced in November 2021 with the launch of our first national media campaign with our investor and ambassador Anthony Joshua.
“This campaign was the first step in leveraging our outstanding partnerships which, coupled with impactful marketing, is a crucial part of our growth strategy. Positioning outdoor adverts near our key retail outlets has already resulted in significant orders from both Boots and Holland & Barrett. We have also attracted new customers to lovehemp.com in November, with 35 per cent of November orders coming from first time buyers.
“In addition to building the brand, visibility it is crucial for us to grow the value of the brand. We have moved away from regular discounting and will be implementing new marketing initiatives in the New Year to drive value. We have already seen the positive impact of this change in our Black Friday sale which ran for one week rather than the whole of November as per previous years.
“Revenue from lovehemp.com increased 12.6 per cent in November compared to average revenue of the previous 10 months, and this uplift was achieved while moving away from discount led promotions other than the Black Friday week.
“Key to the momentum of brand building is understanding our consumers. Our revised marketing strategy will see us pivot towards a focus on the consumer use cases of sleep, stress, anxiety, recovery, and pain. Investment in data driven marketing will enable us to better understand who our consumers are and their purchasing behaviour, which will in turn improve targeting and grow our market share amongst key audiences.
“Enabled by our data driven decisions, the New Year will also see the launch of multiple new products. These new products target new audiences and new distribution channels. These new products have all been developed by our in-house New Product Development team in our new premises in Manchester.
“A focus on consumer use cases, investment in brand building through partnerships, data driven digital marketing and new product development help deliver a robust, distinctive and informed offering. We believe this is unique in the CBD wellness space and that these developments, in addition to the strong revenue, growing customer base and established sales channels, provide Love Hemp with a platform from which to become a globally recognised and trusted brand.
“In what has been a challenging phase in the company’s development we look forward to entering the New Year with refreshed purpose and delivering strong results throughout the remainder of the current financial year.”
The company recently announced it expects further growth once it is launched on Amazon in Q1 2022, and executes a new subscription model and overseas expansion into the US, Europe and Japan.
JM Wholesale sees 750 products included on FSA CBD list
The CBD stockist has described the development as a milestone for the company.
Following a partnership with the European Industrial Hemp Association (EIHA) and active participation with the Food Standards Agency (FSA), JM Wholesale has had more than 750 items included on the public CBD list.
Earlier this year the FSA published its list of CBD products linked to what it deems as credible Novel Food applications. Products included on the list will be advancing through the final stages towards authorisation, expected by 2023.
More than 900 applications for thousands of UK products have been submitted for approval, with the majority being rejected for lacking basic information such as toxicity levels.
JM Wholesale has announced that it has now had 750 of its products included on the public list.
Thomas Lowe, operations director at the Leicester-based company, said that, after 200 per cent business growth in the past 18 months and a resulting move to major new premises, JM Wholesale is now perfectly placed to consolidate its position as the UK’s premier CBD wholesaler.
Lowe commented: “We have a larger range of approved CBD products than any other distributor and this moment is another milestone for our company.
“We’ve worked hard to ensure that our customers and our business are protected, by getting rid of any products not published on the FSA’s website, regardless of how big those brands are.
“In fact we’ve always loved finding unique products, including those where the CBD can be absorbed in different ways. That way, more people from different walks of life can enjoy CBD no matter how they prefer to access it.
“From our distribution centre we now provide the largest range of isolate and full spectrum CBD products in the UK, all of which are 100 per cent accepted by the FSA.
“We are the first distributor to add the relevant Novel Food classification numbers to all of our relevant listed products.
“The past few months have been extremely challenging for our industry but we have made efforts to take an active role in the novel food submission process. We anticipated regulation of this industry, we were determined not to let it stand in the way of the growth of our business, and we’ve participated accordingly.
“All in all, this is excellent news for our customers and partners.”
The company has stated that it has experienced rapid growth off the back of increased awareness of the health benefits of CBD products in the UK, and that, alongside its consumer business, it also exports to suppliers in the UK and in 170 countries worldwide.
FSA CBD list now closed for applications
An additional 6000 products added to the Food standards Agency’s (FSA) CBD list.
The FSA has confirmed that the UK’s list of CBD products linked to credible Novel Foods applications is now closed.
The FSA has updated its public list of CBD products that can be marketed in England and Wales, adding almost 6000 products. These are products that are linked to a credible application submitted for authorisation to the FSA, and are not new to the market.
The organisation has confirmed that the public list, which was initially published in March, is now closed and has stated that any further requests to have products put on the public list or evidence sent are no longer being accepted.
The FSA has previously reminded consumers that products on the list will be able to remain on the market as they progress towards final authorisation, but that, although these products are classed as “credible”, it does not guarantee they will be authorised for sale.
Rebecca Sudworth, director of policy at the FSA, stated: “This has been a long and complex process and we are grateful for the help and cooperation of the CBD industry as we reach this important milestone on the path to bringing CBD products into compliance and protecting consumers.
“The only changes we envisage being made to the list now will be to reflect the status of products as we move to authorisation, and any routine corrections.
“We have seen the list, which contains almost 12,000 products, grow considerably since March when we first published it. The publication of the initial list prompted a number of companies to come forward with new evidence linking large numbers of individual products to existing applications, and so we made a final call for evidence to support businesses in achieving compliance for their products.
“We think it is important we get this right, and it is encouraging that so many companies want to get their CBD products on the path to authorisation.”
Businesses wanting to sell their products in Great Britain should now apply to the FSA’s regulated products process and those wanting to sell in Northern Ireland should apply to the European Commission. However, as new applications will not be eligible for the public list, they should not be put on sale until they have been authorised.
Validated applications on the CBD list are currently moving on to a full risk assessment stage of the application process, and those that are shown to be of a low enough risk must also go through a risk management process before a recommendation can be made to Ministers on authorisation.
At the time of the list’s initial publication in March, the FSA confirmed that, with a lengthy process still to go, it is unlikely any applications will be considered for authorisation before early to mid-2023, with any additional authorisations potentially taking another few years.
The FSA emphasises that there are currently no authorised CBD products on the market.
British Cannabis™ launches premium CBD products in Selfridges
The CBD by British Cannabis™ collection will be showcased in the Beauty Hall at Selfridges London.
British Cannabis™ is launching its premium, flagship range of CBD products in Selfridges.
British Cannabis™ will launch its super-premium collection of 100 per cent cannabis supplements and cosmetics in Selfridges on 4 July, 2022.
All of the food supplement products in the CBD by British Cannabis™ collection were recently included on the Food Standards Agency’s (FSA) public list of products that are legal for sale on the UK market.
The products’ appearance on the list followed the company’s successful submission of Novel Foods applications.
A recent update by the FSA saw British Cannabis™ ranked as the UK’s largest CBD manufacturer by number of publicly listed CBD products manufactured.
CEO, Thomas Whettem, commented: “This is yet another great milestone in the British Cannabis™ story. It is a testament to the levels of excellence we demand within our supply chain and products, that we are now stocked at an iconic, prestige retailer in Selfridges.
“We set out to create ‘the champagne of CBD oils’, with more beneficial cannabis phytochemicals than any other CBD products compliant and legal for sale today.
“Our premium, THC-free products are both UK-born and UK-manufactured, thus debuting in Selfridges London seems very appropriate.”
CBD by British Cannabis™ products have won multiple awards in recent years, including the Highly Commended 2021, P3 MVP Award for 1000mg CBD Cannabis Oils, ICP magazine’s 2022 CBD Product of The Year, and Your Healthy Living magazine’s 2022 Silver Award for Best CBD Products (for CBD by British Cannabis™ Dermal Patches 500mg).
The 100 per cent cannabis products contain hundreds of other beneficial cannabis compounds, terpenes, flavonoids, phenols and more, whilst still being compliant with regulations and legal for sale within the UK.
Each product is rigorously tested for accuracy, purity, and THC-free status for consumer peace of mind.
Every product contains the knowledge and expertise that has been amassed over the last seven years of British Cannabis™ existence, evidenced in the growing, extraction, research, development, and manufacturing that saw this British start-up grow to be the leading authority in consumer cannabis products within the UK.
The company launched a television campaign in March 2022 for the range as part of a half a million pound investment in awareness building and consumer recruitment 2022/23.
The campaign aimed to break down barriers to legal cannabis-derived products, gaining broadcaster approval to make more industry-specific references than any campaign to date.
Shown across dozens of premium channels on the SKY and Channel 5 networks, this marked the first time that the SKY network had opened its doors to CBD advertisers on their linear stations since 2019.
British Cannabis™ managing director, David Ralson, commented: “As proud as we are of our tested, trusted, super-premium CBD supplements and cosmetics, we are equally proud to now be bringing them to the world-class shopping experience at Selfridges, as part of our distribution expansion plans.
“For over a century, Selfridges have brought premium health and beauty products to the forefront in exciting ways – and especially in their new Feel Good Bar. As one of the UK’s original British-made CBD ranges, with a heritage in this young industry of nearly seven years, the match of Selfridges and CBD by British Cannabis™ seems a perfect fit.
“I hope that Selfridges shoppers grow to love and trust our CBD range as much as our existing loyal customer base, who over the years have given us over 1,500 5-star reviews on Trustpilot.”
With sales of wellbeing supplements, superfoods and ingestibles up almost 125 per cent at Selfridges since last year and almost 700 per cent compared to pre-pandemic, The Feel Good Bar will launch as a new permanent wellbeing destination at Selfridges London.
The bar will be a place for visitors to explore more than 250 of the latest and best products in wellbeing innovation, ranging from gut health to hormones, hangover cures and sleep hacking.
The destination will be anchored by a new energy-lifting bar concept brought by JENKI, introducing a menu of matcha and alternative drinks that reimagine drinking culture.