World High Life subsidiary Love Hemp reports close to 100% revenue growth in second quarter

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World High Life PLC (LON:LIFE) (OTCQB:WRHLF) said its subsidiary, Love Hemp Limited, has seen a “strong increase in demand” during the coronavirus (COVID-19) pandemic with revenues up nearly 100% on the prior quarter.

In a trading update for the period from October 1 to December 31, 2020, the cannabidiol (CBD) specialist reported that Love Hemp has accrued £1.56mln in revenues for the quarter, a 97% rise on the £793,500 figure from the first, while gross sales came in at £764,000.

READ: World High Life appoints subsidiary co-founder as CEO

The company also reported that Love Hemp has seen an 11% increase in its online conversion rate, alongside over 69,000 units sold online and over 10,500 online customer accounts created.

The company also reported numbers for the first half of the year from July 1 to December 31, which saw Love Hemp sales of £2.36mln and gross profit of £1.31mln.

World High Life said the rise in sales represented a “strong increase in demand” during the pandemic across all of its platforms, which includes Love Hemp, its CBDOilsUk.com website and wholesale activities via LH Botanicals.

“Continuing to aggressively increase our sales across all of the platforms is a testament to the dedication and hard work our teams have put into the company. We have seen huge growth potential during the pandemic and are pleased to have been able to consistently provide our consumers with high level products and service”, World High Life chief executive and Love Hemp founder Tony Calamita said in a statement.

“We continue to keep positioning for future growth and look forward to expanding what is already an exciting and promising business both across the UK and further afield”, he added.

The company’s shares were trading at around 9.2p in early deals on Tuesday.

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