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Love Hemp Group (OTCQB:WRHLF) has announced the immediate resignation of Chief Financial Officer Robert Smyth, effective September 20, 2022. This change is by mutual consent, and Anthony Dyer, currently a non-executive Director, will serve as interim CFO until a permanent replacement is appointed. Love Hemp is a leading consumer goods firm focused on CBD health and wellness products, boasting a portfolio of over 40 items sold in more than 2,000 stores across the UK, including major retailers.
Love Hemp Group (OTCQB: WRHLF) provides an update confirming compliance with an AQSE fine, settling at £70,000. The company continues working with AQSE to resolve its suspension and is engaged with a new advisor. Due to the ongoing suspension, Love Hemp's application for a Standard Segment listing has lapsed. The board welcomes Robert Smyth as the new CFO, noting his extensive financial experience. Despite shareholder disappointment regarding the listing process, the company aims to strengthen its operations and looks forward to future developments.
Love Hemp Group (OTCQB: WRHLF) announced its products are being stocked by TESCO PLC across 200 stores in the UK, enhancing visibility for its CBD offerings. Initially, six products, including oils, sprays, and new gluten-free gummies, will be available in-store and online. The company anticipates launching additional Benefit Driven, Functional Products in Q4 2022 to broaden revenue streams. CEO Tony Calamita expressed pride in this collaboration with Tesco, aiming to make CBD accessible.
Love Hemp Group PLC has provided an update on the suspension of its shares by the Aquis Stock Exchange (AQSE) due to an investigation stemming from the resignation of its Corporate Advisor. The company has reached a settlement with AQSE, agreeing to pay a fine of £70,000 related to a breach of AQSE regulations. Following this resolution, Love Hemp anticipates resuming discussions with a new Corporate Advisor and plans to lift the trading suspension shortly. The company expressed its commitment to improving governance and thanked shareholders for their patience during this period.
Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF) has announced the issuance of 390,480 Ordinary Shares at a price of 2 pence each, totaling £7,809.60, in exchange for professional services. The company's total shares outstanding now stands at 1,322,995,111. Shares will be admitted for trading once the current suspension is lifted. Discussions are ongoing with a potential new AQSE Corporate Adviser to facilitate this. Love Hemp Group focuses on CBD health and wellness solutions and has over 40 products available in major UK retailers.
Love Hemp Group PLC (OTCQB: WRHLF) released its FY 22 sales update, reporting £3.6m in sales, down 16% from last year’s £4.3m. However, H2 sales rose 11% to £1.9m, with Q4 sales increasing 15% year-on-year to £0.97m. The company sold 233,987 units, up 19%, and created 7,437 new online customers. Operating costs were significantly reduced in the second half, helping to improve efficiency. Additionally, all products received approval on the Novel Foods Register, paving the way for new retail listings and international expansion.
Love Hemp Group PLC (OTCQB: WRHLF) announced key Board and Management changes and an update on its trading suspension as of July 8, 2022. Significant changes include the removal of the Executive Chairman role, with Graham Mullis becoming Non-Executive Chairman. Andrew Male transitions to Non-Executive Director, while Anthony Dyer joins as CFO. The trading suspension initiated on May 3, 2022, is under review as discussions for a new AQSE Corporate Adviser are ongoing. The company aims to strengthen its structure and fulfill AQSE requirements to benefit shareholders.
Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF) clarified a prior announcement regarding the resignation of Peterhouse Capital Limited as its AQSE Corporate Adviser. The original announcement inaccurately stated the resignation occurred after the failure of an investor to complete a £1.2 million investment. Love Hemp asserts that Peterhouse had resigned before this update. The investor was part of a subscription, not a placing, which influences their obligation to notify changes in interest under the Financial Conduct Authority's rules.
Love Hemp Group PLC (OTCQB: WRHLF) has announced a temporary suspension of trading in its shares due to the resignation of its AQSE Corporate Advisor, Peterhouse Capital Limited. This follows an investor's failure to complete a £1.2 million investment from a February 2022 placing. The company is actively seeking a new advisor and is conducting a review of its Board structure, with plans to appoint a Chief Financial Officer and an independent non-executive Director. The Board aims to enhance governance and accelerate profitable sales growth.
Love Hemp Group PLC (OTCQB: WRHLF) announced a temporary suspension of trading on the Aquis Exchange after Peterhouse Capital Limited resigned as Advisors. The company is currently in discussions to appoint a new advisor. Additionally, one investor from a recent subscription failed to pay for 120 million Ordinary Shares, leading to their cancellation. However, the company assures that this shortfall has not affected operations, and it maintains sufficient working capital. An operational strategy update is expected soon regarding its market move.
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