Love Hemp Group PLC : Response To OTC Markets Request To Clarify Recent Promotional Activity

Rhea-AI Summary

Love Hemp Group plc responded to OTC Markets Group regarding unsolicited promotional activities on March 26, 2021. The company clarified that its Board of Directors and officers were not involved in these promotions, which only echoed previously released information. Trading activity led to a temporary rise in share price, settling within 10% of the opening price. Over the past year, the company engaged with several investor relations firms, although none were involved in unauthorized promotions. Love Hemp continues to focus on its expansion in the CBD sector, producing over 40 product lines and partnering with major UK retailers.

Positive

• Company confirmed no unauthorized share transactions in the past 90 days.
• Established relationships with over 2,000 UK stores, enhancing market presence.
• Focus on supporting the 'best in class' CBD brand indicates strategic clarity.

Negative

• Unsolicited promotional campaigns may raise concerns about market manipulation.
• Forward-looking statements contain risks and uncertainties that could affect performance.

LONDON, March 31, 2021 /PRNewswire/ -- The Company became aware of the promotional activities in the OTCQB market on March 26, 2021 when OTC Markets Group Inc. made the Company aware of an unsolicited promotional campaign. Neither the Board of Directors, Company officers nor controlling shareholders (any shareholder holding more than 10% of the Company's securities) had any editorial or other involvement. The promotional activities were effectively a re-broadcast of information that had already been issued by the Company and confirmed by its Board of Directors and officers in its primary market in London, UK. The Company is not aware of any additional material that was released that was materially false or misleading. Trading in the OTCQB market resulted in a share price rise, increase in trading volume and then the share price settled to within 10% of the opening price on the same day.

The Company confirmed with its directors, officers, controlling shareholders and service providers that no purchases or sales of shares were undertaken in the past 90 days.

In the past 12 months the Company had engagements with Proactive Investors, Investing News Network, Shulman Says, Stonebridge Partners LLC, FA Ventures Ltd. and Blytheweigh Communications Ltd. Currently Proactive Investors, Investing News Network and Blytheweigh Communications Ltd are still actively engaged, but were not involved in the unauthorized press releases.

For clarity the Company has also not issued shares or convertible instruments in relation to an investor relations or promotional activities.

About Love Hemp Group

The Company, previously World High Life plc, was incorporated on 30 January 2019 as an Investment Vehicle. Originally intended to identify opportunities in the CBD and Medicinal Cannabis space, it quickly acquired Love Hemp Limited., the UK's most recognisable CBD brand. The listed company recently changed its name to Love Hemp Group plc as part of its evolving strategy to purely focus on supporting the "best in class" CBD brand as it embarks on a wider expansion of its core business and offering.

Love Hemp produces and supplies more than 40 product lines, comprising of oils, sprays and tinctures and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores in the UK, including leading retailers such as Sainsbury's, Boots, Ocado and Holland & Barrett.

Forward Looking information

This announcement contains 'forward-looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required. The Company seeks safe harbour.

For further information please contact:

Andrew Male Chairman & Director +44 (0) 7926 397 675 andrew@lovehempgroup.com

 

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SOURCE Love Hemp Group PLC