World High Life PLC Announces Love Hemp Q2 Trading Update

Rhea-AI Summary

World High Life Plc (OTCQB:WRHLF) reported significant growth in sales for its subsidiary Love Hemp Limited, with Q2 unaudited revenues reaching £1,562,000 ($2,175,000), marking a 97% increase from Q1's sales of £793,500 ($1,105,000). The company's first half sales totaled £2,355,000 ($3,280,000). Gross profit in Q2 was £764,000 ($1,062,500), alongside an 11% increase in online conversion rate. Love Hemp has established strong distribution links with major retailers in the UK.

Positive

• Q2 revenue increased by 97% to £1,562,000 ($2,175,000).
• Gross profit for Q2 was £764,000 ($1,062,500).
• Over 69,000 units sold online.
• Established relationships with over 1,500 stores, including major UK retailers.

Negative

• None.

LONDON, UK / ACCESSWIRE / February 16, 2021 / World High Life Plc (AQSE:LIFE)(OTCQB:WRHLF), is pleased to announce that Love Hemp Limited ("Love Hemp"), a wholly owned subsidiary of World High Life, achieved 2^nd quarter unaudited sales (October 1 to December 31), of £1,562,000 ($2,175,000), a 97% increase from Q1 sales of £793,500 ($1,105,000).

The continued rise in sales represents a strong increase in demand during the COVID 19 pandemic across all platforms: Love Hemp, CBDOilsUk.com and wholesale activities via LH Botanicals.

Q2 Highlights (October 1 to December 31)

• £1,562,000 ($2,175,000) in revenue - up 97% compared to Q1 revenue of £793,500 ($1,105,000)
• £764,000 ($1,062,500) in gross profit
• 11% online conversion rate increase compared to Q1 rate of 12%
• Over 69,000 units sold online
• Over 10,500 online customer accounts created

First Half Year (July 1 to December 31)

• £2,355,000 ($3,280,000) in sales
• £1,311,000 ($1,825,500) gross profit

Tony Calamita, CEO of World High Life and Founder and CEO of Love Hemp, commented

"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.

"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."

The Directors of the Company accept responsibility for the contents of this announcement.

About Love Hemp

Love Hemp is one of the UK's leading CBD and Hemp product suppliers and has more than 40 product lines, comprising oils, sprays and vapes and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 1,500 stores in the UK, including leading brands such as Sainsbury's, Boots, Ocado and Holland & Barrett.

About World High Life

World High Life was established by the founders of Supreme Cannabis (TSX:FIRE), and 1933 Industries (CSE:TGIF), both companies at the forefront of the legalized cannabis industry. LIFE was established to take advantage of the huge opportunities available in the UK and European legal cannabis space, which is set to be the largest in the world within five years.

For further information please contact:

Andrew Male Director +44 (0) 7926 397 675 andrew@worldhighlife.uk
AQSE Corporate Adviser Mark Anwyl/Allie Feuerlein Peterhouse Capital Limited +44 (0) 20 7469 0930 ma@peterhousecap.com af@peterhousecap.com	Financial PR Tim Blythe Alice McLaren Madeleine Gordon-Foxwell +44 (0) 207 318 3205 worldhighlife@blytheweigh.com

For more information on World High Life please visit: www.worldhighlife.uk

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: World High Life PLC

View source version on accesswire.com:
https://www.accesswire.com/629879/World-High-Life-PLC-Announces-Love-Hemp-Q2-Trading-Update

FAQ

What were Love Hemp's sales figures for Q2 2021?

Love Hemp reported Q2 2021 sales of £1,562,000 ($2,175,000), a 97% increase from the previous quarter.

How much was Love Hemp's gross profit for Q2 2021?

The gross profit for Love Hemp in Q2 2021 was £764,000 ($1,062,500).

What was the total sales revenue for World High Life in the first half of 2021?

World High Life's total sales revenue for the first half of 2021 was £2,355,000 ($3,280,000).

How many units did Love Hemp sell online during Q2?

Love Hemp sold over 69,000 units online during Q2.

What online conversion rate increase did Love Hemp achieve in Q2?

Love Hemp achieved an 11% increase in its online conversion rate compared to Q1.