Codebase Investment World High Life Updates Sales Growth of Wholly Owned Subsidiary Love Hemp in the UK
Love Hemp online sales increase by 39% month on month during global pandemic
Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF), an investment company, is pleased to provide an update regarding its investment in World High Life whose wholly owned subsidiary, Love Hemp, has achieved record sales since January.
World High Life PLC, the AQSE (LIFE) and OTCQB (WRHLF) listed investment company recently provided an update on the progress of its wholly owned subsidiary, Love Hemp, during the global Covid-19 pandemic.
Love Hemp’s leadership have continued to focus on the growth of the brand, seeing opportunities to achieve stronger online sales, building on the existing platform to reach more customers directly and expand its offerings to meet consumer demand.
“There’s no question that the challenges now facing businesses across the world are unique,” said Mr. Tony Calamita, Love Hemp Founder. “Whilst bricks and mortar stores have either closed or experienced less foot traffic and reduced hours, it has highlighted the need for us to have a robust online presence in order to keep people engaged with our brands and products.”
Love Hemp Highlights
- Despite current challenges, the brand has emphasized its online (e-commerce) business, which has gone from strength to strength and experienced a 39% increase in online sales month on month since January 2020
- The brand has secured a number of notable listings with leading retailers including Boots, to complement its existing distribution through Ocado, Holland and Barrett and Sainsbury’s
- Love Hemp was awarded ‘Best CBD Oil in the UK’ by the Evening Standard in August 2019. Love Hemp also won The Beauty Shortlist Award 2020
- The brand is now the best-selling CBD brand in Alliance Healthcare, the UK’s largest distributor to pharmacies and independent retailers
- New product development is at the heart of the business, with Love Hemp Immune launching in April 2020, more than six-months ahead of schedule, highlighting the brand’s ability to be flexible and agile, whilst responding to consumer needs in the current circumstances
- New product development work in process ranges from confectionery to drinks, oils and sprays.
- The brand renewal work carried out with our external marketing partners will be live in-store and online in September/October 2020
- The brand is in negotiations with the UK’s largest retailers for multiple new product listings for September 2020
- As consumer interest for CBD grows, Love Hemp is focused on building a trusted, global, CBD e-tailer focused on targeting different consumer needs
- The business is focused on adding a number of new brands to its portfolio, with 3 brands expected to launch within the next two months
- To support growing sales and serving consumer needs, CBDOilsUK will launch a renewed web presence
LH Botanicals Highlights
- LH Botanicals is committed to fully supporting both its customers and employees through this challenging time. As such, LH as increased production capacity with the acquisition of new capsule and bath bomb machines
- Future plans for the business include a diversification of the product portfolio to meet customer needs and establish new footholds in consumer markets for CBD products
Tony Calamita commented, “We have expanded our online offerings and are committed to continuing to provide the best experience for our customers, so they continue to purchase and engage with us in an efficient way, with minimal disruption. Fortunately, consumer demand for our products is growing and we have adapted, thanks to a great team effort. To grow the business under new circumstances, we are expanding our e-commerce presence and education marketing, which will be the foundations of our model going forward.”
About Codebase Ventures Inc.
Codebase Ventures Inc. is an investment company, led by technology and business experts who invest early in great ideas in sectors that have significant upside, including the cannabis sector. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow’s standards with platforms, protocols and innovations – not just products. We invest early, support those founders, take their ideas to market and work tirelessly to help them realize their vision.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
George Tsafalas – Ivy Lu
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Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the successful development of a transdermal patch, the successful results of trials, other competing products, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.