Love Hemp arranges £1.5mln loan with group of shareholders

Love Hemp Group PLC (AQSE:LIFE, OTCQB:WRHLF) said it has agreed a £1.5mln secured loan with a group of shareholders to eliminate a debt to its invoice discount lender that led to strong sales in the first quarter slowing in the second.

Following the completion of the loan, chairman Graham Mullis and interim chief financial officer Anthony Dyer have given notice of their resignation, staying on until replacements are appointed, while non-executive director Andrew Male has resigned with immediate effect.

Chief executive Tony Calamita will remain in his current role.

The CBD health and wellness products group secured the five-year loan after working capital difficulties arose after its facility provider Windfall Logistics stopped providing cash-flow due to Love Hemp’s largest retail customer issuing what was said to be unexpected invoices for past product promotions, including an overdue loan amounting to £450,000.

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