Medicinal cannabis investment company World High Life LIFE.NXX announced a 9 million pound ($11.23 million) deal on Monday to buy British cannabis oil brand Love Hemp as it seeks to build a European business.
The company also announced a share placing to raise up to 5 million pounds.
After the rush to capitalize on the legalization of cannabis in markets led by Canada, a handful of cannabis companies have either listed, or are seeking flotations, in London, where they hope to be at the forefront of anticipated European growth.
In Britain, lawyers warn that the regulatory situation is unclear, but companies say that means there is untapped potential to attract investment.
David Stadnyk, CEO of World High Life, said he is eschewing risk with the outline deal with Love Hemp whose CBD (cannabidiol) products do not contain the illegal mind-altering THC (tetrahydrocannabinol).
“We’re always looking for new markets and the UK is poised for growth,” Stadnyk said in an interview.