The new owner of Love Hemp has high expectations for float

The new owner of collapsed cannabis company Love Hemp plans to float the group on the London Stock Exchange within three months.

Portillion Capital, which bought Love Hemp out of administration in February, has installed a new board and signed a global sponsorship deal with boxing group Ultimate Fighting Championship (UFC).

It has also signed a five-year contract with boxer Anthony Joshua. As a brand ambassador for Love Hemp’s cannabidiol (CBD) products, the two-time world heavyweight champion also owns shares in the group.

In the ring: Boxer Anthony Joshua is a brand ambassador and stockholder

CBD is the non-psychoactive compound in cannabis plants. Products based on the ingredient have become extremely popular in recent years. Devotees say it relieves anxiety, relieves pain and helps cure insomnia.

Love Hemp sells a range of products that contain CBD, including oils, capsules, and gummies chews. But the company has had a far from relaxing year as it filed for bankruptcy in February after “significant” legal troubles hit its finances.

Love Hemp also had to defend itself against claims about its financial affairs from a former executive. It was delisted from the Aquis Stock Exchange and went into administration before being picked up by Portillion.

Portillion CEO Kamran Sattar said he would be joined on Love Hemp’s board by lawyer Francesca Yardley, investment banker Mitesh Soni and Sir Iqbal Sacranie, former secretary-general of the Muslim Council of Britain.