Love Hemp is one of the leading CBD health and wellness brands in the UK. Sales for its FY22 ending 30 June were £3.6m, down 16% on 2021. However, its H2 sales of £1.9m increased 11% from H1. All its 34 products are now included on the Novel Foods Register, which means that the company is now looking to increase sales and boost brand equity. The business will be focusing on product development in the coming months, with NPD designed to aid sleep, pain, anxiety, stress, and athletic recovery.
D2C sales equate to 26% of Love Hemp’s total revenue, with most sales made via its retail listings in the likes of Boots, Holland & Barrett and Amazon. The business has recently hired of a head of digital commerce to help boost D2C sales.
The CBD market in Britain has grown from £300m in 2019 to almost £700my, with six million Britons having tried CBD and 1.4 million regularly using it. The brand has a three-year partnership with Anthony Joshua to promote its products, which are also available via Deliveroo. This year it became one of the first CBD brands to launch on eBay.
In an interview with BusinessCann in March, Love Hemp’s director said: “From a market perspective, we made a huge transition last year because we went from outsourcing the marketing expertise and leadership to having an in-house team and infrastructure… We’re homing in on really specific advertising to get a positive return on investment. And that is where the bulk of our marketing spend is going this year.”