“Love Hemp’s tie up with Anthony Joshua is a smart move,” comments AJ Bell financial analyst Danni Hewson. “Like the David Beckham backed Cellular Goods the company’s products are aimed at athletes of every level and getting the boxer involved in product development will give the goods an extra cache amongst users. It’s also interesting that Joshua is being rewarded with shares rather than a fat fee. Consumers today are increasingly savvy, and they see through forced tie ups or sponsorship deals that don’t make any sense apart from to the celebrity’s bottom line.
“Love Hemp has already established close ties with the sporting world after signing a deal with mixed martial arts organisation UFC earlier this year. It’s undergone significant transformation during 2020 and is in the process of increasing its manufacturing capabilities to take advantage of any increase in sales generated from their marketing strategies.
“The CBD market is growing rapidly and that translated into a 557% jump in revenues for Love Hemp in the six months to December 2020 compared with the same period the year before. Whilst the business still posted a loss it was tiny compared to that in 2019. The pandemic has made many people take a long hard look at their health and fitness. Lifestyles are changing and brands like Love Hemp stand to profit.”
