World High Life PLC (LON:LIFE) said it has appointed Tony Calamita, one of the founders of its subsidiary Love Hemp Limited, as its chief executive and as a director with immediate effect.
The cannabidiol (CBD) specialist said Calamita has “played a crucial role in the rapid development of Love Hemp’s business”, creating what it said is “one of the UK’s leading CBD and health and wellness suppliers”.
“Tony has worked closely with the World High Life board since the acquisition of Love Hemp in 2019. His guidance and energy with the operations of Love Hemp are key to its success to date, and it is natural for him to accept this appointment to join the board of World High Life. We are very pleased to welcome him and look forward to working with him on the continuing growth of Love Hemp”, company director Andrew Male said in a statement.
The firm added that following the appointment of Calamita, acting chairman and CEO Robert Payment has resigned from the company.
Concurrently with the appointment of Calamita as a director, World High Life said it has agreed with the vendors of Love Hemp that the settlement of the final deferred consideration of £2mln will be satisfied by the issue of around 133mln shares in World High Life at a price of 1.5p each rather than in cash. The first tranche of 68mln shares will be allotted immediately while the remaining 65mln will be allotted by June 30.
Meanwhile, the company said it has procured subscription for an additional 46.7mln shares at a price of 1p each raising £467,000 as well as issuing a deed of variation to holders of the outstanding £1.9mln of convertible loan notes and convertible debentures.