Love Hemp Group PLC on Thursday said it has been fined £100,000 by the Aquis Stock Exchange, following a fundraising issue.

It added that AQSE has offered a discount for early settlement, and the supplier of cannabidiols and wellness products has agreed to pay £70,000 to AQSE to resolve the matter.

Peterhouse resigned as its corporate advisor after an investor in February’s subscription failed to complete their investment of £1.2 million.

Love Hemp also said that it can now progress discussions with its proposed new AQSE advisor and expects to announce timings of when its trading suspension will be lifted ‘shortly’.

The company needs a new advisor in order to resume share trading on the AQSE Exchange.

Chair Graham Mullis said: ‘On behalf of the board, we regret that Love Hemp has found itself in this position however I am pleased the company has been able to resolve the situation with AQSE and looks forward to appointing a new corporate advisor and lifting the trading suspension shortly.

‘The company has strengthened its board, improved governance and controls and takes its responsibilities seriously as a publicly traded company. ’

Love Hemp shares were suspended at 0.44 pence each in May.

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