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BusinessCann Report: Love Hemp ‘Rigorously Refutes’ Allegations Of Fraud Levelled By Former Managing Director

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LOVE Hemp has responded to damning allegations made publicly by its former managing director Philip Small, who left the company in November 2022.

The Aquis-listed CBD retailer, which has seen its shares suspended since May, issued an RNS on Monday, January 30 stating it ‘rigorously refutes’ the numerous accusations.

Mr Small’s account of his year-long stint at Love Hemp, understood to have been published in a public Telegram group, levels a number of serious allegations against the company and its directors, including VAT fraud, the misleading of investors, corporate fraud, perpetuation of an investment scam and ‘mismanagement’ at its core.

In response, Love Hemp’s board of directors said it was ‘shocked by the allegations’ and levelled a number of similar accusations at Mr Small, stating that actions during his short tenure ‘damaged the brand and resulted in unquantifiable losses’.

Investigation launched

In its RNS, Love Hemp said that the comments ‘are being thoroughly investigated by the company’s advisors including Love Hemp’s legal team’.

“However, until such investigation is completed, the board has no reason to believe any of these comments to be true.”

The statement also attempted to distance and differentiate itself from ‘the previous’ board, against which many of the claims are levelled, stating that the current board ‘cannot justify why the previous board made the decision to select Mr Small as the Managing Director’.

Aquis (AQSE) has also weighed in on the dispute, telling The Times: “In light of new allegations made, there will be additional scrutiny of Love Hemp by the Aquis Stock Exchange regulatory team, who will work closely with the Financial Conduct Authority (FCA) as necessary.”

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Love Hemp ‘Rigorously Refutes’ Allegations Of Fraud Levelled By Former Managing Director



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UK / EU Cannabis Compliance

German Medical Cannabis Associations Call For Wider Regulatory Reform

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In July 2023, Germany’s federal government commissioned the Federal Joint Committee (G-BA) – the body responsible for determining which medical treatments are covered by the country’s statutory health insurance – to amend the current regulations around medical cannabis prescriptions.

The G-BA is in the process of deciding four specialist areas for which the current approval requirement should no longer apply, making it easier to obtain insurance coverage for the medicine.

However, the country’s medical cannabis associations say this does not go far enough and have called for the approval requirement to be removed for all conditions in which cannabis has shown medical efficacy.

Medical cannabis has been legal in Germany since 2017 and can be prescribed by any doctor for patients with serious medical conditions. It is one of the few countries globally where the treatment can be covered under the public health insurance system in certain cases.

But currently, for patients with statutory health insurance, the costs of medical cannabis are only covered if previously approved by the insurance company.

This application process is said to be ‘daunting, lengthy and bureaucratic’ for doctors and patients, with 30-40% of applications being rejected.

https://businessofcannabis.com/german-medical-cannabis-associations-call-for-wider-regulatory-reform/



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UK / EU Cannabis Compliance

Portugal: Full Legalisation on the Horizon?

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Cannareporter writes….

The legalization of cannabis may be introduced in the Portuguese Parliament and there may be political will and consensus for the approval of this regulation to be faster. In the “March for Cannabis” Manifestation, members of various parties, power and opposition, participated and revealed that it may be in 2023 that the proposal for the legalization of cannabis will enter parliament.

The staircase of the Assembly of the Republic building brought together, after the demonstration that headed from Largo do Camões, the various participants of the March for Cannabis, convened by the Mothers for Cannabis Associative Movement. It was at a time dedicated to interventions that the possibility of legalizing cannabis in the near future in Portugal was unveiled by various political leaders.

According to Francisco Themudo, National Secretary for the Rights, Freedoms and Guarantees of Socialist Youth, who addressed those present, he reasoned that there may be will, but above all, the necessary political conditions to move towards a comprehensive regulation of cannabis.

The leader stated that “smoking is an act of freedom, and that we have the right to do it safely”, defending a legal framework where the cannabis plant is not illegal. Fabien Figueiredo, former deputy for the Bloco de Esquerda and proponent of the bill to legalize personal consumption in 2021 But if there were any doubts, confirmation that, in the corridors of São Bento, cannabis is more than just talk, came from the Deputy of the Liberal Initiative, Rodrigo Saraiva. To the participants, the deputy said that it could even be in 2023 that the parliament will receive some proposals for discussion, “already with some prior consensus”.

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https://cannareporter.eu/en/2023/04/02/legalization-in-portugal-may-advance-later-this-year-with-political-consensus/?mc_cid=c0a48fdbf5



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Spain Reaches Agreement on Future 1% THC Hemp Regulation

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French cannabis media outlet Newsweed writes…

In the absence of agreement for immediate regulation of light cannabis in Spain, the Spanish Workers’ Party ( PSOE ) managed to get an initiative approved by Congress which opens the door to future cannabis regulation at less than 1% THC.

If the initial objective has been considerably reduced, the initiative will make it possible to develop a clear framework for « the production, marketing and consumption of » products derived from the entire hemp plant in Spain.

Finally regulate CBD hemp in Spain

The final text should regulate all aspects that affect the activities of the non-psychoactive cannabis production cycle, as well as regional legislation on agriculture, by developing more precisely the European directives for the cultivation of industrial hemp.

According to Lucía Muñoz, Member of the UP cited by Europa Press, « the ban on this non-narcotics cannabis is equivalent to the ban on non-alcoholic beer and undermines the competitiveness of Spanish agriculture. »

The text adopted by Congress launches work for the definition of a clear framework.

He therefore calls for « progress in promoting the regulation of industrial hemp in order to give legal certainty to production, the marketing and consumption of products derived therefrom, while respecting the powers of the autonomous regions and the principle of subsidiarity in terms of protecting public security, health and agriculture ».

Read the full article at 

https://www.newsweed.fr/espagne-accord-future-reglementation-chanvre-1-thc/?mc_cid=c0a48fdbf5



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