World High Life Plc (OTCQB:WRHLF), an investment company with a focus on developing business opportunities in the CBD, health and wellness and regulated cannabis industry in Europe, is pleased to announce its interim results for the nine months ended 31 March 2020.

These results have been prepared in connection with the filing of a preliminary non-offering prospectus with the intent to list the Company’s ordinary shares on the Canadian Securities Exchange (“CSE“), which if accepted will result in World High Life shares being listed in the UK on the AQSE Growth Market, in Canada on the CSE and in the USA on the OTCQB, providing shareholders throughout the UK and North America with access to invest in World High Life.

On behalf of the board:

David Stadnyk
12 June 2020

For further information please contact:

David Stadnyk
Founder & CEO

World High Life PLC
North America 1 (236) 521-7211
North America toll-free, 1 (888) 616-WRHLF (9745)
+44 (0) 7926 397 675

AQSE Corporate Adviser
Mark Anwyl/Allie Feuerlein
Peterhouse Capital Limited
+44 (0) 20 7469 0930

Financial PR
Camilla Horsfall/Megan Ray
+44 (0) 20 7138 3224

For more information on World High Life please visit:

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Cautionary Note Regarding Forward Looking Information

We seek safe harbour. Some statements contained in this news release are “forward looking information” within the meaning of securities laws. Forward looking information include, but are not limited to, statements regarding the use of proceeds of the non-brokered private placement and payment of the debt settlements. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual results to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. We do not undertake to update any estimate at any particular time or in response to any particular event, except as required by law.



31 March
30 June
Note £ £
102,482 1,307,456
Trade receivables and other
6 214,605 286
7 420,979
738,066 1,307,742
Property and equipment
8 1,276,615
Goodwill and intangible assets
9 2,700,000
Total assets
4,714,681 1,307,742
Accounts payable and accrued liabilities
10 1,257,175 33,731
Lease liability – current
8 131,841
Deferred consideration
9 4,000,000
Loans payable – current
11 462,072
Derivative liability
12 870,744
6,721,832 33,731
Lease liability
8 861,116
Loans payable
11 215,194
Convertible debentures
12 2,203,333
Deferred tax liability
Total liabilities
10,030,375 33,731
Share capital
13 1,424,090 886,413
Share premium
13 4,374,328 291,233
Shares to be issued
13 175,493
13 241,963
(11,356,075 ) (79,128 )
Total equity
(5,315,694 ) 1,274,011
Total liabilities and equity
4,714,681 1,307,742

Nature and continuance of operations (Note 1,2)
Subsequent events (Note 17)

The accompanying notes are an integral part of these consolidated interim financial statements.


Three months ended Nine months ended
31 March
31 March
Note £ £
626,730 1,053,195
Cost of goods sold
315,253 532,114
Gross profit
311,477 521,081
Selling, general, and administrative
5, 14 640,748 1,412,869
Salaries and wages
14 424,069 566,486
259,572 488,420
Professional fees
162,825 567,253
Transaction costs
8 16,983 22,210
Share-based compensation
13 218,919 241,963
Interest and accretion
8,12 98,417 163,944
Foreign exchange
(5,109 ) 41,237
Total expenses
1,816,424 3,705,789
Loss before other items
(1,504,947 ) (3,184,708 )
Impairment – intangible assets
(7,473,831 )
Derivative fair value adjustment
63,551 (618,408 )
Net and comprehensive loss for the period
(1,441,396 ) (11,276,947 )
Loss per share
Basic and diluted – £
(0.01 ) (0.09 )
Weighted average number of ordinary shares
Basic and diluted
141,854,563 125,944,428

The accompanying notes are an integral part of these consolidated interim financial statements.


Number of ordinary shares Share Capital Share Premium Share subscriptions received Reserves Deficit Total equity
£ £ £ £ £ £
Balance, 30 June 2019
88,641,354 886,413 291,233 175,493 (79,128 ) 1,274,011
Ordinary shares issued at £0.01 each
8,100,000 81,000 81,000
Ordinary shares issued at £0.06 each
675,000 6,750 33,750 40,500
Ordinary shares issued at £0.10 each
10,991,737 109,917 989,257 (175,493 ) 923,681
Ordinary shares issued for services
4,000,980 40,010 360,088 400,098
Ordinary shares issued to acquire Love Hemp Ltd.
30,000,000 300,000 2,700,000 3,000,000
Share-based compensation
241,963 241,963
Net loss for the period
(11,276,947 ) (11,276,947 )
Balance, 31 March 2020
142,409,071 1,424,090 4,374,328 241,963 (11,356,075 ) (5,315,694 )

The accompanying notes are an integral part of these consolidated interim financial statements.


31 March 2020
Operating activities
Net loss for the period
(11,276,947 )
Adjusted for:
Share based payments
Accretion and interest
Shares issued for services
Accrued interest
Impairment – intangible assets
Derivative fair value adjustment
Changes in non-cash working capital:
Receivables and other
Accounts payable and accrued liabilities
Due to related party
Cash flows from operating activities
(1,603,532 )
Investing activities
Acquisition of Love Hemp Limited, net
(2,915,651 )
Property and equipment
(73,539 )
Cash flows from investing activities
(2,989,190 )
Financing activities
Ordinary shares issued for cash
Convertible debentures
Convertible debentures – transaction costs
(48,459 )
Loans received
Lease payments
(39,340 )
Loan repayments
(295,832 )
Cash flows from financing activities
Change in cash
(1,204,974 )
Cash, beginning of period
Cash, end of period

The accompanying notes are an integral part of these consolidated interim financial statements.


World High Life Limited was incorporated by Certificate of Incorporation in England and Wales on 30 January 2019 with registration number 11797850 under the Companies Act 2006. The limited company reregistered as a public company on 6 August 2019, and thus became World High Life Plc (the “Company”) on the same date. The Company’s head office and registered and records office address is 7-9 Swallow Street, 2nd Floor, London, United Kingdom, W1B 4DE.

The Company is an investment issuer with a focus on developing business opportunities in the CBD Health and Wellness market, as well as the Regulated Medicinal Cannabis market in the UK and Europe. The Company’s focus is on building and facilitating the growth of a diversified portfolio of companies, assets, and opportunities within its focus mandate.


The Company acquired the entire share capital of Love Hemp Ltd on 18 October 2019 which the Directors have treated as an asset acquisition as explained in Note 9 to the financial statements for the period ended 31 December 2019. The Directors are required to and have prepared consolidated condensed financial statements which include the results of the acquired subsidiary from the date that the acquisition took place.

The interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Statements” as adopted by the European Union and the Disclosure and Transparency Rules of the UK Financial Conduct Authority.

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

These consolidated interim financial statements have not been audited nor have they been reviewed by the Group’s auditors under ISRE 2410 of the Auditing Practices Board.

Going concern

The consolidated interim financial statements have been prepared on a going concern basis. The Company’s assets are generating revenues and based on the Board’s budgets, cash flow forecasts, and considered ability to raise further finance, the Directors are of the view that the Company has sufficient funds to undertake its operating activities over the next 12 months from the date these financial statements are approved.

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. There is no certainty whether the Company will generate significant revenues or attain profitable operations in the near future and there can be no assurance that it will achieve profitability in the future. The Company incurred a loss of £11,276,947 for the period ended 31 March 2020, and has an accumulated deficit £11,356,075.

The Company has a need for financing working capital, product development, marketing and sales. Because of continuing operating losses, the Company’s continuance as a going concern is dependent upon its ability to obtain adequate financing and to reach profitable levels of operations. It is not possible to accurately predict whether present financing efforts will be successful or if the Company will attain profitable levels of operations. The Company will periodically have to raise funds to continue operations and, although it has been successful in doing so in the past, there is no assurance it will be able to do so in the future. These conditions raise significant doubt as to the Company’s ability to continue as a going concern

On March 11, 2020, the World Health Organization categorized COVID-19 as a pandemic. The potential economic effects within the Company’s environment and in the global markets, possible disruption in supply chains, and measures being introduced at various levels of government to curtail the spread of the virus (such as travel restrictions, closures of non-essential municipal and private operations, imposition of quarantines and social distancing) could have a material impact on the Company’s operations. As of the date of the audit report the extent of the impact of this outbreak and related containment measures on the Company’s operations cannot be reliably estimated. The directors have taken proactive steps to manage costs during this time and expect to be in a position to meet all short-term obligations from cash flow generated from operations

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company’s medium-term performance are liquidity risk, credit risk, interest rate risk and fair value estimation (Note 15)

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 3.

New and amended standards mandatory for the first time for the financial year beginning 1 July 2019

The following new IFRS standards and/or amendments to IFRS standards are mandatory for the first time for the Company:

Standard Effective date


IAS 28 (Amendments)


Long term interests in associates and joint ventures

1 January 2019

1 January 2019

IFRS 9 (Amendments)

Prepayment Features with Negative Compensation

1 January 2019

Annual Improvements

2015 – 2017 Cycle

1 January 2019

IAS 19 (Amendments)

Employee Benefits

1 January 2019

IFRIC 23 Uncertainty over income tax treatments 1 January 2019

The Directors believe that the adoption of these standards has not had a material impact on the financial statements other than changes to disclosures.

New standards, amendments, and Interpretations in issue but not yet effective or not yet endorsed and not early adopted

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the condensed interim financial statements are listed below. The Company intends to adopt these standards, if applicable when they become effective.

Standard Effective date

IFRS 3 (Amendments)

Business Combinations

1 January 2020

IAS 1 (Amendments)

Presentation of Financial Statements

1 January 2020

IAS 8 (Amendments)

Accounting policies, Changes in Accounting Estimates

1 January 2020

IFRS 7 (Amendments)

Interest Rate Benchmark Reform

1 January 2020

IFRS 9 (Amendments)

Interest Rate Benchmark Reform

1 January 2020


Insurance Contracts

1 January 2021

The Company is evaluating the impact of the new and amended standards above. The Directors believe that these new and amended standards are not expected to have a material impact on the Company’s results or shareholders’ funds.


The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these judgments, estimates and assumptions could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Impairment of long-lived assets

Long-lived assets, including property and equipment, and intangible assets, are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or group of assets (CGU). The recoverable amount of an asset or a CGU is the higher of its fair value less costs to sell, and its value in use. If the carrying amount of an asset exceeds its recoverable amount, an impairment charge is recognised immediately in profit or loss by the amount by which the carrying amount of the asset exceeds the recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognised previously.

Business combinations

The consolidated interim financial statements comprise the financial statements of World High Life Plc and its subsidiaries as at 31 March 2020. Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has all of the following:

  • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
  • Exposure, or rights, to variable returns from its involvement with the investee
  • The ability to use its power over the investee to affect its returns

Judgement is used in determining whether an acquisition is a business combination or an asset acquisition. Management determines whether assets acquired and liabilities assumed constitute a business. A business consists of inputs and processes applied to those inputs that have the ability to create outputs. Management determines whether assets acquired and liabilities assumed constitute a business. In examining processes and potential outputs, management considers the ability of the acquired and existing processes to adequately be capable of producing the potential outputs; where the processes are insufficient and/or incomplete to produce potential outputs, the company considers the acquisition to be an asset acquisition.

The Company measures all the assets acquired and liabilities assumed at their acquisition-date fair values. Non-controlling interests in the acquiree are measured on the basis of the non-controlling interests’ proportionate share of the equity in the acquiree’s identifiable net assets. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and the services are received (except for the costs to issue debt or equity securities which are recognized according to specific requirements). The excess of the aggregate of (a) the consideration transferred to obtain control, the amount of any non-controlling interest in the acquiree over (b) the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed, is recognised as goodwill as of the acquisition date.

Determination of asset fair values and allocation of purchase consideration

Significant asset acquisitions and business combinations require judgements and estimates to be made at the date of acquisition in relation to determining the relative fair value of property and equipment, as well as the allocation of the purchase consideration over the fair value of the assets. The information necessary to measure the fair values as at the acquisition date of assets acquired requires management to make certain judgements and estimates about future events, including but not limited to future production potential, and future market prices of products, and the ability to effectively distribute products. In certain circumstances, such as the valuation of property and equipment, intangible assets and goodwill acquired, the Company may rely on independent third-party valuators. Provisional purchase price allocations are subject to review by management upon integration of the acquired businesses and will be adjusted as necessary were circumstances indicate it is appropriate to do so.

Share-based payments

The Company utilizes the Black-Scholes Option Pricing Model (“Black-Scholes”) to estimate the fair value of warrants and stock options granted to Directors, Officers, employees, consultants. The use of Black-Scholes requires management to make various estimates and assumptions that impact the value assigned to the stock options including the forecast future volatility of the stock price, the risk-free interest rate, dividend yield and the expected life of the stock options. Any changes in these assumptions could have a material impact on the Share-based compensation calculation value, however the most significant estimate is the volatility. The Company estimated volatility based on historic share prices of companies operating in the regulated cannabis industry. Historical volatility is not necessarily indicative of future volatility. The expected life of stock options or warrants is determined based on the estimate that they would be exercised evenly over their term. There was no recent history of stock option exercises available to consider in the estimate of expected life at the time of grant.


Foreign currencies

Functional and presentation currency

The functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of the Company and its subsidiaries was determined by conducting an analysis of the consideration factors identified in IAS 21, “The Effects of Changes in Foreign Exchange Rates” (“IAS 21”). The functional currency of the Company is Pounds Sterling which is also the presentation currency of the group.

Translation of foreign transactions and balances into the functional currency

Foreign currency transactions are translated into the functional currency of the Company at rates of exchange prevailing on the dates of the transactions. At each reporting date, all monetary assets and liabilities that are denominated in foreign currencies are translated to the functional currency of the Company at the rates prevailing at the date of the statement of financial position. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in profit or loss. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction


In the Statement of Cash Flows, cash is comprised of cash at bank and in hand and demand deposits with banks and other financial institutions, that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

Loss per share

The Company presents basic loss per share for its ordinary shares, calculated by dividing the loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share does not adjust the loss attributable to ordinary shareholders or the weighted average number of ordinary shares outstanding when the effect is anti-dilutive.

Financial instruments

Financial assets

On initial recognition, financial assets are recognised at fair value and are subsequently classified and measured at: (i) amortised cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortised cost or FVOCI, are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income.

For a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business modelThe classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded.


An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognised based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognised for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognised in profit or loss for the period.

In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortised cost decreases, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Financial liabilities

Financial liabilities are designated as either: (i) FVTPL; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortised cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities is classified as other financial liabilities and carried on the statement of financial position at amortised cost.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows of the investments have been impacted.

For all financial assets objective evidence of impairment could include:

  • significant financial difficulty of the issuer or counterparty; or
  • default or delinquency in interest or principal payments; or
  • it becoming probable that the borrower will enter bankruptcy or financial re-organisation.

For certain categories of financial assets, such as receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. The carrying amount of financial assets is reduced by the impairment loss directly for all financial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.


Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the

year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded by providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities which affect neither accounting nor taxable loss as well as differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.

Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and other equity instruments are recognised as a deduction from equity. Ordinary shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued.

The Company has adopted a residual value method with respect to the measurement of warrants attached to private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of ordinary shares issued in the private placements to be the more easily measurable component and the ordinary shares are valued at their fair value, as determined by the closing market price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves.


Inventories of finished goods and packing materials are valued initially at cost and subsequently at the lower of cost and net realisable value. Inventory consists of infused products, raw materials, accessories, and product packaging. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the weighted average cost basis. Products for resale and supplies and consumables are valued at the lower of cost and net realizable value. The Company reviews inventory for obsolete and slow-moving goods and any such inventory is written-down to net realisable value.

Click on, or paste the following link into your web browser, to view the full announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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SOURCE: World High Life PLC

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June 11, 2020 – 11:00 PM PDT
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