ValidCare to Conduct Industry Leading Study on
CBD and Human Health
BOULDER, Colo., June 9, 2020 /CNW/ - (TSX: CWEB) (OTCQX:
CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the
"Company"), the company behind the world's most trusted hemp
extract™ and the CBD industry market leader, announced its
sponsorship, with six other CBD brands, of ValidCare's scientific
study, to address the Food and Drug Administration's (FDA) prior
public questions about CBD products. ValidCare will be
conducting a human trial study to ascertain if daily use of full
spectrum hemp-derived CBD or CBD isolate has any impact on the
human liver. In its report to Congress dated March 5, 2020, the FDA requested additional
science-based data from the CBD industry. The ValidCare study will
provide third-party scientific data intended to directly address
some of the FDA specific requests.
![TSX:CWEB - Charlotte's Web CBD hemp extracts (CNW Group/Charlotte's Web Holdings, Inc.) TSX:CWEB - Charlotte's Web CBD hemp extracts (CNW Group/Charlotte's Web Holdings, Inc.)](https://mma.prnewswire.com/media/1178185/Charlotte_s_Web_Holdings__Inc__Charlotte_s_Web_Steps_up_to_Suppo.jpg)
"As the market share leader, anchored in science, sponsoring
ValidCare's study made strategic sense for us," said Deanie Elsner, Chief Executive Officer for
Charlotte's Web. "This research will provide important clinical
data to guide our entire industry while also showing the FDA we've
heard their requests and are answering their questions with precise
data."
Charlotte's Web is one of only seven companies that agreed to
participate in and fund this important research, out of more than
100 that were invited to take part.
"This is a particularly important time for research on the
science behind hemp-derived CBD as we advocate for FDA regulation
of our category," said Tim Orr, Vice
President of Innovation for Charlotte's Web. "Charlotte's Web
invests in scientific research, including internal and external
independent studies such as ValidCare's. Prioritizing the science
is essential to ensuring product safety, effectiveness and consumer
trust."
About ValidCare
ValidCare, LLC provides clinical research outsourcing (CRO) and
consumer intelligence solutions for the hemp and healthcare
industries. ValidCare's proprietary platform supports virtual
research powered by real world evidence (RWE) including
self-reported consumer data to deliver insights that help improve
research, regulations, product development and consumer health. For
more information, visit www.validcare.com or call 844-825-4322.
About Charlotte's Web Holdings, Inc.
Founded by the seven Stanley
Brothers in Colorado to
unleash the healing power of botanicals through care, compassion
and science, Charlotte's Web Holdings, Inc. is the market leader in
the growing, production and distribution of innovative hemp-derived
cannabidiol ("CBD") wellness products. The Company's exceptional
quality products, tested more than 20 times, start with proprietary
hemp-derived CBD extracts naturally containing a full spectrum of
phytocannabinoids, including CBD, terpenes, flavonoids and other
beneficial hemp compounds. Industrial hemp products are
non-intoxicating. Charlotte's Web product categories include CBD
Oil tinctures (liquid products), CBD capsules, CBD topicals, as
well as CBD pet products. Charlotte's Web hemp-derived
products are sold in more than 11,000 brick and mortar stores, and
online at www.CharlottesWeb.com. The rate the Company pays for
agricultural products reflects a fair and sustainable rate driving
higher quality yield, encouraging regenerative farming practices,
and supporting U.S. farming communities.
Charlotte's Web is a socially conscious company and is committed
to using business as a force for good and a catalyst for
innovation. The Company weighs sound business decisions with
consideration for how its efforts affect its employees, customers,
the environment, and the communities where its employees live and
where it does business, while maximizing profits and strengthening
its brands. The Company's management believes that socially- and
environmentally-conscious actions have a positive impact on the
Company, its employees, its shareholders and society. Charlotte's
Web donates a portion of its pre-tax earnings to charitable
organizations.
Shares of Charlotte's Web trade on the Toronto Stock Exchange
(TSX) under the symbol "CWEB" and are quoted in U.S. Dollars in
the United States on the OTCQX
under the symbol "CWBHF". As of May 13,
2020, Charlotte's Web had 71,945,914 Common Shares
outstanding and 92,455.575 Proportional Voting Shares convertible
at 400:1 into Common Shares, for an effective equivalent of
108,928,144 Common Shares outstanding.
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Forward-Looking Information
Certain information in this news release constitutes
forward-looking statements and forward-looking information
(collectively, "forward-looking information"). In some cases, but
not necessarily in all cases, forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", "will" or "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
information. Statements containing forward-looking information are
not historical facts but instead represent management's
expectations, estimates and projections regarding future
events.
This news release contains forward-looking statements and
information within the meaning of applicable securities
legislation. Often, but not always, forward-looking statements and
information can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "estimates",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
or information involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of Charlotte's Web to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements or information contained in this
news release. These forward-looking statements include, but are not
limited to, statements relating to the results and efficacy of the
ValidCare study, and the ability of the study to address certain
FDA-specific questions.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information,
including assumptions as to the efficacy and results of the study;
the FDA's consideration of the study; and such risks contained in
Charlotte's Web's annual information form dated March 27, 2020 and filed with Canadian securities
regulators available on Charlotte's Web's issuer profiles on SEDAR
at www.sedar.com. Readers are cautioned that the foregoing list of
factors is not exhaustive.
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SOURCE Charlotte's Web Holdings, Inc.