CBD Beverages Planned for Second-Half of
2022
DENVER, Feb. 15,
2022 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF)
Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the
"Company"), the market leader in cannabidiol ("CBD") hemp extract
wellness products, is exploring the entry into the CBD wellness
beverage market with new CBD social elixirs currently under
development with an expected launch date later in the calendar
year.
"Entering the beverage category is reflective of our increased
focus on new product categories and formats to drive our topline
growth," said Jacques Tortoroli,
Chief Executive Officer of Charlotte's Web. "This allows us to
enter this fast-growing portion of the market."
The Company looks to introduce CBD sparkling elixirs powered by
Charlotte's Web full spectrum hemp extracts derived from the
Company's proprietary patented hemp cultivars. The beverages
will be developed with best-in-class formulations blended with
other functional botanicals and natural flavors and are vegan,
gluten-free, dairy-free and non-GMO.
According to The Brightfield Group, the CBD beverage market is
set to achieve $245 million in sales
in 2021, up 50% from 2020, and is expected to reach $1.3 billion in 2026, representing a 40%
CAGR.
Charlotte's Web executive suite has substantial experience in
the beverage category. Jacques
Tortoroli has over 20 years of global beverage experience
through previous roles with PepsiCo, and Pepsi-Cola International
and more recently with Bermuda
based family-owned Bacardi Ltd. Charlotte's Web Chief Financial
& Operating Officer, Wes
Booysen, has more than a decade of experience in the
beverage industry at Molson-Coors where he was most recently Chief
Executive Officer and Managing Director, Asia Pacific and Africa.
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About Charlotte's Web Holdings, Inc.
Charlotte's Web
Holdings, Inc., a Certified B Corporation headquartered in
Denver, is the market leader in
innovative hemp extract wellness products under a family of brands
which includes Charlotte's Web™, CBD Medic™, CBD Clinic™, and
Harmony Hemp™. Charlotte's Web branded premium quality products
start with proprietary hemp genetics that are 100-percent American
farm grown and manufactured into hemp extracts containing naturally
occurring phytocannabinoids including cannabidiol ("CBD"),
CBC, CBG, terpenes, flavonoids, and other beneficial hemp
compounds. The Company's CW Labs R&D division, advances
hemp science at two centers of excellence in Louisville, Colorado, and the Hauptmann
Woodward Research Institute at the University
at Buffalo, part of the State
University of New York (SUNY)
network. Charlotte's Web product categories include full-spectrum
hemp CBD oil tinctures (liquid products), CBD gummies (sleep,
stress, exercise recovery), CBD capsules, CBD topical creams and
lotions, as well as CBD pet products for dogs. Through its
vertically integrated business model, Charlotte's Web maintains
stringent control over product quality and consistency. Charlotte's
Web products are distributed to more than 14,000 retail, over 8,000
health care practitioners, and online through the Company's website
at www.CharlottesWeb.com.
Charlotte's Web was founded by the Stanley Brothers with a
mission to unleash the healing powers of botanicals through
compassion and science, benefiting the planet and all who live upon
it. Charlotte's Web is a socially and environmentally
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
employees, customers, the environment, and diverse communities. 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. Management believes that its socially oriented and
environmentally responsible actions have a positive impact on its
customers, suppliers, employees and stakeholders. Charlotte's Web
donates a portion of its pre-tax earnings to charitable
organizations.
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. Specifically, this news release
contains forward-looking information relating to the Company's
expansion activities and growth strategy; the Company's
expectations regarding future cash flow and its financial position;
the results of cost saving efforts; the impact and results of the
Company's reorganization; market share expectations; and impacts of
regulatory changes.
Statements containing forward-looking information are not
historical facts but instead represent management's current
expectations, estimates and projections regarding the future of
our business, future plans, strategies, projections, anticipated
events and trends, the economy and other future conditions.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date of this news release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking
information. Important factors that could cause actual
results and financial condition to differ materially from those
indicated in the forward-looking information include, among others,
the factors discussed throughout the "Risk Factors" section of the
Company's most recently filed annual information form available on
www.sedar.com and in the Company's most recently filed Form 10, as
amended, and other filings with the Securities and Exchange
Commission available on www.sec.gov. Except as required by
applicable securities laws, the Company undertakes no obligation to
publicly update any forward-looking information, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
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SOURCE Charlotte's Web Holdings, Inc.