CBD Consumer, Science and Policy Experts Joined ONE HEMP in D.C. Briefing to Urge Congress to Meet the Market Where It is

Rhea-AI Summary

Charlotte's Web Holdings, Inc. (CWEB) advocates for CBD regulation at Capitol Hill, aiming to address supply chain bottleneck. Industry experts and advocates join the ONE HEMP coalition to provide sensible policy solutions for a safe, standardized CBD industry. The company seeks to secure committee hearings with Energy & Commerce and Senate HELP for FDA regulation of CBD products as dietary supplements.

Positive

• Advocacy for sensible policy solutions
• Efforts to secure committee hearings with Energy & Commerce and Senate HELP

Negative

• Supply chain bottleneck negatively impacting CBD consumers, farmers, and manufacturers

Speakers from Coalition for Access Now, U.S. Pain Foundation, Balanced Veterans Network, ToxStrategies LLC and Dentons Advised Congress on CBD Regulation

LOUISVILLE, Colo., Dec. 7, 2023 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the industry pioneer and market leader in hemp-derived cannabidiol (CBD) wellness is pleased to announce that CBD experts and advocates joined the ONE HEMP coalition in Washington DC yesterday to meet with members of Congress and their staff on Capitol Hill.

"The message of today's briefing was clear – the supply chain bottleneck caused by lack of regulation is negatively impacting millions of CBD consumers, farmers and manufacturers. ONE HEMP has provided sensible policy solutions backed by science to open a pathway for a safe, standardized CBD industry. Today was a critical step in our next goal to secure committee hearings with Energy & Commerce and Senate HELP," said Jared Stanley, co-founder and Chief Commercial Officer of Charlotte's Web.

During the briefing, Kelly D. Fair, Strategic Advisor to ONE HEMP, Dentons U.S. Cannabis and Hemp Group Partner, and organizer of ONE HEMP's RFI submission, outlined the policy recommendations saying, "Policy solutions must lead with science, address FDA concerns, protect states' rights, and meet the market where it is. Retailers want to sell CBD products and consumers want to access to them."

The panelists featured an authoritative, in-depth discussion on the current regulatory status of CBD and the best path forward by CBD industry experts and advocates including:

• Jennifer Baxter, Executive Director, Balanced Veterans Network
• Kelly Fair, Strategic Advisor, ONE HEMP and US Cannabis and Hemp Group Partner, Dentons
• Paige Figi, Executive Director, Coalition for Access Now
• Nicole Hemmenway, CEO, U.S. Pain Foundation
• Dr. Rayetta Henderson, Foods & Consumer Products, Senior Managing Scientist, ToxStrategies LLC

The panelists spoke to the beneficial role that CBD plays in the lives of millions of Americans from all walks of life, along with key scientific and policy solutions for the future FDA regulation of CBD products as dietary supplements.

LISTEN IN: To watch a recording of the meeting, follow this link: 12-6-2023 ONE HEMP DC Briefing

The ONE HEMP briefing was part of a broader effort to urge the committees of jurisdiction in Congress – House Energy and Commerce and Senate "HELP" – to move ahead with marking up legislation. The nation's hemp and CBD producers, and the millions of Americans who rely on their products, will all benefit from a clear regulatory framework for CBD products. 

About ONE HEMP

ONE HEMP's founding mission is to demand regulatory standards by Congress and the FDA that treat CBD products as dietary supplements and serve as a leading scientific resource to policymakers to ensure consumer safety and consistency. ONE HEMP is an industry working group comprised of leading voices and CBD market leaders. The group has enlisted some of the world's foremost cannabinoid researchers and toxicologists, ensuring that their approach is firmly rooted in robust scientific research and a deep understanding of CBD's safety profile. ONE HEMP aims to set industry benchmarks, nurturing trust and innovation in the CBD sector. Industry leaders that have joined ONE HEMP include -- among others -- Charlotte's Web, Kazmira, and OBX (alphabetical order). Taken together these leaders represent the largest providers of CBD products. Learn more at www.onehemp.org.

To Join ONE HEMP, please contact Kelly D. Fair at kelly.fair@dentons.com.

About Charlotte's Web Holdings, Inc.

Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Louisville, Colorado, is the market leader in innovative hemp extract wellness products under a family of brands that includes Charlotte's Web™, ReCreate™, CBD Medic™, and CBD Clinic™. Charlotte's Web whole-plant CBD extracts come in full-spectrum and broad-spectrum options, including ReCreate™ by Charlotte's Web, broad-spectrum CBD certified NSF for Sport®. ReCreate is the official CBD of Major League Baseball©, Angel City Football Club and the Premier Lacrosse League. Charlotte's Web branded premium quality products start with proprietary hemp genetics that are North American farm-grown using organic and regenerative cultivation practices. The Company's hemp extracts have naturally occurring botanical compounds including cannabidiol ("CBD"), CBC, CBG, terpenes, flavonoids, and other beneficial compounds. Charlotte's Web product categories include CBD oil tinctures (liquid products) CBD gummies (sleep, calming, exercise recovery, immunity), CBD capsules, CBD topical creams and lotions, as well as CBD pet products for dogs. Through its substantially vertically integrated business model, Charlotte's Web maintains stringent control over product quality and consistency with analytic testing from soil to shelf for quality assurance. Charlotte's Web products are distributed to retailers and health care practitioners throughout the U.S.A, and online through the Company's website at www.charlottesweb.com.  

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Forward-Looking Information

Certain information provided herein constitutes forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements are typically identified by words such as "may", "will", "should", "could", "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking statements contained in this press release are based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate and reasonable. Specifically, this press release contains forward-looking statements relating to, but not limited to: regulatory developments and the impact of developments on both consumer action and the Company's opportunities and operations; activities relating to, and sponsorship of, legislation to advance regulatory framework.

The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to: regulatory regime change and including but not limited to those risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ending December 31, 2022 and other risk factors contained in other filings with the Securities and Exchange Commission available on www.sec.gov and filings with Canadian securities regulatory authorities available on www.sedarplus.ca. The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company's future course of action depends on management's assessment of all information available at the relevant time.

Any forward-looking statement in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. Except as required by applicable law, the Company assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. All forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

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SOURCE Charlotte's Web Holdings, Inc.

FAQ

What is the purpose of Charlotte's Web Holdings, Inc. (CWEB) advocating for CBD regulation at Capitol Hill?

The company aims to address the supply chain bottleneck caused by lack of regulation, negatively impacting CBD consumers, farmers, and manufacturers.

Who joined the ONE HEMP coalition in advocating for sensible policy solutions for a safe, standardized CBD industry?

Industry experts and advocates, including Jennifer Baxter, Kelly Fair, Paige Figi, Nicole Hemmenway, and Dr. Rayetta Henderson, joined the ONE HEMP coalition.

What are the efforts of Charlotte's Web Holdings, Inc. (CWEB) to secure committee hearings with Energy & Commerce and Senate HELP?

The company seeks to secure committee hearings with Energy & Commerce and Senate HELP for FDA regulation of CBD products as dietary supplements.

What is the negative impact of the supply chain bottleneck caused by lack of regulation on CBD consumers, farmers, and manufacturers?

The supply chain bottleneck caused by lack of regulation is negatively impacting millions of CBD consumers, farmers, and manufacturers.