Charlotte';s Web Announces Shareholder Meeting Voting Results

Rhea-AI Summary

On June 13, 2024, Charlotte's Web held its annual general and special meeting of shareholders. A total of 62,034,339 votes were cast, representing 39.4% of the company's outstanding voting shares. All items on the agenda were approved. The election results for the board of directors showed high approval rates for all nominees, with Jonathan Atwood, Matthew McCarthy, Angela McElwee, William Morachnick, Jared Stanley, and Maureen Usifer receiving over 94% of votes each. Jared Stanley, a co-founder and former director, and Maureen Usifer, an experienced executive in the consumer products industry, were appointed to the board. Detailed results are available on the company's SEDAR profile.

Positive

• All items on the agenda were approved at the shareholder meeting.
• High voting participation with 62,034,339 votes, representing 39.4% of outstanding shares.
• High approval rates for board nominees: Jonathan Atwood (94.6%), Matthew McCarthy (94.9%), Angela McElwee (95.1%), William Morachnick (95.0%), Jared Stanley (95.2%), Maureen Usifer (95.2%).
• Appointment of experienced new board members: Jared Stanley and Maureen Usifer.

Negative

• Low voter turnout with only 39.4% of outstanding shares represented.
• Potential instability as Jared Stanley resigned from his position as Chief Commercial Officer following his reappointment to the board.

LOUISVILLE, Colo., June 14, 2024 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") is pleased to announce the results from its 2024 annual general and special meeting of shareholders held on June 13, 2024, via live audio webcast (the "Meeting"). Each of the matters voted upon at the Meeting is discussed in detail in the Company's Proxy Statement dated April 29, 2024, a copy of which is available on the Company's SEDAR profile at www.sedarplus.ca and on EDGAR at www.sec.gov. 

At the Meeting, all items, as detailed in the Company's Proxy Statement, were approved.

The total number of votes cast at the Meeting was 62,034,339, representing 39.4% of the total number of votes attached to the outstanding voting shares of the Company. According to the proxies received, the results of the vote for the election of directors were as follows:

Nominee	# Votes For	% Votes For	# Votes Withheld	% Votes Withheld
Jonathan Atwood	23,194,494	94.6 %	1,312,418	5.4 %
Matthew McCarthy	23,263,588	94.9 %	1,243,324	5.1 %
Angela McElwee	23,322,998	95.1 %	1,183,914	4.9 %
William Morachnick	23,295,258	95.0 %	1,211,654	5.0 %
Jared Stanley	23,333,518	95.2 %	1,173,394	4.8 %
Maureen Usifer	23,337,133	95.2 %	1,169,779	4.8 %

Two new members were appointed to the Board at the meeting:

Jared Stanley

Jared Stanley is a Co-Founder of Charlotte's Web and a former director of the Company. He has served multiple executive roles for the Company since its inception in 2013. Most recently, Mr. Stanley was the Chief Commercial Officer ("CCO"), overseeing Cultivation & Breeding, Research & Development, Sales, New Product Development, Science and legislative activities at the state and federal level for consumer access and industry advocacy. Prior to assuming the position of CCO, Mr. Stanley served as Chief Operating Officer from May 2022 through September 2023, Chief Cultivation and Innovation Officer from December 2021 through May 2022, and Chief Cultivation Officer from March 2019 through December 2021.  Mr. Stanley has more than 15 years' experience in the cannabis and hemp industry and has built the Company's cultivation divisions from the ground up, creating first-of-its-kind scalable and consistent hemp raw material supply systems across three States and Canada. As a Co-Founder and the Company's former CCO, Mr. Stanley has been featured in global press, media and public events speaking to the Company's mission-driven story, market-leading products, and proprietary technologies. Mr. Stanley served on the Board of Directors of the Company from January 2018 through March 2021.  He also served on the Board of Directors of AJNA Holdings PBC from April 2021 through May 2022.  Mr. Stanley graduated from Colorado State University with a degree in Applied Human Sciences.

Following his reappointment to the Board, effective June 13, 2024, Mr. Stanley resigned as CCO, and will continue as a paid consultant to assist in legislative and cultivation matters as needed.

Maureen Usifer

Ms. Usifer has worked within the consumer products industry for over 30 years and held leadership positions for over 20 years.  Ms. Usifer was a member of the Green Mountain Care Board, a regulatory board appointed by the Governor in Vermont responsible for approving hospital budgets, insurance rates and capital projects, from 2017 to 2021. Ms. Usifer served as CFO of Seventh Generation Inc., a B-Corp that is a distributor of its brand of household and personal care products, from 2012 to 2016. From 1996 to 2012, Ms. Usifer served in various roles with Church & Dwight, a major producer of baking soda and consumer products. Ms. Usifer served as Vice President of Investor Relations, Senior Finance Director, Divisional CFO, and controller during her tenure at Church & Dwight. She currently serves on the Board of Directors of BlackRock TCP Capital Corp., a Nasdaq listed company where she chairs the audit committee and is a member of the governance committee and Liberty All-Star Funds a NYSE listed company where she also chairs the audit committee and is a member of the governance committee.  She previously served on the Board of Directors of BlackRock Capital Investment Corporation. Other private board roles include BlackRock Private Credit Fund, BlackRock Direct Lending Corp. and PC Construction. Ms. Usifer received an undergraduate degree in business from St. Michael's College and an M.B.A. in Finance from Clarkson University.

Detailed results of the matters considered at the Meeting are reported in the Report of Voting Results as filed on the Company's SEDAR profile at www.sedar.com.

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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 that includes Charlotte's Web whole-plant full-spectrum CBD extracts as well as broad-spectrum CBD certified NSF for Sport®. Charlotte's Web 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"), CBN, 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), CBN gummies, 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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SOURCE Charlotte's Web Holdings, Inc.

FAQ

What were the results of Charlotte's Web's 2024 shareholder meeting?

All items on the agenda were approved, with high approval rates for board nominees.

When was Charlotte's Web's 2024 shareholder meeting held?

The meeting was held on June 13, 2024.

How many votes were cast at Charlotte's Web's 2024 shareholder meeting?

A total of 62,034,339 votes were cast, representing 39.4% of the company's outstanding voting shares.

Who were the new board members appointed at Charlotte's Web's 2024 shareholder meeting?

Jared Stanley and Maureen Usifer were appointed to the board.

What is the stock symbol for Charlotte's Web?

The stock symbol is CWBHF.