Charlotte's Web Announces First International Harvest with Patented Hemp Cultivars in Canada

Rhea-AI Summary

Charlotte's Web Holdings announced the successful completion of its first international hemp harvest in Canada, using its proprietary hemp cultivars. The 2021 crop exceeded expectations by 20% and is set to supply the Canadian market in 2022. The CW1AS1 cultivar, vital for their Original Formula, will prioritize medical cannabis patients. The company aims to leverage its strong brand presence and strategic partnerships for distribution in Canada, focusing on a largely untapped hemp CBD market. This expansion may open doors for international sales of hemp biomass and extracts.

Positive

• 2021 Canadian harvest exceeded estimates by 20%.
• Strategic partnerships for manufacturing and distribution in Canada.
• Entry into an underdeveloped Canadian hemp CBD market with high interest in products.

Negative

• None.

DENVER, Nov. 11, 2021 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web," or the "Company"), the market leader in full-spectrum hemp extract products has completed the harvest of its first ever international hemp crop, in Canada.  In April of 2021 Charlotte's Web proprietary hemp cultivars were approved for registration on Health Canada's List of Approved Cultivars for outdoor cultivation in Canada. The early flowering and maturing hemp cultivars were uniquely developed to produce high naturally occurring cannabidiol ("CBD") in shorter northern climate growing seasons.

The Canadian harvest included the Company's flagship "CW1AS1" U.S. patented cultivar used for its leading full-spectrum hemp extract "Original Formula". Charlotte's Web will prioritize this first CW1AS1 harvest for Original Formula available exclusively for medical cannabis patients in Canada.

The 2021 Canadian harvest exceeded initial estimates by approximately 20%. The hemp biomass will be processed into whole plant hemp extract for Charlotte's Web CBD wellness products in Canada for sale in 2022. The robust harvest is a testament to the Company's horticultural leadership in hemp farming.

"We have an internal plant science and genetics department that has made substantial progress in creating healthier, more robust plants that maximize yields by region and provide scalability," said Jared Stanley, Company Co-Founder and Chief Cultivation Officer. "Excellent hemp plant genetics are the first step in the quality control process and will ensure consistency in our Canadian product portfolio."

The high-quality 100% Canadian-grown hemp will be extracted and manufactured into final product through strategic third-party relationships.

"We are employing an asset light model in Canada benefitting from well-established infrastructure and co-production," said Deanie Elsner, Charlotte's Web president and CEO. "We are finalizing agreements with our Canadian manufacturing and distribution partners for product availability in the first half of 2022. The hemp CBD wellness category is underdeveloped in Canada, with limited offerings of quality full-spectrum hemp extract products. Interest in Charlotte's Web products in Canada is high. We are positioning to participate in both hemp CBD and cannabis wellness in Canada, leveraging our brand strength and proprietary genetics."

Canada is part of Charlotte's Web international cultivation expansion, and provides further access to other international geographies through export from the Canadian market for biomass, extract and finished goods.

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About Charlotte's Web Holdings, Inc.

Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Denver, Colorado, 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 science division is located at the University at Buffalo in New York which is part of the State University of New York (SUNY) system of 64 universities. Charlotte's Web product categories include full spectrum hemp extract oil  tinctures (liquid products), gummies (sleep, stress, immunity, exercise recovery), capsules, CBD topical creams and lotions, as well as products for dogs. Charlotte's Web products are distributed to more than 14,000 retail doors and 8,000 health care practitioners, and online through the Company's website at www.CharlottesWeb.com.  

Charlotte's Web's mission is "To unleash the healing powers of botanicals with compassion and science, benefitting the planet and all who live upon it."

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SOURCE Charlotte's Web Holdings, Inc.

FAQ

What was the significance of Charlotte's Web's first international harvest in Canada?

The harvest marked a successful entry into the Canadian market, promising future sales of hemp biomass and CBD products.

How much did the Canadian harvest exceed initial estimates?

The Canadian harvest exceeded initial estimates by approximately 20%.

When will Charlotte's Web's products be available in Canada?

Charlotte's Web plans to have its products available in Canada in the first half of 2022.

What is the CW1AS1 cultivar used for?

The CW1AS1 cultivar is used for Charlotte's Web's leading full-spectrum hemp extract, the Original Formula.

What opportunities does the Canadian harvest provide for Charlotte's Web?

The Canadian harvest offers access to international markets for the export of biomass, extract, and finished goods.