CHARLOTTES WEB HLDGS INC - CWBHF STOCK NEWS

Charlotte's Web Holdings, Inc. (CWBHF) announced the launch of ReCreate™, a new brand focused on young wellness seekers, particularly Millennials and GenZers. The brand features NSF-certified, broad-spectrum CBD products aimed at enhancing self-care and mental well-being. This initiative is part of a strategic expansion into lifestyle verticals, capitalizing on the growing CBD market, which attracts approximately 47% of its consumers from the younger demographics. The products will be marketed in association with Major League Baseball (MLB) through various media platforms and events. Key early retail partnerships include Fresh Thyme and Vitamin Shoppe. The ReCreate brand aims to combine hemp extract benefits with functional botanicals, promoting wellness practices aligned with consumer trends that emphasize holistic health.

Charlotte's Web Holdings has formed a Joint Venture (JV) with AJNA BioSciences, funded by a $10 million investment from British American Tobacco (BAT), which acquires a 20% stake. Each party, including Charlotte's Web and AJNA, holds 40% voting rights. The JV aims to develop a novel botanical drug targeting neurological conditions and plans to file an Investigational New Drug (IND) application with the FDA in 2023. Dr. Orrin Devinsky will lead the clinical strategy and development. This collaboration allows Charlotte's Web to leverage its proprietary hemp genetics and clinical data for drug development, aiming to offer alternatives to current neurological treatments.

Charlotte's Web has formed a joint venture (JV) with AJNA BioSciences, backed by British American Tobacco (BAT), which has invested US$10 million for a 20% stake in the JV. Both Charlotte's Web and AJNA will each hold 40%. The JV aims to develop a novel botanical drug targeting neurological conditions, leveraging proprietary hemp genetics from Charlotte's Web. The project will seek FDA approval, with plans for an Investigational New Drug application and Phase I clinical development to commence in 2023. Dr. Orrin Devinsky, a respected neurologist, will lead the clinical strategy. The JV represents an opportunity for Charlotte's Web to monetize its intellectual property while advancing innovative medical solutions.