CHARLOTTES WEB HLDGS INC - CWBHF STOCK NEWS

Charlotte's Web Holdings, Inc. reported Q2 2022 results with net revenues of $18.9 million, down 21.8% year-over-year due to decreased retail shipments and e-commerce traffic. Despite challenges, operating expenses improved by 31.5% to $17.3 million. The company witnessed an operating loss of $7.9 million, reflecting a net loss of the same amount per share. Cash and working capital were reported at $14.8 million and $64.6 million, respectively, as of June 30, 2022. The firm is expanding its distribution channels, including partnerships in China and employer wellness programs.

Charlotte's Web Holdings, Inc. (CWBHF) announced it will release its second-quarter financial results on August 9, 2022. A conference call is set for the same day at 10:00 a.m. ET to discuss these results. Interested participants can call in or access a live webcast. The company, recognized as the market leader in hemp extract wellness products, maintains a commitment to quality through its vertically integrated business model. The conference will also include a replay available until August 16, 2022.

Charlotte's Web Holdings has made an industry-first move by securing formulary approval from SBM LLC for its hemp CBD products to be included in employee benefits programs. This allows U.S. employers to provide their employees and pets access to Charlotte's Web products as alternative wellness therapies. The approval followed rigorous safety and quality assessments. Starting from July 2022, employers can enroll in this program, expected to cover up to 50,000 employees within a year, aiming to enhance workforce health and retention.

Charlotte's Web Holdings has advanced to the safety assessment phase of its Novel Food application with the UK's Food Standards Agency (FSA) for its Original Formula full-spectrum hemp extract. This milestone positions the company favorably in the UK CBD market, which saw sales exceeding US$250M in 2020, projected to reach US$1.3 billion by 2025. The company's commitment to vertical integration ensures quality control across all product stages. This approval allows continued sales in the UK amid a regulatory framework that supports CBD commercialization.

On June 22, 2022, Charlotte's Web Holdings held its annual general meeting, with 47,203,015 votes cast, representing 32.51% of total outstanding shares. The election of directors confirmed several nominees: John Held received 93.04% of votes, Jacques Tortoroli 94.61%, Jean Birch 93.92%, Susan Vogt 93.33%, and Tim Saunders 93.85%. Detailed voting results are available on the Company’s SEDAR and EDGAR profiles. Charlotte's Web, based in Denver, leads in hemp extract products, ensuring quality control through a vertically integrated model.

Massage Envy partners with Charlotte's Web to offer premium CBD wellness products at its locations nationwide. Customers can now enhance their massage experience with CBD Clinic™ topicals, designed for health practitioners and developed to meet high-quality standards. The products include plant-based ingredients like CBD, shea butter, and calming botanicals to nourish the skin and enhance relaxation. This strategic collaboration aims to meet the growing consumer interest in CBD's benefits while expanding Massage Envy's service offerings.

Charlotte's Web Holdings has appointed Greg Gould as the new Chief Financial Officer and Chief Administration Officer, effective immediately. Gould, a senior finance executive with over 20 years of experience in natural wellness and biopharmaceutical sectors, has been acting as a financial advisor since April. His familiarity with the company's operations is expected to facilitate a smooth transition following the resignation of former CFO Lindsey Jensen for personal reasons. The leadership change aims to strengthen the company's future-forward strategy in the CBD market.

Charlotte's Web Holdings has entered an exclusive agreement with Energy Hemp Biotechnology Ltd. to distribute its THC-free broad-spectrum CBD products across Greater China, starting with Hong Kong, Taiwan, and Macau. This partnership aims to leverage Energy Hemp's established market presence and expertise in the region. Plans include launching a retail store in Hong Kong in 2023 and an e-commerce platform for direct consumer access. The move signifies Charlotte's Web's commitment to international expansion and taps into the growing demand for CBD products in Asia.

Charlotte's Web Holdings has released findings from clinical studies confirming that its CBD Clinic™ topicals are safe for frequent use in massage therapy. The studies indicated no systemic absorption of cannabinoid metabolites nor skin irritation after repeated use. The research involved clinical safety testing of the CBD Clinic™ Relax Massage Cream, showcasing its effectiveness during normal and hot stone massages. This adds to the body of evidence supporting the safety and quality of Charlotte's Web products, enhancing confidence among massage therapists.