CHARLOTTES WEB HLDGS INC - CWBHF STOCK NEWS

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.

On May 17, 2022, Charlotte's Web Holdings (CWBHF) released findings from its second cohort of a liver safety study involving 1,061 adults. The study confirmed that daily hemp CBD use posed no increased risk for liver-related issues, with zero adverse events reported. The research, designed to address FDA safety queries, showed no daytime drowsiness and indicated that CBD does not reduce testosterone levels. These results are expected to support future federal regulations for CBD products, marking a significant step for the CBD industry.

Charlotte's Web Holdings reported a net revenue of $19.4 million for Q1 2022, a 17.3% decline from $23.4 million in Q1 2021. The decrease in revenue was primarily attributed to lower eCommerce traffic and a temporary shipping disruption due to a wildfire. Despite challenges, direct-to-consumer subscriptions increased by 107%. Operating expenses were reduced by 14.4%, leading to improved EBITDA by $3.5 million. The company anticipates a cash flow neutral position by fiscal year-end 2022, with cash and working capital of $14.5 million and $69.9 million, respectively.

Charlotte's Web Holdings will report its first-quarter financial results on May 16, 2022, followed by a conference call on May 17, 2022, at 11:00 a.m. ET. Investors can participate by dialing 1-416-764-8659 or 1-888-664-6392. A replay will be available until May 23, 2022, via 1-416-764-8677 or 1-888-390-0541 with conference ID 55137632. Charlotte's Web, a leader in hemp extract wellness products, operates multiple brands and maintains stringent product quality through a vertically integrated model.

Charlotte's Web Holdings, a leader in full-spectrum CBD products, has announced key management changes effective April 25, 2022. Lindsey Jensen is appointed as Chief Financial Officer, succeeding Wes Booysen, who is leaving for other opportunities. Jensen brings over a decade of finance leadership experience. Jared Stanley, co-founder, is promoted to Chief Operating Officer, overseeing supply chain and operations. These changes aim to strengthen the company's leadership as it navigates future growth and innovation in the CBD market, positioning Charlotte's Web for its next phase.

Charlotte's Web Holdings, Inc. (CWBHF) has received validation for its Novel Food applications from the UK Food Standards Agency (FSA) for full-spectrum hemp extracts, positioning it as a market leader in the CBD sector. This allows Charlotte's Web to be included on the FSA's list of products authorized for sale in the UK, expanding its market presence. The UK CBD market is projected to reach $1.3 billion by 2025, driven by consumer demand for natural wellness products. The company is set to initiate discussions with major UK retailers for sales of its full-spectrum products.

Charlotte's Web reported a slight 1% increase in 2021 revenue to $96.1 million. The Adjusted EBITDA loss improved by $5 million to ($18.6 million). The company ended 2021 with $19.5 million in cash. DTC e-commerce revenue fell 2.3% to $62.3 million, while B2B revenue grew 7.5% to $33.8 million. A net loss of $137.7 million for the year included $107.7 million in non-cash impairments. Charlotte's Web expands market presence amid ongoing regulatory actions, with new product innovations and initiatives for international growth.