Charlottes Web Stock Price, News & Analysis

Charlotte's Web Holdings, a leading CBD hemp extract wellness company, strongly opposes new regulations in California that restrict the sale of many ingestible full-spectrum hemp CBD products. The emergency regulations, effective September 23, 2024, impose significant limitations on hemp-derived CBD products, including non-intoxicating ones. Charlotte's Web is collaborating with industry groups to push for changes and preserve consumer access to these products in California.

The company argues that these regulations are overreaching and unnecessarily restrict access to safe, non-intoxicating hemp products. The impact is to California and is not anticipated to materially affect the Company's overall 2024 sales and revenue. Charlotte's Web remains committed to quality, safety, and transparency, and is exploring alternative solutions in light of these regulations.

Charlotte's Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) reported Q2 2024 financial results. Revenue decreased to $12.3 million from $16.0 million in Q2 2023. The company launched a new DTC e-commerce platform and expanded retail distribution, including Walmart in 827 stores across five states. Charlotte's Web implemented additional expense reductions, expecting to decrease SG&A by over $20 million in 2024 compared to 2023. The company reported a net loss of $11.0 million ($0.07 per share) and an Adjusted EBITDA loss of $5.2 million. Cash and working capital as of June 30, 2024, were $32.5 million and $38.5 million, respectively.

Charlotte's Web Holdings (TSX: CWEB) (OTCQX: CWBHF), the market leader in CBD hemp extract wellness products, has announced its 2024 second quarter earnings call scheduled for August 8, 2024. The company will report results before market open, followed by a conference call at 11:00 A.M. Eastern Time. Investors can join via phone or webcast, with replay options available until August 15, 2024.

Charlotte's Web, a Certified B , offers a range of CBD products including tinctures, gummies, capsules, topicals, and pet products. The company is the official CBD of Major League Baseball©, Angel City Football Club, and the Premier Lacrosse League. With a vertically integrated business model, Charlotte's Web maintains strict quality control from soil to shelf, using organic and regenerative cultivation practices for its North American farm-grown hemp.

Charlotte's Web Holdings, a leader in hemp-derived CBD products, has expanded its retail presence by launching a new line of CBD topicals in over 800 Walmart locations across five states: California, Illinois, Florida, Texas, and Pennsylvania. The new collection includes a balm stick, cream, and cooling gel, each containing 1,000 mg of CBD isolate. These products are affordable, non-GMO, cruelty-free, sulfate-free, paraben-free, and formulated without major allergens. Bill Morachnick, CEO, highlighted the company's commitment to excellence and innovation in the CBD industry, aiming to provide accessible and high-quality wellness solutions to Walmart shoppers.

Charlotte's Web Holdings, a leading provider of hemp-derived CBD wellness products, has appointed Erika Lind as its new Chief Financial Officer, effective June 29, 2024. Lind replaces Jessica Saxton, who is leaving the company on June 28, 2024, to pursue other interests. Lind joined Charlotte's Web in 2023 as Vice President of Financial Planning and Analysis and Treasury. She has over two decades of executive financial leadership experience, having worked at companies like Celestial Seasonings, Orica USA, Hammond's Candies, and Spectra Logic Corp. Prior to Charlotte's Web, she was the Vice President of Finance at Made in Nature CEO Bill Morachnick expressed confidence in Lind's ability to guide the company towards profitable growth. Outgoing CFO Jessica Saxton will assist in the transition.

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.

Charlotte's Web reported financial results for the first quarter of 2024, showing a decrease in revenue compared to the same period in 2023. The company is focusing on its 'True North' initiatives to enhance the consumer experience, expand product offerings, and improve cost efficiencies. Despite revenue challenges in the CBD industry, the company remains optimistic about its future growth.

Charlotte's Web Holdings, Inc. announces details of its upcoming 2024 Annual General and Special Meeting of Shareholders, proposing to establish six directors and elect new nominees. The meeting will be held virtually on June 13, 2024, with shareholders able to vote online. Current directors are appreciated for their contributions, with John Held not standing for reelection. Newly proposed directors include notable industry figures. The Board aims to continue its growth trajectory through strategic appointments.