Charlottes Web Stock Price, News & Analysis

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.

Charlotte's Web Holdings (CWBHF) has appointed Andrew Shafer as Chief Marketing Officer. With over 20 years of experience, Shafer has previously led marketing at Verizon, where he developed brand strategies and increased customer engagement. His new role will focus on enhancing marketing initiatives across traditional retail and digital platforms, particularly in partnership with Major League Baseball. CEO Jacques Tortoroli expresses confidence in Shafer's ability to drive brand growth. The company, known for its CBD wellness products, aims to leverage Shafer's expertise to expand its market presence and enhance customer interaction.

Charlotte's Web Holdings reported a significant 28% reduction in 12-month operating expenses and a net cash position of $67 million as of December 31, 2022. The company experienced a 23.8% year-over-year decline in fourth-quarter revenue to $18.9 million, primarily due to lower retail and online sales. Despite lower revenue, operating loss improved to $32 million from $118 million in Q4 2021. The company secured a $56.8 million investment from British American Tobacco and became the Official CBD of Major League Baseball. The firm is focusing on international expansion, regulatory engagement, and new product launches.

Charlotte's Web Holdings reported its Q4 and full-year 2022 financial results, revealing a consolidated revenue of $18.9 million for Q4, down 23.8% year-over-year. The company achieved a 28% reduction in operating expenses, resulting in a net loss of $35.2 million, improved from $118.2 million in Q4 2021. Significant developments included a $56.8 million investment from British American Tobacco and the designation as the Official CBD of Major League Baseball. The cash balance stood at $67 million at year-end 2022, and a strategic alliance with Tilray for Canadian distribution was announced.

Charlotte's Web Holdings, Inc. (CWBHF) has appointed Jonathan P. Atwood to its Board of Directors, expanding the board to six members. Mr. Atwood, with extensive experience in the Consumer Packaged Goods sector, has held senior roles at British American Tobacco, Unilever, Reynolds American, and Kraft Foods. His recent position at BAT focused on communications strategies that align with corporate sustainability goals. This appointment is expected to bolster Charlotte's Web's international and sustainability objectives, as stated by Chairman John Held. The company remains a leader in CBD products and is the only publicly traded CBD B-Corp certified entity.

Charlotte's Web Holdings, Inc. (CWBHF) will announce its fourth-quarter and year-end financial results on March 23, 2023, prior to market opening. An earnings conference call is scheduled for 11:00 a.m. ET on the same day. Interested participants can register online for a callback, join via phone, or access a live webcast. The earnings call replay will be available until March 30, 2023, allowing investors to review the results later. Charlotte's Web is a leader in the CBD market, known for its innovative hemp extract wellness products.

On March 8, 2023, Charlotte's Web Holdings appointed Dr. Marcel Bonn-Miller as Chief Scientific Officer. Dr. Bonn-Miller brings over 20 years of experience in cannabinoid research, previously serving as VP at Canopy Growth. In his new role, he will lead R&D for product development and regulatory support, enhancing existing safety data and interfacing with the FDA. His extensive research background includes over 150 publications and multiple patents in CBD applications for mental health. The CEO, Jacques Tortoroli, expressed confidence in Dr. Bonn-Miller's ability to advance the company's scientific and regulatory goals.

Charlotte's Web Holdings, Inc. (CWBHF) addressed the FDA's recent announcement on January 26, 2023, which highlights the need for congressional action regarding the regulation of hemp-derived cannabidiol (CBD). The company supports FDA's call for regulation, noting the CBD industry has evolved without clear guidelines. Charlotte's Web emphasizes its commitment to quality and safety through extensive testing and self-regulation. They recently achieved NSF Certification for Sport®, ensuring their products meet high safety standards, particularly for athletes. The company continues to advocate for a legislative framework to enhance safety and quality in the CBD market.

Charlotte's Web Holdings has appointed Jessica Saxton as the new Chief Financial Officer (CFO), effective January 1, 2023. Saxton brings extensive financial expertise from leading firms such as Anheuser-Busch InBev and General Motors. Outgoing CFO Greg Gould will transition with Saxton before his departure at the end of 2022. CEO Jacques Tortoroli expressed gratitude to Gould for steering the company during a crucial phase, including completing a $57 million financing and streamlining operations, paving the way for future growth initiatives.