Charlotte’s Web Holdings Inc (OTCMKTS: CWBHF) is looking to make a strong comeback from current levels. The Company is a market leader in the production and distribution of innovative hemp-based cannabidiol (“CBD”) wellness products that has recently surpassed 3000 retail locations across the United States
Charlotte’s Web is the market share leader in hemp-based CBD wellness products which saw a boost after reports Coca-Cola is monitoring the nascent industry and is interested in drinks infused with CBD. With a rising number of various CBD products available in mainstream markets, consumers are spending more on CBD products than ever before. The Brightfield Group estimates the space will top $22 billion within the next 4 years, making it one of the more enticing spaces from an opportunity standpoint.
Charlotte’s Web Holdings Inc (CSE: CWEB; OTCQX: CWBHF) is the market leader in the production and distribution of innovative hemp-based cannabidiol (“CBD”) wellness products. Charlotte’s Web products are made from high quality and proprietary strains of whole-plant hemp extracts containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other valuable hemp compounds. Industrial hemp products have no psychoactive effects. Charlotte’s Web current product categories include tinctures (liquid product), capsules and topical products. Charlotte’s Web hemp-based whole plant extracts are sold through select distributors, brick and mortar retailers and online through the Company’s website.
With CBD gaining mainstream market momentum, Charlotte’s Web, the industry pioneer and category leader in hemp-based CBD, has expanded its suite of product offerings across a wider variety of retailers, from small specialty health food stores to now including regional pharmacy and grocery chains. The Company recently added more than 40 Bartell drug stores in the North West.
In September at Natural Products EXPO East 2018, Charlotte’s Web took home The NEXTY Consumer Choice Award. The NEXTY Award recognizes innovative natural products that inspire and uphold industry integrity. Charlotte’s Web was selected from a group of 57 finalists. The Company recently completed a brand and consumer packaging refresh.
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On November 25 the COmpany announced it has entered into an agreement with Canaccord Genuity Corp. (the “Lead Underwriter”), pursuant to which the Lead Underwriter, together with a syndicate of underwriters (collectively, the “Underwriters”) have agreed to purchase, on an underwritten basis, 5,000,000 units of the Company (the “Units”), at a price of C$13.25 per Unit (the “Offering Price”), for aggregate gross proceeds to the Company of C$66,250,000 (the “Offering”).
Each Unit will be comprised of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant will be exercisable to acquire one common share (a “Warrant Share”) for a period of 2 years following the closing date of the Offering at an exercise price of C$16.50 per Warrant Share, subject to adjustment in certain events.
Charlotte’s Web has also granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to 750,000 additional Units of the Company on the same terms as the Offering. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be C$76,187,500.
Net proceeds from the Offering will be used primarily to fund the Company’s business development and for general working capital purposes.
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Currently trading at the bottom of its range Charlotte’s Web has $10.7 million in the treasury, is debt free and has fast growing sales reporting $17,217,000 for the 3 months ended June 30, 2018 up from $9,059,000 for the same period last year. Charlotte’s Web is a really exciting Company; they are the market leader in the production and distribution of innovative hemp-based cannabidiol (“CBD”) wellness products that has recently surpassed 3000 retail locations across the United States. We will be updating on Charlotte’s Web when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Charlotte’s Web.
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Disclosure: we hold no position in Charlotte’s Web either long or short and we have not been compensated for this article.