Colorado-based Charlotte’s Web Holdings, Inc. (CSE: CWEB), a leader in the hemp-based CBD wellness market, announced that the company had surpassed 3,000 retails stores since the end of last quarter, achieving their year-end goal earlier than anticipated. By the end of 2017, the company’s products were sold across 2,000 locations, a 50 percent increase in retail distributors in less then a year.
“Firstly, I would like to commend our incredible and committed staff who worked tirelessly to achieve this milestone. I would also like to thank our dedicated retail partners for their continued support of our mission and for valuing the trust that is closely associated with our brand name,” said Charlotte’s Web CEO Hess Moallem, according to a press release.
The company is known throughout the industry as an industry pioneer as well as a leader in the hemp-based CBD market, having expanded its original suite of retailers from a handful of specialty health food stores to now grocery and pharmaceutical chains. Over 40 Bartell drug stores were added to their retail distributor list this year, to name some of their recent additions. Much of the excitement behind the CBD market is through the potential for CBD-infused drinks, with many giants such as Pepsi and Coca-Cola expressing interest in these types of products.
Additionally, Charlotte’s Web has also been winning acclaim throughout the industry, receiving a number of recognitions such as the NEXTY Consumer Choice Award at September’s Natural Products EXPO. Currently, the company has a leading market share of 14% of the U.S. market, and is showing strong revenues and profits throughout the year.
Moallem went on to add that “While we are thrilled to beat our retail expectations for the year, we know this is just the beginning of our continued expansion both domestically and worldwide. We are deeply committed to the millions of people who benefit from Charlotte’s Web and we will continue breaking new ground to ensure our products are made available in as many retail locations as possible.”
Charlotte’s Web Holding’s stock price has risen 4.35% today in light of the news, bringing the total share value up to $17.53. This movement went against most other cannabis-related companies, which saw their share prices plunge as speculators lost some of their enthusiasm the day prior to Canada’s nationwide marijuana legalization.
Charlotte’s Web Holdings Inc. Company Profile
Charlotte’s Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-based cannabidiol (“CBD”) wellness products. Founded by the Stanley Brothers, the Company’s premium quality products start with proprietary hemp genetics that are responsibly manufactured into whole plant hemp extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Industrial hemp products are non-intoxicating.
Charlotte’s Web current product categories include tinctures (liquid products), capsules, topical, as well as pet 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 at www.cwhemp.com. Shares of Charlotte’s Web trade on the Canadian Securities Exchange under the symbol “CWEB” and in the United States on the OTCQX under the symbol “CWBHF”. – Newswire