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Hemp-derived CBD continues to dominate the U.S. market since industrial hemp operations became legal thanks to the Agricultural Improvement Act of 2018 (known informally as the Farm Bill). 

As CBD products find spots on shelves in pharmacy chains, grocery stores, convenience locations, and vape shops, companies such as Charlotte’s Web Holdings, Inc. (TSX: CWEB; OTCQX: CWBHF) are ramping up grow operations. 

This morning, Charlotte’s Web reported final 2019 grow numbers, citing an 187% increase in acres planted over the previous year. For 2019, the company planted 862 acres of hemp that contain less than 0.3% THC in accordance with the regulations set down by the Agricultural Improvement Act. 

Those new crops are located in outdoor grow spaces spaced out between Oregon, Colorado, and Kentucky. While the Colorado farms are owned directly by the company, hemp in the other two states are grown by family-owned contract farmers. 

Charlotte’s Web Chief Executive Officer Deanie Elsner issued this statement about the new grow numbers reported this morning: 

Interest and demand for our products has been exceptional and growing rapidly. Our planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte’s Web products through 2021. Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan.

The hemp grown through that 2019 planting strategy will be extracted into oils for CBD products, as well as dried for future year’s usage to meet demand for new CBD offerings. 

On that side of operations, Charlotte’s Web just added three new types of gummies to the company’s lineup meant to be taken during the day for relaxation or at night as a sleep aid. Those new edible CBD formulations follow the launch of a series of chews and drops meant for pet consumption and aimed at dog owners. 

With CBD gaining popularity across the U.S. in the months following the Farm Bill’s signing, Charlotte’s Web recently beefed up its executive team by recruiting Adrienne “Deanie” Elsner from Kellogg’s Snack Business Unit. 

Shortly after Elsner joined the company as CEO, Charlotte’s Web also began trading shares on the Toronto Stock Exchange (TSX), following in the footsteps of major U.S. cannabis companies who primarily trade on Canadian exchanges. 

About Author

Ty Arthur

Ty Arthur

Ty Arthur has spent the last decade of his journalism career covering everything from cutting-edge tech to local news through outlets such as the Houston Chronicle. He has focused on the counterculture aspects of society, from marijuana legalization to underground music through Metalunderground.com and rapidly changing trends in the entertainment industry. He lives in the cold, dark north with his wife and son.

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