In the wake of a landmark distribution deal to provide CBD products to grocery stores across the United States, hemp company Charlotte’s Web Holdings (TSX: CWEB; OTCQX: CWBHF) is looking to solidify its position as CBD market leader.
Towards that end, the company just recruited a new CFO after Rich Mohr stepped down from the position.
Russell Hammer officially moves into the role this morning after formerly serving as Chief Financial Officer of Caleres (previously known as Brown Shoe Company). Hammer additionally brings experience working in the management structures of Orbitz Worldwide, Crocs, and Motorola.
Commenting on the change in senior management, Charlotte’s Web Chief Executive Officer Deanie Elsner had this to say:
Aside from the Chief Financial Officer swap and placing topical CBD products in Kroger, Smith’s, Dillons, Fry’s, and Fred Myer stores this past week, Charlotte’s Web also just issued Q2 2019 earnings details to shareholders.
That earning report showed $25 million in revenue for the quarter, with more than 50% of the revenue coming from retail outlets. The full document can be read here, along with details on listening to a re-broadcast of the company’s quarterly investor conference discussing the report.
With CBD products seeing extremely high demand in the past six months, Charlotte’s Web recently launched a regenerative hemp farming initiative. Research on new farming techniques is taking place in Pennsylvania, with a goal of discovering more efficient growing methods that result in less environment impact.
Like many hemp-based companies selling CBD products following the passage of the 2018 Farm Bill, Charlotte’s Web is awaiting new rules to arrive from the Food and Drug Administration that may significantly change the industry.
Tightened regulations on CBD advertising and product types are expected after the FDA sent a warning letter to Curaleaf Holdings (CSE: CURA; OTCQX: CURLF) regarding claims about cannabidiol mitigating, treating, or curing specific health ailments.
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