Hemp-based CBD company Charlotte’s Web Holdings, Inc. (CSE:CWEB, OTCQX:CWBHF) announced a major change at the executive level of management this morning.
After two years serving as the company’s top executive officer, Hess Moallem will step down from the position and Adrienne “Deanie” Elsner will take over the role next month.
Elsner moves into the job after working with food giant Kellogg as President of the Kellogg’s Snack Business Unit. Prior to holding that position, Elsner was previously both an Executive Vice President and Chief Marketing Officer with Kraft Foods.
Her portfolio includes extensive consumer packaged goods experience, which is becoming increasingly in-demand as hemp and cannabis shift from the black market to legal industries.
Earlier this month, competitor Acreage Holdings (CSE: ACRG.U; FSE: 0VZ) closed the acquisition of Form Factory Inc. specifically for that company’s consumer packaged goods techniques applied towards cannabis products.
Charlotte’s Web current CEO and President Hess Moallem commented on the impending change of leadership:
Moallem will move out of the Chief Executive Officer position effective May 15 and serve as a company advisor going forward.
Companies such as Charlotte’s Web that focus on CBD wellness products got a major boost with the passage of the 2018 Farm Bill last year, which saw hemp-based CBD hitting shelves across the nation nearly overnight.
Charlotte’s Web currently provides CBD liquid tinctures and capsules, but has also expanded into topical creams and balms. The company additionally sells the Paws brand of CBD oil intended for dog usage.
CBD industry growth has seen a sudden expansion far beyond the typical tinctures, pills, and gummies for wellness as a wide range of companies look at utilizing hemp in other sectors such as beauty and pet products.
Green Thumb Industries (CSE: GTII; OTCQX: GTBIF) for instance just spun off the Beboe subsidiary to sell a line of CBD skincare creams, while Green Growth Brands (CSE: GGB; OTCQB: GGBXF) is currently on track to open 100 CBD stores in the U.S. this year.