DENVER, Feb. 15, 2022 /CNW/ – (TSX: CWEB) (OTCQX: CWBHF) Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”), the market leader in cannabidiol (“CBD”) hemp extract wellness products, is exploring the entry into the CBD wellness beverage market with new CBD social elixirs currently under development with an expected launch date later in the calendar year.
“Entering the beverage category is reflective of our increased focus on new product categories and formats to drive our topline growth,” said Jacques Tortoroli, Chief Executive Officer of Charlotte’s Web. “This allows us to enter this fast-growing portion of the market.”
The Company looks to introduce CBD sparkling elixirs powered by Charlotte’s Web full spectrum hemp extracts derived from the Company’s proprietary patented hemp cultivars. The beverages will be developed with best-in-class formulations blended with other functional botanicals and natural flavors and are vegan, gluten-free, dairy-free and non-GMO.
According to The Brightfield Group, the CBD beverage market is set to achieve $245 million in sales in 2021, up 50% from 2020, and is expected to reach $1.3 billion in 2026, representing a 40% CAGR.
Charlotte’s Web executive suite has substantial experience in the beverage category. Jacques Tortoroli has over 20 years of global beverage experience through previous roles with PepsiCo, and Pepsi-Cola International and more recently with Bermuda based family-owned Bacardi Ltd. Charlotte’s Web Chief Financial & Operating Officer, Wes Booysen, has more than a decade of experience in the beverage industry at Molson-Coors where he was most recently Chief Executive Officer and Managing Director, Asia Pacific and Africa.
Subscribe to Charlotte’s Web investor news.
About Charlotte’s Web Holdings, Inc.
Charlotte’s Web Holdings, Inc., a Certified B Corporation headquartered in Denver, is the market leader in innovative hemp extract wellness products under a family of brands which includes Charlotte’s Web™, CBD Medic™, CBD Clinic™, and Harmony Hemp™. Charlotte’s Web branded premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and manufactured into hemp extracts containing naturally occurring phytocannabinoids including cannabidiol (“CBD”), CBC, CBG, terpenes, flavonoids, and other beneficial hemp compounds. The Company’s CW Labs R&D division, advances hemp science at two centers of excellence in Louisville, Colorado, and the Hauptmann Woodward Research Institute at the University at Buffalo, part of the State University of New York (SUNY) network. Charlotte’s Web product categories include full-spectrum hemp CBD oil tinctures (liquid products), CBD gummies (sleep, stress, exercise recovery), CBD capsules, CBD topical creams and lotions, as well as CBD pet products for dogs. Through its vertically integrated business model, Charlotte’s Web maintains stringent control over product quality and consistency. Charlotte’s Web products are distributed to more than 14,000 retail, over 8,000 health care practitioners, and online through the Company’s website at www.CharlottesWeb.com.
Charlotte’s Web was founded by the Stanley Brothers with a mission to unleash the healing powers of botanicals through compassion and science, benefiting the planet and all who live upon it. Charlotte’s Web is a socially and environmentally conscious company and is committed to using business as a force for good and a catalyst for innovation. The Company weighs sound business decisions with consideration for how its efforts affect employees, customers, the environment, and diverse communities. The rate the Company pays for agricultural products reflects a fair and sustainable rate driving higher quality yield, encouraging regenerative farming practices, and supporting U.S. farming communities. Management believes that its socially oriented and environmentally responsible actions have a positive impact on its customers, suppliers, employees and stakeholders. Charlotte’s Web donates a portion of its pre-tax earnings to charitable organizations.
SOURCE Charlotte’s Web Holdings, Inc.