(TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web," "CW" or the "Company"), the market leader and manufacturer of The World's Most Trusted Hemp Extract™, has completed a reorganization to drive agility and growth as the Company prepares to launch new products, channels and markets, with intent to return to positive cash flow in 2022. The changes follow the Company's new leadership announcement issued on December 16, 2021.
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BOULDER, Colo. , March 3, 2021 /PRNewswire/ – Charlotte’s Web Holdings, Inc. (" Charlotte ‘s Web", "CW" or the "Company") (TSX: CWEB) (OTCQX: CWBHF), the market leader in full-spectrum hemp CBD extract products, announces that it has entered into an Option Purchase Agreement (the "Option") with Stanley Brothers USA Holdings, Inc. ("Stanley Brothers USA "), a privately-held Delaware company, and the shareholders of Stanley Brothers USA . Stanley Brothers USA is a cannabis wellness incubator currently operating in three states ( Colorado , California , Florida ) with expansion plans underway in eight additional states. The Option has a five-year term (extendable for an additional two years) and provides Charlotte’s Web the optionality to acquire Stanley Brothers USA on the earlier of three years from the effective date of the Option and federal legalization of cannabis in the United States , or such earlier time as Stanley Brothers USA and Charlotte’s Web may agree (the "Triggering Event") potentially including when otherwise permitted by the policies of the stock exchange on which the Company’s securities are listed for trading. The common shares of Charlotte’s Web continue to trade on the TSX in Canada and OTCQX in the US.
Charlotte’s Web is the global leader in the cultivation, production and distribution of hemp-derived CBD wellness products. Until the Option is exercised, both Charlotte’s Web and Stanley Brothers USA will continue to operate as standalone entities in the US. Internationally the companies are able to explore opportunities where cannabis is federally permissible.
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Charlotte’s Web to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.