Brings global and Canadian cannabis and hemp sector governance and finance expertise
This news release constitutes a "designated news release" for the purposes of Charlotte's Web Holdings Inc.'s prospectus supplement dated June 3, 2021 to its short form base shelf prospectus dated May 5, 2021.
DENVER, June 21, 2021 /PRNewswire/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX: CWEB) (OTCQX: CWBHF), the market leader in hemp CBD extract products, announced the appointment of Tim Saunders to its Board of Directors.
Tim Saunders was Chief Financial Officer of Canopy Growth Corporation ("Canopy") from its entrepreneurial beginning and led its public up-listing to the Toronto Stock Exchange, and subsequently to the New York Stock Exchange – both firsts for the cannabis sector. During his tenure he oversaw more than C$6.4 billion in financings, 31 acquisitions, and an increase in market capitalization from approximately C$100 million to C$20 billion, as the world's largest cannabis company. Mr. Saunders retired from his role at Canopy in May 2019 after four years with the Company.
Mr. Saunders has built extensive experience under the cannabis regulatory regimes for compliant management of corporate financing, M&A, business transformations, and financial reporting in Canada and the U.S. He has a global cannabis market perspective and is intimately familiar with the Canadian cannabis market including the licensing and regulatory oversight under Health Canada.
Most recently Mr. Saunders was CFO for Collective Growth Corporation, a SPAC (special purpose acquisition company) which successfully raised US$150 million and recently completed a merger and public listing on the Nasdaq at a capitalization of US$1.4 billion. As a part of this venture Mr. Saunders evaluated dozens of hemp businesses around the world from over 170 potential targets reviewed, gaining a deep perspective on the developing global hemp supply chains and related regulatory status across several countries.
Prior to Canopy Mr. Saunders held financial executive and leadership roles across a number of sectors including mobile, telecom, semiconductors, manufacturing and clean tech. He has expertise in establishing financial management and control with responsibilities for the full span of finance operations, leading change, and strategic planning and execution.
Tim Saunders earned his CPA, CA with PricewaterhouseCoopers and is a graduate of Bishop's University where he obtained his BBA. He also earned an executive certificate from the Ivey Business School at Western University. He has been recognized with the Fellow distinction by the Chartered Professional Accountants of Canada (FCPA, FCA) and possesses the ICD.D designation awarded by the Institute of Corporate Directors.
"As a former finance executive for large international publicly listed companies on exchanges in both Canada and the U.S., Tim will further strengthen the board's governance and oversight of expanding international operations and financial reporting requirements," said John Held, Chairman of Charlotte's Web.
"Tim has deep knowledge of the global hemp and cannabis markets and has worked both in Canada and Europe," added Deanie Elsner, CEO of Charlotte's Web. "Charlotte's Web has disclosed its intent to expand into Canada, Israel, Europe, and the U.K. where Tim has valuable strategic and regulatory insight. This year we planted our first hemp crop in Canada, where we also have an opportunity to eventually expand into cannabis wellness with THC concentrations above 0.3%. Tim brings our board tremendous Canadian experience and networks."
Mr. Saunders, will serve on the Corporate Governance and Audit Committees, bringing the number of Directors to six.
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About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Denver, Colorado, is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products under a family of brands which includes Charlotte's Web™, CBD Medic™, CBD Clinic™, and Harmony Hemp. The Company's premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and manufactured into whole-plant hemp extracts containing a full spectrum of naturally occurring phytocannabinoids including CBD, CBC, CBG, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD gummies (sleep, stress, inflammation recovery), CBD capsules, CBD topical creams and lotions, as well as CBD pet products for dogs. 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. Through its vertically integrated business model, Charlotte's Web maintains stringent control over product quality and consistency.
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.
Shares of Charlotte's Web trade on the Toronto Stock Exchange (TSX) under the symbol "CWEB" and are quoted in U.S. Dollars in the United States on the OTCQX under the symbol "CWBHF." As of May 10, 2021, Charlotte's Web had 109,378,169 Common Shares outstanding and 76,264.43 Proportional Voting Shares convertible at 400:1 into Common Shares, for an effective equivalent of 139,883,938 Common Shares outstanding.
Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, "forward-looking information"). In some cases, but not necessarily in all cases, forward looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "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", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not historical facts but instead represent management's current expectations, estimates and projections regarding the future of our business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.
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SOURCE Charlotte's Web Holdings, Inc.