Hemp CBD Market Leader to Reach More Consumers in the Largest U.S. State Economy as Assembly Bill 45 Becomes Law
DENVER, Oct. 7, 2021 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web," or the "Company"), the market leader in full spectrum hemp extract products, is expanding its retail distribution in California following passage of Assembly Bill 45 ("AB 45" or the "Law") on October 6. The Law formally permits retail sale of products containing hemp-derived cannabidiol (CBD), including dietary supplements, topicals, over-the-counter and pet products.
Following AB 45's passage, the Company expects California retailers to expand or begin receiving product shipments from Charlotte's Web. This includes Charlotte's Web current national retail partners which combined represent more than 1,000 locations in California, that can now confidently offer Charlotte's Web products to consumers with clear regulatory guidance across the state.
"AB 45 is a big win for Californians seeking wider access to the benefits of safe, high-quality hemp dietary supplements, the retailers who want to sell them, and the farmers and manufacturers who make and ship them," said Deanie Elsner, Charlotte's Web Chief Executive Officer. "We appreciate Assembly member Aguiar-Curry and her staff who have worked extensively bring oversight to Hemp CBD products in the state."
"I want to thank Charlotte's Web and our coalition of advocates – from consumer and public health groups to manufacturers to retailers – who stuck with us through this three-year fight," said Assembly member Cecilia Aguiar-Curry. "The ability to offer safe, legal wellness products to Californians, as opposed to the completely unregulated products currently being sold, was my first priority in writing these bills. But the incredible opportunity for California manufacturers and retailers to participate in this booming market will create jobs and economic opportunity for countless people in our State."
While the 2018 Farm Bill legalized hemp farming and manufacturing, it did not have federal preemption nor regulate the nationwide hemp supply chain. The result is today's patchwork of state-level requirements limiting hemp growers, manufacturers, and retailers, which hampers the industry from realizing its full potential.
"We celebrate state-level progress and believe it underscores the ongoing need for clear, federal regulation of Hemp CBD from Congress and the Administration," continued Elsner. "We will continue lending our voice and resources to measures that will ensure a safe, credible, and sustainable industry, such as House of Representatives Bill 841 which deserves a hearing in the Energy & Commerce Committee by year's end."
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Denver, Colorado, is the market leader in innovative whole-plant 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 whole-plant 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 science division is located at the University at Buffalo in New York which is part of the State University of New York (SUNY) system of 64 universities. Charlotte's Web product categories include full spectrum hemp extract oil tinctures (liquid products), gummies (sleep, stress, inflammation recovery), capsules, CBD topical creams and lotions, as well as products for dogs. Charlotte's Web products are distributed to more than 14,000 retail doors and 8,000 health care practitioners, and online through the Company's website at www.charlottesweb.com.
Charlotte's Web's mission is 'To unleash the healing powers of botanicals with compassion and science, benefitting the planet and all who live upon it."
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.
Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information, including assumptions as to the efficacy and results of research; and the adverse impact of the COVID-19 pandemic to the Company's operations. These foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Company's operations or financial results are included in the Company's most recent annual information form and other public documents on file with the Canadian Securities regulatory authorities on www.sedar.com.
SOURCE Charlotte's Web Holdings, Inc.