Independent registration from the global public health organization underlies commitment to dietary supplement quality and compliance with U.S. GMP requirements
BOULDER, CO, Feb. 14, 2020 /PRNewswire/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX: CWEB,OTCQX: CWBHF), the market leader in hemp extract products with naturally occurring cannabidiol (CBD), is pleased to announce that its manufacturing facility in Boulder, Colorado was recently added to NSF International's dietary supplements Good Manufacturing Practice (GMP) registration. Earning GMP registration from NSF International verifies that a manufacturing facility has the proper methods, equipment, facilities, and controls in place to produce dietary supplement products.
"Our commitment to attaining industry recognized certifications underlies the trust we have earned from our consumer, retail and regulatory partners," said Deanie Elsner, CEO of Charlotte's Web Inc. "The registration is important for supporting certain potential new business partnerships. As industry leaders, attaining NSF GMP certification marks another important milestone for Charlotte's Web and we look forward to prominently displaying our new NSF certificate at our manufacturing facility in Boulder."
The NSF GMPs were developed in accordance with the U.S. Food and Drug Administration's (FDA) 21 CFR part 111 regulation on dietary supplement manufacturing, packaging, and distribution.
With scientific expertise and decades of experience in testing and certification in the relevant product categories, NSF International is uniquely qualified to serve the fast-growing hemp industry in the United States and help protect consumers who use these products.
"We're very pleased to grant NSF GMP registration to this Charlotte's Web manufacturing facility," said David Trosin, Managing Director and Global Business Development Director, Health Sciences at NSF International.
NSF International is a global public health organization that facilitates new language standards, and tests and certifies products for the water, food, health sciences and consumer goods industries to minimize adverse health effects and protect the environment. Founded in 1944, NSF is committed to protecting human health and safety worldwide. With operations in more than 175 countries, NSF International is a Pan American Health Organization/World Health Organization (WHO) Collaborating Center on Food Safety, Water Quality and Indoor Environment.
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products. Founded by the Stanley Brothers, the Company's premium quality products start with proprietary hemp genetics that are responsibly manufactured into hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD capsules, CBD topicals, as well as CBD pet products. Charlotte's Web hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online through the Company's website at www.CharlottesWeb.com. The rate the Company pays for agricultural products reflects a fair and sustainable rate driving higher quality yield, encouraging good farming practices, and supporting U.S. farming communities. Charlotte's Web products are certified by the U.S. Hemp Authority.
Charlotte's Web is a socially 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 its employees, customers, the environment, and the communities where its employees live and where it does business, while maximizing profits and strengthening its brands. The Company's management believes that socially oriented actions have a positive impact on the Company, its employees and its shareholders. 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 January 1, 2020, Charlotte's Web had 67,418,174 Common Shares outstanding and 95,342.49 Proportional Voting Shares convertible at 400:1 into Common Shares, for an effective equivalent of 105,555,170 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 expectations, estimates and projections regarding future events. In particular, this news release contains forward-looking information relating to the Offering, the use of the net proceeds from the Offering, the timing and ability of the Company to obtain all necessary approvals, and any other information contained herein that is not a historical fact.
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, including but not limited to the factors described in greater detail in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such expectations, estimates, projections and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.