Charlotte's Web Earns U.S. Patent for Improved Hemp Variety
BOULDER, CO, May 20, 2020 /PRNewswire/ - (TSX:CWEB,OTCQX:CWBHF) Charlotte's Web, the company behind the world's most trusted hemp extract has achieved another milestone in its continued commitment to innovation and consistency in hemp genetics. The Company has earned U.S. utility patent U.S. 10,653,085, its second U.S. patent for hemp genetics. This patent is for 'CW1AS1', a new hemp variety created by company co-founder Joel Stanley and Sr. Director of Cultivation R&D Bear Reel. The patent takes Charlotte's Web's premier proprietary genetics to the next generation, and builds a strong wall of protection around it, and the products made from it.
"This 'CW1AS1' patent gives Charlotte's Web the highest level of protection for our proprietary genetics and ensures that Charlotte's Web products will continue to be available to the thousands who use them in a form that is consistent and provides the same user experience time and time again," said Deanie Elsner, Charlotte's Web CEO and President.
Patents on hemp genetics are a new frontier, and very few patents in this sector have been issued to date. Charlotte's Web, the world's largest vertically integrated hemp company, has been at the forefront of this new frontier in hemp patents and will continue to invest in its breeding program and in the science of hemp to ensure a consistent and high-quality supply is available.
"This patent recognizes the progress our breeding program has made to assure our farmer partners that the plants they grow will yield better and have a high level of phytocannabinoids," said Reel.
Charlotte's Web's flagship Original Formula was the first CBD wellness product to be sold nationally to consumers. Before Charlotte's Web was officially founded in 2013, there was a waiting list of more than 15,000 individuals for Original Formula, which uses the same proprietary phytochemical profiles produced by the now patented 'CW1AS1' hemp variety.
About Charlotte's Web Holdings, Inc.
Founded by the Stanley Brothers in 2013 in Colorado, Charlotte's Web Holdings, Inc. is the market leader in the growing, production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products. The Company's exceptional quality products, tested more than 20 times, start with proprietary hemp-derived extracts naturally containing a full spectrum of phytocannabinoids and entourage phytochemicals including CBD, terpenes, flavonoids, and other beneficial hemp compounds. Industrial hemp products are non-intoxicating. 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 products are sold through select distributors, in more than 11,000 brick and mortar stores, and online at www.CharlottesWeb.com. The rate the Company pays for agricultural products is fair and sustainable, driving higher quality yield, encouraging regenerative farming practices, and supporting U.S. farming communities.
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 actions affect its employees, customers, the environment, and local communities, while maximizing profits and strengthening its brands. The Company's management believes that socially conscious actions have a positive impact on the Company, its employees, its shareholders and society. 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 at May 13, 2020 Charlotte's Web had 71,945,914 Common Shares outstanding and 92,455.575 Proportionate Voting Shares convertible at 400:1, for an effective equivalent of 108,928,144 Common Shares outstanding.
SOURCE Charlotte's Web Holdings, Inc.
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