Charlotte's Web Expands R&D with Launch of CW Labs Sciences Division
Tim Orr Joins Charlotte's Web to Lead Experienced Team on Science, Safety and Innovation in Hemp Phytocannabinoid Research
BOULDER, CO, March 13, 2020 /PRNewswire/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp-derived CBD extract products, announces the establishment of Charlotte's Web Labs (CW Labs) an internal division for research & development substantially expanding on the Company's efforts around the science of hemp derived phytocannabinoids, terpenes and flavonoid compounds. The Company is placing its existing R&D team under the leadership of recently hired Senior Vice President of Innovation, Tim Orr, who will lead CW Labs' expanded team of a dozen external and internal research specialists based in Buffalo, New York and Boulder, Colorado. Mr. Orr is a global healthcare executive with more than three decades of commercial and product development experience in the diagnostics, life sciences, and medical device industries. Mr. Orr has held top executive and management positions at Johnson & Johnson and Abbott Laboratories.
"I am proud to lead CW Labs in support of Charlotte's Web's innovation and scientific discovery," stated Mr. Orr. "With science driving new formulation development and product efficacy, CW Labs acts as an engine of innovation to create new high-quality products and innovative delivery systems to customers who have come to trust and rely on Charlotte's Web."
Charlotte's Web, manufacturer of "the world's most trusted hemp extract™," is advancing the science of full spectrum extracts from hemp bred to express cannabinoids including cannabidiol (CBD), cannabidiolic acid (CBDA), cannabigerol (CBG), cannabinol (CBN), cannabichromine (CBC), and other naturally occurring hemp derived compounds. CW Labs aims to provide a boost to the Company's product portfolio with science-based innovation (including studies on safety and effectiveness) while advancing clinical trials. CW Labs is currently engaged in double-blinded, placebo-controlled human clinical trials addressing hemp-based solutions for several need states.
"The launch of CW Labs formalizes our reach into the science, efficacy and safety of hemp plant compounds," said Deanie Elsner, CEO of Charlotte's Web. "CW Labs demonstrates our commitment to innovation and our cutting-edge position with consumer wellness products derived from our proprietary hemp. We want to thank Governor Cuomo for his leadership in this space and we are looking forward to being even a bigger part of things in New York through our partnership with SUNY in the great city of Buffalo."
Headquartered on the Buffalo Niagara Medical Campus, CW Labs will be located in the Hauptmann Woodward Research Institute on the campus of the University at Buffalo's Jacobs School of Medicine and The Center for Integrated Global Biomedical Sciences through which it will foster collaborations throughout the State University of New York (SUNY) network of 64 national and international research and medical institutions. This builds upon Charlotte's Web's existing collaborations with prestigious institutions such as Johns Hopkins, Cornell and University at Buffalo.
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 ADA compliant website at www.CharlottesWeb.com.
Forward-Looking Information
Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, "forward-looking information"). Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. 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.
SOURCE Charlotte's Web Holdings, Inc.
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