Top-Tier Executive Team In Place for Global Growth
BOULDER, CO, Aug. 14, 2019 /PRNewswire/ - (TSX: CWEB,OTCQX: CWBHF), Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the market leader in whole-plant hemp CBD extract products with naturally occurring cannabinoids, including cannabidiol ("CBD"), is pleased to announce that Russell Hammer has joined the Company as Chief Financial Officer, effective tomorrow, August 15, 2019.
Mr. Hammer, who has most recently served as an advisor in private equity investments, brings more than 30 years of finance experience in the retail, tourism and technology sectors. With his experience leading multi-billion-dollar multinational companies, he is the latest top-tier executive to join Charlotte's Web as the Company accelerates its growth and evolution into a global consumer packaged goods ("CPG") brand. Mr. Hammer replaces Rich Mohr, who as CFO has overseen the Company's successful transition to a publicly traded company and market leader in hemp CBD products.
"Russ's appointment aligns perfectly to support the Company's evolution over the past few years from an early stage organization to a leading public company, into its next phase transitioning to a global CPG company. His breadth of international finance experience across a range of industries, as well as expertise in building operational infrastructure, applying forward-looking analytics, M&A, and accessing capital markets will help us scale the business in a financially stable way," said Deanie Elsner, CEO of Charlotte's Web. "I would also like to recognize Rich's valuable contributions setting up the company for this next phase of growth."
Mr. Hammer previously served as CFO of Brown Shoe Company, a footwear company recently rebranded as Caleres, where he helped the company reach $2.5 billion in annual sales and reorganize its portfolio of brands for growth. Prior to that, he played similar roles at Orbitz Worldwide, the online travel company, and Crocs, Inc. the shoe retailer. Mr. Hammer started his career at Motorola, Inc., where he served in a variety of senior finance roles.
"Russ is a natural fit for Charlotte's Web as the Company continues to evolve and expand globally," said Mr. Mohr, who will support the CFO transition through an advisory role. "I'm proud of what we have accomplished in establishing a foundation for future growth and am pleased that the Company's finances will remain in the hands of such a skilled and seasoned professional."
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 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 at August 12, 2019 Charlotte's Web had 49,253,934 Common Shares outstanding and 120,529.07 Proportional Voting Shares convertible at 400:1, for an effective equivalent of 97,565,562 Common Shares outstanding.
Certain information in this news release constitutes forward-looking information which are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information may 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.