Charlotte's Web proprietary full spectrum hemp
CBD products available across Canada in 2023
DENVER and LEAMINGTON, ON, Nov. 2, 2022
/PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings,
Inc. ("Charlotte's Web" or the "Company"), the market leader in
cannabidiol ("CBD") hemp extract wellness products, and Tilray
Brands, Inc. ("Tilray") (Nasdaq: TLRY) (TSX: TLRY), a leading
Canadian cannabis consumer packaged goods company, have entered
into a strategic alliance which includes licensing, manufacturing,
quality, marketing and distribution of Charlotte's WebTM
CBD hemp extract products in Canada.
Charlotte's Web is the World's Most Trusted Hemp Extract™ and
continues to lead the way for consumer access. For the first time,
Canadians will have the ease of nationwide availability of
Charlotte's WebTM full spectrum CBD products through Tilray's
distribution network. Previously, Charlotte's WebTM hemp extract
had only been available to Canadian families that qualified for a
special access medical exemption through Health Canada for specific
need-states.
"Charlotte's Web is thrilled to be partnering with Tilray, a
respected global category captain. This underscores our strategic
expansion into international markets with leading domestic partners
by leveraging well-established infrastructure, co-production, and
route-to-market capabilities," said Jacques Tortoroli, Chief Executive Officer of
Charlotte's Web. "Our collective goal is to bring full
spectrum CBD-lifestyle wellness options to the Canadian market that
will answer consumers' demand for safe, high quality, trusted CBD
products."
The endeavor will address specific need states for Canadians by
replicating the success of Charlotte's Web's core offerings in the
U.S. with its line of full spectrum hemp extract products,
including, naturally flavored oil tinctures, topical creams, and
functional gummies for daily wellness and night-time use.
Hemp-derived CBD falls under the same regulatory framework in
Canada as cannabis; and therefore,
Charlotte's Web will be available through traditional Canadian
cannabis sales channels. Establishing Charlotte's Web's supply
chain and distribution in Canada
also prepares for the contemplated introduction of new natural
health products regulations and potential ability to sell CBD
products through traditional pharmacies in Canada.
"This is an exciting time for the Canadian CBD market as more
Canadians seek natural wellness options. Partnering with
Charlotte's Web, the market leading CBD brand, opens new
opportunities for Tilray Brands in Canada as we evolve our distribution channels
from the dispensary model to natural wellness retail channels and
eventually mass retail opportunities. We look forward to
launching Charlotte's Web's trusted, certified, and tested products
across Canada in 2023." said
Blair MacNeil, President,
Canada at Tilray.
First availability is expected in early 2023 for hemp extract
oil tinctures, followed by gummies and topicals.
"This is a monumental milestone for our Canadian families
that have relied on Charlotte's WebTM products for years
through Health Canada exemption access and marks a new era of wide
availability to Charlotte's WebTM products," said
Jared Stanley, Co-Founder and COO of
Charlotte's Web. "It was critical that our products were
produced only using our proprietary hemp cultivars to ensure
quality, efficacy, and consistency. We achieved this through a
process that began in 2019 to successfully list our varieties on
the Health Canada LOAC (List of Approved Cultivars) in 2021 and
working with best-in-class cultivation partners. We are grateful
for the meaningful collaboration with Health Canada and Tilray to
make Charlotte's WebTM products available for all
Canadians."
Under the arrangement, Tilray will acquire and extract
Charlotte's WebTM proprietary hemp biomass, harvested
from Canadian-grown hemp cultivars, and manufacture into final
product at their state-of-the-art production facilities in
Canada. Quality and manufacturing
by Tilray will follow the same proprietary methods and
specifications Charlotte's Web employs in the USA. Tilray will manage distribution through
Health Canada's regulated channels across Canada.
About Tilray Brands
Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY), is a leading
global cannabis-lifestyle and consumer packaged goods company with
operations in Canada, the United States, Europe, Australia, and Latin
America that is changing people's lives for the better - one
person at a time. Tilray Brands delivers on this mission by
inspiring and empowering the worldwide community to live their very
best life, enhanced by moments of connection and wellbeing.
Patients and consumers trust Tilray Brands to be the most
responsible, trusted and market leading cannabis consumer products
company in the world with a portfolio of innovative, high-quality
and beloved brands that address the needs of the consumers,
customers and patients we serve. A pioneer in cannabis research,
cultivation, and distribution, Tilray Brands' unprecedented
production platform supports over 20 brands in over 20 countries,
including comprehensive cannabis offerings, hemp-based foods, and
craft beverages.
About Charlotte's Web Holdings,
Inc.
Charlotte's Web Holdings, Inc., a Certified B Corporation
headquartered in Denver, is the
market leader in innovative hemp extract wellness products. under a
family of brands that includes Charlotte's Web™, CBD Medic™, and
CBD Clinic™. Charlotte's Web whole-plant CBD extracts come in
full-spectrum and broad-spectrum (THC-free) options, including the
world's only broad-spectrum CBD certified NSF for Sport®, which is
the official CBD of Major League Baseball©. Founded by the seven
Stanley Brothers, ignited the CBD
industry when they came to global prominence with the coverage of a
young girl's astounding reaction to their hemp extract. Their
advocacy changed laws, public perception, and research around the
vast health potential of plant-based solutions. The Stanleys built
their business with the mission to bring safe, botanical options to
health seekers worldwide. Charlotte's Web branded premium quality
products start with proprietary hemp genetics that are American
farm-grown-grown using organic and regenerative cultivation
practices. The Company's hemp extracts have naturally occurring
botanical compounds including cannabidiol ("CBD"), CBC, CBG,
terpenes, flavonoids, and other beneficial compounds. The Company's
CW Labs R&D division advances hemp science at a center of
excellence in Louisville,
Colorado. Charlotte's Web product categories include CBD oil
tinctures (liquid products), CBD gummies (sleep, stress, exercise
recovery), CBD capsules, CBD topical creams and lotions, as well as
CBD pet products for dogs. Through its vertically integrated
business model, Charlotte's Web maintains stringent control over
product quality and consistency with 20+ product lot testing for
quality assurance. Charlotte's Web products are distributed to more
than 15,000 retail locations, over 8,000 health care practitioners,
and online through the Company's website at
https://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."
© Major League Baseball trademarks and copyrights are used with
permission of Major League Baseball. Visit MLB.com.
Forward-Looking Information
Certain information in this news release constitutes
forward-looking statements and forward-looking information within
the meaning of applicable securities laws (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 current
expectations, estimates and projections regarding the future of
our business, future plans, strategies, projections, anticipated
events and trends, the economy and other future conditions.
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 statements containing forward-looking
information. Although these statements containing forward-looking
information are based on assumptions the Company considers to be
reasonable based on the information available on the date such
statements are made, such statements are not guarantees of future
performance and readers are cautioned against placing undue
reliance on forward-looking information. Specifically, this press
release contains forward-looking information relating to, but not
limited to: the nationwide availability of the Company's CBD
products in Canada; anticipated
consumer trends and corresponding product innovation; anticipated
future financial results; international expansion activities and
strategy, including partnerships in Greater China, Israel product launch, harvest and planned
product sales in Canada, and
expansion in UK and EU; sales volume, product, channel and
international expansion plans; maintenance or growth of the
Company's market share position; progress continuing in key
international markets; the establishment of the Company's supply
chain and distribution network in Canada; the availability of the Company's CBD
products through traditional Canadian cannabis channels and
Canadian medical cannabis channels; the availability of the
Company's products in Canada in
early 2023; the success of the Company's alliance with Tilray;
suggested regulatory developments; the ability for the Company to
access markets in the EU; and the Company's anticipated trajectory,
long-term growth expectations and shareholder value
creation.
The material factors and assumptions used to develop the
forward-looking information herein include, but are not limited to,
the following: the impact of the COVID-19 pandemic; the regulatory
climate in which the Company currently operates and may in the
future operate; successful sales of the Company's products; the
success of sales and marketing activities; there will be no
significant delays in the development and commercialization of the
Company's products, including in relation to supply chain
disruptions; outcomes from R&D activities; ability for the
Company to leverage R&D and brand recognition for product
sales; the Company's ability to deal with adverse growing
conditions (due to pests, disease, fungus, climate or other
factors) in a timely and cost-effective manner; there will be no
significant reduction in the availability of qualified and
cost-effective human resources; new products will continue to be
added to the Company's portfolio; demand for the Company's
products will grow in the foreseeable future; there will be no
significant barriers to the acceptance of the Company's products
in the market, including in international markets; the Company will
be able to maintain compliance with applicable contractual and
regulatory obligations and requirements; there will be adequate
liquidity available to the Company to carry out its operations and
business plans; the Company will have sufficient capital to pursue
its sales volume, product, channel and international expansion;
and products do not develop that would render the Company's current
and future product offerings undesirable and the Company is
otherwise able to minimize the impact of competition and keep pace
with changing consumer preferences.
Important factors that could cause actual results and
financial condition to differ materially from those indicated in
the forward-looking information include, among others, the adverse
impact of the COVID-19 pandemic to the Company's operations, supply
chain, distribution chain, and to the broader market for the
Company's products; revenue fluctuations; nature of government
regulations (both domestic and foreign); economic conditions; loss
of key customers; retention and availability of executive talent;
competing products; common share price volatility; loss of
proprietary information; product acceptance; internet and system
infrastructure functionality; information technology security;
available capital to fund operations and business plans; crop
risk; international and political considerations; regulatory
changes; and the factors discussed throughout the "Risk Factors"
section of the Company's most recently filed annual information
form available on www.SEDAR.com and in the
Company's most recently filed Annual Report on Form 10-K and
quarterly report on Form 10-Q as amended, and other filings with
the Securities and Exchange Commission available on
www.SEC.gov. Except as required by applicable securities
laws, the Company undertakes no obligation to publicly update any
forward-looking information, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
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SOURCE Charlotte's Web Holdings, Inc.