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Sunday, September 26, 2021

Has Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) Hit Bottom?

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Given the strong upward path for shares of Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) since it began trading, we would expect many traders to be watching the stock’s current pullback with interest. One of the keys given the high ROI in the CBD space will be about access to capital. That’s why it shouldn’t go unnoticed that the company just announced the closing of its previously announced underwritten public offering of 7,000,000 common shares of the Company sold by certain current shareholders at a price of C$20.00 per share for total gross proceeds of C$140 million.

According to the release, “The Offering was conducted pursuant to the terms of an amended and restated underwriting agreement among the Company, the Underwriters (as defined below) and the Selling Shareholders dated May 13, 2019. The Company did not receive any proceeds from the sale of common shares by the Selling Shareholders under the Offering.”

Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) bills itself as a company that develops and distributes hemp-based cannabidiol (CBD) wellness products. Its products include CBD hemp oils, capsules, topicals, and pet products that feature CBD hemp oil extracts.

Charlotte’s Web Holdings, Inc. sells its products online as well as through distributors, and brick and mortar retailers.

The company was formerly known as Stanley Brothers Holdings Inc. and changed its name to Charlotte’s Web Holdings, Inc. in July 2018. The company was incorporated in 2018 and is headquartered in Boulder, Colorado.

According to company materials, “Charlotte’s Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-based 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 whole plant hemp extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Industrial hemp products are non-intoxicating. Charlotte’s Web current product categories include tinctures (liquid products), capsules, topical, as well as pet products. Charlotte’s Web hemp-based whole plant extracts are sold through select distributors, brick and mortar retailers, and online through the Company’s website.”

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As noted above, CWBHF just announced the closing of its previously announced underwritten public offering of 7,000,000 common shares of the Company sold by certain current shareholders at a price of C$20.00 per share for total gross proceeds of C$140 million.

Recent action has seen 2% added to share values of the name over the past week of action. In addition, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 15% beyond its prior sustained average level.

According to the release, “Pursuant to the terms of the Underwriting Agreement, the Selling Shareholders have granted the Underwriters an over-allotment option to purchase up to an additional 1,050,000 common shares, representing 15% of the Offering, on same terms and conditions as the Offering, exercisable in whole or in part at any one time for a period of 30 days from the closing of the Offering. If exercised in full, this would increase the total size of the Offering to approximately C$161 million.”

Earning a current market cap value of $1.57B, CWBHF has a significant war chest ($100.3M) of cash on the books, which must be weighed relative to about $19.3M in total current liabilities. One should also note that debt has been growing over recent quarters. CWBHF is pulling in trailing 12-month revenues of $90.3M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 22.2%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $CWBHF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $CWBHF, either long or short, and we have not been compensated for this article.

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