The bullish posture continues to hold on the chart for shares of Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF). This is highlighted by the stock’s dip last week and its subsequent hold well above its major moving averages. At this point, a continuation of the upward trend could bring breakout resistance into play above $23 on a fresh leg higher. To further drive the story, the company just announced that Russell Hammer has joined the Company as Chief Financial Officer.
According to the release, “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.”
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.”
Find out when $CWBHF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, CWBHF just announced that Russell Hammer has joined the Company as Chief Financial Officer.
Traders will note 26% piled on for shareholders of the name during the trailing month. What’s more, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 150% above the average volume levels in play in this stock over the longer term.
“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.”
At this time, carrying a capital value in the market of $786M, CWBHF has a significant war chest ($67.2M) of cash on the books, which must be weighed relative to about $18.3M in total current liabilities. CWBHF is pulling in trailing 12-month revenues of $113.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 50.6%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.