Shares of Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) have been in bounce mode over recent days following a test of the waters below the key $10/share level. To help add to that recent fresh mojo, the company just announced the appointment of Jacques Tortoroli to its Board of Directors.
According to the release, “Mr. Tortoroli, who most recently served as Chief Administration Officer of Bacardi Limited in Bermuda, brings extensive global experience in finance and operations at both private and public companies. As CAO of Bacardi, the largest privately held spirits company in the world, he was a member of the Global Leadership Team and responsible for global finance, operations, information technology and real estate.”
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 appointment of Jacques Tortoroli to its Board of Directors.
Even in light of this news, CWBHF has had a rough past week of trading action, with shares sinking something like -7% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -22%.
“Jacques’ appointment is timely, with the Company exploring plans to expand globally as the market leader in CBD products,” said Charlotte’s Web Chairman of the Board and Co-Founder Joel Stanley. “His deep financial knowledge and breadth of international experience in public and private companies will make an important contribution during our next phase of growth.”
At this time, carrying a capital value in the market of $415.8M, CWBHF has a significant war chest ($46.3M) of cash on the books, which must be weighed relative to about $31.2M 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 $123.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 42.7%. We will update the story again as soon as developments 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.