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Tuesday, December 6, 2022

The Signals In Play for Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF)

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Recent action in shares of Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) suggests some promise as the stock bucks the continued bearish tone to the hemp-related space. To help push that story, the company just announced a new appointment to its Board of Directors, placing Jacques Tortoroli in the brain trust.

According to the release, “Before joining Bacardi in 2014, Mr. Tortoroli had spent more than a decade at Viacom, Inc. He held a number of senior finance roles at the multinational entertainment company, most recently serving as both Executive Vice President of Finance for Viacom and as EVP and Chief Financial Officer for Viacom Media Networks, formerly MTV Networks. Prior to that, he held various executive leadership roles at Young & Rubicam, Inc., PepsiCo, Inc., and KPMG.”

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 a new appointment to its Board of Directors, placing Jacques Tortoroli in the brain trust.

Even with that news, the action hasn’t really heated up in the stock, with shares moving net sideways over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -21%. In addition, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 91% above its longer-run average levels.

Mr. Tortoroli stated, “I am honored to serve on the Charlotte’s Web Board of Directors. It’s an exciting time in the growing CBD industry, and Charlotte’s Web has earned its dominant market position through a combination of innovative products and world class executive talent.”

Currently trading at a market capitalization of $422M, CWBHF has a significant war chest ($46.3M) of cash on the books, which compares with 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 soon as further details emerge. 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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