Traders should note that Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF) just announced the appointment of Jean Birch to its Board of Directors.
According to the release, Ms. Birch brings broad experience as an independent public company director in addition to being a veteran C-level operating executive with deep experience in the consumer sector. Ms. Birch currently serves as a director for Jack in the Box Inc. (NASDAQ:JACK), Forrester Research (NASDAQ:FORR) as well as CorePoint Lodging Inc. (NYSE:CPLG). Previous board appointments include Papa Murphy’s Inc. (NASDAQ:FRSH) and Darden (NYSE:DRI).
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 Jean Birch to its Board of Directors.
Traders will note flat action for shareholders of the stock during the trailing week. In addition, the listing has benefitted from a jump in recent trading volume to the tune of 6% beyond its prior sustained average level.
“We are grateful to have Jean joining the Charlotte’s Web board as an independent director. Her broad public company board experience combined with her operational experience will be invaluable to us as we map the next part of our journey for Charlotte’s Web,” said Charlotte’s Web Chairman of the Board and Co-Founder Joel Stanley.
Ms. Birch stated, “I am honored to be joining the Charlotte’s Web Board as they enter the next phase of their growth. Charlotte’s Web is an exciting company operating in a dynamic industry and I look forward to collaborating on the long-term strategy to accelerate growth.”
Currently trading at a market capitalization of $378M, CWBHF has a significant war chest ($75.5M) of cash on the books, which compares with about $42.2M 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 $125.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 0.1%. As more color becomes clear on the name, we will review the situation and update our take. 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.