Charlotte’s Web Holdings is the market leader in whole-plant CBD hemp extract products. They recently reported their second quarter results which have increased 45% to $25 million in revenue. They also filled top executive positions including Chief Customer Officer, Chief Information Officer, and Chief Financial Officer to add to their sales and retail expertise. CEO, Deanie Elsner, shared that they have been experiencing increased sales through both their e-commerce and retail sales channels. Many national grocery and drugstores are now carrying Charlotte’s Web products. This is a huge development in the hemp CBD category.
In order to properly service their projected growth, they have been building their executive leadership with experienced consumer-packaged goods executives in sales, marketing, finance, data, and operations. They are also expanding their capabilities in cultivation, research and development, and distribution. Retail sales in the natural health category increased during the second quarter which included the entry of large national brand chains. This included national retailers such as CVS and Kroger which contributed to the company’s brick and mortar presence in the US. Currently, there are over 8,000 retail locations carrying Charlotte’s Web products.
To meet this demand, they have increased the total acres planted to 862 from 300 acres planted in 2018. The company also introduced new products including new hemp extract infused CBD gummies in three flavors, and a new twelve SKU pet product line including functional chews with synergistic ingredients to support specific pet health functions. Further, they signed two distribution partners for their pet line which contributes to their momentum and growth. They believe that they will continue to see additional large retailers joining which will increase their number of states and locations.
The continued growth in interest in CBD products as well as the growth in human nutrition products, topicals, and animal nutrition products will continue to build Charlotte’s Web year-over-year.