Biodynamic Farming Practices Help Ensure Safest and Highest-Quality CBD Extract Products
BOULDER, CO, July 30, 2019 /CNW/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp CBD extract products, reports an extension of its research initiative with The Center for Discovery in New York State to further develop hemp genetics for optimal growing in the region.
The groundbreaking project has been helping to solidify Charlotte's Web's expansion within the Eastern Appalachian Region by determining which hemp varieties grow the best under the regional microclimates and local terrain. Now in its third year, the initiative has steered Charlotte's Web's breeding program in the production of superior varieties that will support the efforts of local farmers and position the Company for success in New York and surrounding states with similar growing conditions. The Company is also partnered with farmers in Kentucky to produce optimal hemp varieties for its CBD products, and it recently announced a separate organic hemp farming research initiative in the state of Pennsylvania with Rodale Institute and Natural Care.
"We are committed to developing the highest-quality hemp genetics optimized for growing in New York and the surrounding region," said Deanie Elsner, CEO of Charlotte's Web. "The Center for Discovery is internationally recognized for its innovative work in healthy farming practices, so we're very proud to be an active partner supporting this research."
The Center for Discovery, which treats individuals with complex disabilities and has been designated as Center for Excellence in New York State, is cultivating hemp using biodynamic agricultural practices, a higher standard of organic farming. Charlotte's Web's joint initiative with Center for Discovery demonstrates the Company's commitment to sustainable farming practices and corporate social responsibility.
Patrick H. Dollard, President and CEO of The Center for Discovery, said, "This agricultural research partnership is part of The Center's bold mission to create life-changing advances through our Food is Medicine philosophy. We are proud to be working with Charlotte's Web to advance hemp farming in New York State, and see great potential for additional growth and research."
Charlotte's Web has also been transitioning its hemp farming from conventional to organic agriculture practices over the past five years. The Company already operates certified organic fields as it pursues a broad organic certification for its consumer products.
"Consumers are becoming more and more savvy about the benefits of organic and sustainable agriculture for their own health and the health of the planet," said Bear Reel, Senior Director of Cultivation R&D at Charlotte's Web. "We are focused on helping people live better lives by making the highest-quality and consistent products, and it all starts with the genetics we put in the ground."
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About The Center for Discovery
The Center for Discovery (TCFD) is a leading provider of healthcare and education services for more than 1,200 children and adults with complex conditions, medical frailties and Autism Spectrum Disorders, located 90 miles northwest of New York City. Named a Center of Excellence in 2016, TCFD has long been a leader in developing new models of care for individuals with complex conditions. On 1,500 acres of land in Sullivan County, TCFD houses school campuses, residences, medical and research facilities, organic and biodynamic farmland, and leased private businesses. Deeply focused on an individual's personal potential and possibilities, rather than a disability, TCFD strives to create better care and unique and challenging opportunities for the most vulnerable populations.
For more information about TCFD, please visit https://thecenterfordiscovery.org/
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-derived 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 hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, as well as CBD pet products. Charlotte's Web hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online through the Company's website at www.CharlottesWeb.com. The rate the Company pays for agricultural products reflects a fair and sustainable rate driving higher quality yield, encouraging good farming practices, and supporting U.S. farming communities.
Charlotte's Web is a socially conscious company and is committed to using business as a force for good and a catalyst for innovation. The Company weighs sound business decisions with consideration for how its efforts affect its employees, customers, the environment, and the communities where its employees live and where it does business, while maximizing profits and strengthening its brands. The Company's management believes that socially oriented actions have a positive impact on the Company, its employees and its shareholders. Charlotte's Web donates a portion of its pre-tax earnings to charitable organizations.
Shares of Charlotte's Web trade on the Toronto Stock Exchange (TSX) under the symbol "CWEB" and are quoted in U.S. Dollars in the United States on the OTCQX under the symbol "CWBHF". As at July 29, 2019 Charlotte's Web had 44,500,034 Common Shares outstanding and 132,151.34 Proportional Voting Shares convertible at 400:1, for an effective equivalent of 97,360,571 Common Shares outstanding.
Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Charlotte's Web Holdings, Inc.
For further information: Charlotte's Web Contacts: Adam Schiff, Corporate Communications/Media, CultureSpeed Communications, (917) 701-7800, [email protected]; Cory Pala, Investor Relations, (416) 594-3849, [email protected]; The Center for Discovery Contact: Michael Rosen, The Center for Discovery, (845) 707-8449, [email protected]