Charlotte’s Web to double its hemp farm acreage in 2019

BOULDER — This year Charlotte’s Web Holdings Inc., a Boulder-based CBD product maker, plans to double the number of acres of hemp the company planted in 2018.

That proclamation, which was contained within the company’s preliminary earnings report for the first quarter of fiscal year 2019, accompanied an announcement that Charlotte’s Web products are now carried in more than 6,000 stores. The company has added 2,300 stores to its distribution network since the start of 2019.

“To support this growing consumer and retailer demand, the company is doubling the number of acres planted for 2019,” Charlotte’s Web CEO Hess Moallem said in a prepared statement. “We planted 300 acres of hemp in 2018 and harvested 675,000 pounds of raw hemp compared to 63,000 pounds in 2017. For the 2019 season we are doubling the acres planted to ensure we will have the volumes required to meet anticipated demand through 2020 and into 2021.”

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Charlotte’s Web reported estimated quarterly revenues of approximately $21 million to $22 million and net income of $2 million to $2.5 million.

“There is a lot of excitement surrounding the CBD wellness space today, and we are issuing our preliminary first quarter results in the interest of transparency and to ensure alignment of shareholder expectations in terms of growth rates,” Moallem said in a statement. “First quarter sales increased approximately 70 percent year-over-year within the range of our expectations. Our sales volumes increase monthly, and March closed with record sales of approximately $8 million for the month.”