Charlotte’s Web reports stockholder share sales

BOULDER — Charlotte’s Web Holdings Inc., a Boulder CBD extract company traded on the Canadian Securities Exchange (CSE: CWEB) and quoted on the over-the-counter exchange in the U.S. (OTCQX: CWBHF), has reported that buyers of a previously announced public offering of 7 million common shares of the company sold by certain current shareholders at a price of 20 Canadian dollars ($14.86 U.S.) per share have exercised in full their option to purchase an additional 1,050,000 common shares from the selling shareholders at the same price.

The sale results in CA$21 million ($15.6 million U.S.) for the selling shareholders. Together with the proceeds from the initial closing on May 15, of CA$140 million, the aggregate proceeds of the offering will be CA$161 million ($119.8 million U.S.)

The company did not receive any proceeds from the sale of common shares by the selling shareholders.

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In September, Charlotte’s Web launched its initial public offering in Canada, and subsequently filed to have its shares quoted on the OTC so that U.S. investors could invest in U.S. dollars.

Charlotte’s Web was founded by the Stanley brothers and has gained market-leader status in the production and distribution of hemp-derived cannabidiol wellness products.

Its products, sold in 6,000 retail locations and online, have sold so fast that the company said earlier this month that it would double its hemp acreage this year in order to meet the demand.

Among its products are CBD oil tinctures (liquid products), CBD capsules, CBD topicals, as well as CBD pet products.