Charlotte’s Web takes over CTC flex space

LOUISVILLE — Charlotte’s Web Holdings Inc., a CBD product manufacturer, has leased a nearly 137,000-square-foot flex office space in Louisville’s Colorado Technology Center business park from Etkin Johnson Real Estate Partners LLC.

”We are grateful to the Etkin Johnson team for its quick and efficient assistance in locking down this outstanding facility in Louisville,” Charlotte’s Web chief operating officer Stephen Lermer said in a prepared statement. “Louisville is a prime location for us midway between Boulder and Denver where we have and source top employee talent. We look forward to contributing to the growth, economy and families of Louisville as we continue to grow.”

Charlotte’s Web, which currently occupies a roughly 40,000-square-foot Boulder production facility, has been in growth mode of late, expanding its hemp production capabilities, retail distribution network and executive team in recent months. 

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“This is a time of rapid growth and transformation for Charlotte’s Web and these new facilities are necessary to support the production, warehousing and distribution of our growing product lines and volumes,” Lermer said in a statement. “Production and inventory growth have been dramatic this year following the company’s record 675,000-pound hemp harvest during 2018, which was more than 10 times larger than 2017. Our capacity build is required to support sales forecasts as multiple national retailers continue to roll out Charlotte’s Web products.”

The new CTC space, which will be built out to fit the company’s needs over the next two years, will house distribution, manufacturing and research and development operations.

“Many of the extraction technologies employed in our sector are decades old. In our new facility we will be incorporating the latest in extraction and post-processing refinement technology that enables differentiated end-products with unique characteristics,” Lermer said in a statement. “Our expanded [research and development] focus in this facility will also lead us to future innovation that will ensure we remain the leader in production technology.”

Avison Young real estate agency principals Justin Rayburn and Dawn McCombs represented Charlotte’s Web in the lease transaction.