Charlotte’s Web trims loss despite lower sales
LOUISVILLE — Charlotte’s Web Holdings Inc. (TSE: CWEB) (OTCQX: CWBHF) had lower year-over-year sales in the first quarter of 2023, but the CBD products company was able to more than halve its net loss.
The company posted a net loss of $2.9 million on sales of $17 million in the most-recent quarter, compared with a net loss of $8.6 million on sales of $19.4 million in the first quarter of 2022.
CW laid blame for the revenue slippage on lower oil-tincture sales volume.
“In the first quarter, we maintained prudent cost controls to balance softness in the CBD category due to the unregulated environment,” Charlotte’s Web chief financial officer Jessica Saxton said.
CW’s stock price fell 1.65% on Friday, ending trading at 31 cents.
LOUISVILLE — Charlotte’s Web Holdings Inc. (TSE: CWEB) (OTCQX: CWBHF) had lower year-over-year sales in the first quarter of 2023, but the CBD products company was able to more than halve its net loss.
The company posted a net loss of $2.9 million on sales of $17 million in the most-recent quarter, compared with a net loss of $8.6 million on sales of $19.4 million in the first quarter of 2022.
CW laid blame for the revenue slippage on lower oil-tincture sales volume.
“In the first quarter, we maintained prudent cost controls to balance softness in the CBD category due to the unregulated…
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