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Charlotte's Web Holdings reaps benefits of hemp legalization in 4Q

More than 4,000 retailers now carry its line of hemp wellness products

hemp field
Charlotte's Web product repertoire includes CBD Oil tinctures , CBD capsules, CBD topicals, as well as CBD pet products

Charlotte’s Web Holdings Inc (CSE:CWEB, OTCQ: CWBHF), the maker of hemp-derived CBD extract products, saw its revenue nearly double in the fourth quarter as it reaped the benefits of the legalization of hemp in the US.

Thanks to booming e-commerce sales of CBD products, its revenue for the fourth quarter rose to $21.5 million, compared to $12.6 million for the same period last year. The company’s net income also jumped to $3.2 million, or $0.03 per share, over the same time frame from $2.4 million, or $0.03 per share, in the year-ago quarter.

READ: Charlotte’s Web spins a tale of growth in the hemp-based CBD space

The results, however, failed to meet the estimates of analysts who predicted the Colorado company would earn $0.06 on revenue of $23.09 million.

In the wake of the passage of the US Farm bill, which gave the green light to the production of commercial hemp, the Boulder-based company reported that its 2018 harvest produced 675,000 pounds of raw hemp compared to 63,000 pounds in 2017.

"We believe this important legislation will have a positive impact on consumer access to hemp-derived CBD products and for our valuable farming communities throughout the country," said Hess Moallem, CEO of Charlotte’s Web, in a statement.  

The company says more than 4,000 retailers now carry its line of hemp wellness products.

Charlotte's Web product repertoire includes CBD Oil tinctures , CBD capsulesCBD topicals, as well as CBD pet products. Its offerings are sold by retailers and via its website www.CharlottesWeb.com.

Charlotte’s Web shares slipped $0.27 to hit $19.93 in afternoon trade Friday.

Contact Ellen Kelleher at [email protected]

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CSE:CWEB
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