Charlotte’s Web Holdings, Inc. (CSE: CWEB) (OTCQX: CWBHF) has announced this morning that the company’s product line of premium Cannabidiol (CBD) derived products have grown to sell in a record 3,000 different retail locations across North America. Over the course of this year their company was able to gain an additional 1,000 retail locations from 2017.
CBD products have been increasingly accepted by health-conscious consumers which has caused it to grow into a billion-dollar industry. Cannabidiol oil can be extracted from both the cannabis and the industrial hemp plants and has been found to be effective in treating a plethora of ailments and conditions.
In 2017, Charlotte’s Web posted sales of US$40 million and in Q1 of 2018 the company has generated sales of US$13.1 million, which is one of the highest sales involved in the CBD sector. This year the company decided to go public in Canada and the U.S.A with their $100 million-dollar IPO.
As consumers around the world continue to accept CBD products as effective to treat medical conditions, Charlotte’s Web plans to continue to expand their operations worldwide.
Hess Moallem, Charlotte’s Web CEO gave this statement in the press release:
“While we are thrilled to beat our retail expectations for the year, we know this is just the beginning of our continued expansion both domestically and worldwide. We are deeply committed to the millions of people who benefit from Charlotte’s Web and we will continue breaking new ground to ensure our products are made available in as many retail locations as possible.”