Charlotte’s Web Plans a New Acquisition

0
51

In Colorado, Charlotte’s Web plans a new acquisition, secures a line of credit from a major U.S. bank, and reports fourth quarter and year end fiscal results. Here’s what you need to know: The market leader in hemp-derived CBD products announced 94.6 million dollars in revenue for 2019, up 36 percent over last year, due to a 39 percent increase in ecommerce sales, as well as a record hemp harvest of over 2 million pounds of biomass, and expanded product line and retail footprint. Fourth quarter revenue came in under analyst predictions at 22.8 million, up 6 percent from the same period last year, but down 9 percent from the previous quarter. The fiscal report came after an announcement of a 10 million dollar secured credit line from J.P Morgan, with a possible extension of an additional 20 million, and provision of banking services. The company further intends to put in place an at-the-market equity distribution program as a cost-effective capital access and liquidity tool, although they’ve said they have no immediate plans to use either that or the credit offering. Charlotte’s Web also revealed an agreement to purchase topical CBD product manufacturer Abacus Health in an all-stock transaction worth 69 million dollars. The acquisition would create the world’s largest hemp-derived CBD company, anticipated to account for nearly 35 percent of CBD sales within the Food, Drug, and Mass-Merchandise market. While some predict the move could facilitate long-term growth, it could cause significant dilution in the short term, prompting disappointment among investors. Charlotte’s Web trades on the Toronto Stock Exchange as CWEB and over the counter as CWBHF.

Distributed by: Cannabis Broadcast Station/ Infinity Broadcast Network Sponsored by: Infinity Inc.
http://www.infinitybroadcastnetwork.com
http://www.infinitybrandsinc.com http://www.cannabisbroadcaststation.com

Follow Us on IG,Twitter, Facebook: @cannabisbroadcaststaion @infinitybrandsinc @cannabissnacks

IG: http://www.instagram.com/cannabisbroa…
IG: http://www.instagram.com/infinitybran…
TW: http://www.twitter.com/thecannastation
TW: https://twitter.com/Brands_Infinity

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here