DENVER, Nov. 11, 2021 /PRNewswire/ – (TSX: CWEB) (OTCQX: CWBHF) Charlotte’s Web Holdings, Inc. (“Charlotte’s Web,” or the “Company”), the market leader in full-spectrum hemp extract products has completed the harvest of its first ever international hemp crop, in Canada. In April of 2021 Charlotte’s Web proprietary hemp cultivars were approved for registration on Health Canada’s List of Approved Cultivars for outdoor cultivation in Canada. The early flowering and maturing hemp cultivars were uniquely developed to produce high naturally occurring cannabidiol (“CBD”) in shorter northern climate growing seasons.
The Canadian harvest included the Company’s flagship “CW1AS1” U.S. patented cultivar used for its leading full-spectrum hemp extract “Original Formula“. Charlotte’s Web will prioritize this first CW1AS1 harvest for Original Formula available exclusively for medical cannabis patients in Canada.
The 2021 Canadian harvest exceeded initial estimates by approximately 20%. The hemp biomass will be processed into whole plant hemp extract for Charlotte’s Web CBD wellness products in Canada for sale in 2022. The robust harvest is a testament to the Company’s horticultural leadership in hemp farming.
“We have an internal plant science and genetics department that has made substantial progress in creating healthier, more robust plants that maximize yields by region and provide scalability,” said Jared Stanley, Company Co-Founder and Chief Cultivation Officer. “Excellent hemp plant genetics are the first step in the quality control process and will ensure consistency in our Canadian product portfolio.”
The high-quality 100% Canadian-grown hemp will be extracted and manufactured into final product through strategic third-party relationships.
“We are employing an asset light model in Canada benefitting from well-established infrastructure and co-production,” said Deanie Elsner, Charlotte’s Web president and CEO. “We are finalizing agreements with our Canadian manufacturing and distribution partners for product availability in the first half of 2022. The hemp CBD wellness category is underdeveloped in Canada, with limited offerings of quality full-spectrum hemp extract products. Interest in Charlotte’s Web products in Canada is high. We are positioning to participate in both hemp CBD and cannabis wellness in Canada, leveraging our brand strength and proprietary genetics.”
Canada is part of Charlotte’s Web international cultivation expansion, and provides further access to other international geographies through export from the Canadian market for biomass, extract and finished goods.
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