Whilst Everybody Else In The Cannabis / CBD World Is Making Hay In The Pandemic Year Charlotte’s Web Lays Blame At Foot of Covid

Whilst Everybody Else In The Cannabis / CBD World Is Making Hay In The Pandemic Year Charlotte’s Web Lays Blame At Foot of Covid

The poster company of CBD until 2020, Charlotte’s Web is having the most torrid of years, or to use the Queen’s parlance an Annus horribilis.. Starting with the rerrible news of Charlotte Figi’s death at the hand of COVID

Charlotte Figi namesake behind the CBD strain Charlotte’s Web, dies age 13 From COVID-19 Complications
Charlotte’s Web Q.2 Reporting Shows Further Slide Into Red
AAXLL Responds to Trademark Lawsuit Regarding Charlotte’s Web Strain
Charlotte’s Web Sells Illegal Products Says Lawsuit

 

 

Hemp industry Daily reports that although revenue stands at a whopping $25.2 for the last quarter they still managed to lose $6.6 Million.

We wonder whether 2021 will be better for them

 

Charlotte’s Web Holdings Inc. lost $6.6 million last quarter as expenses outstripped rising revenue and the pandemic continued to cool sales.

The CBD giant based in Boulder, Colorado, reported revenue of $25.2 million for the quarter that ended Sept. 30, up 0.4% from the same period a year ago.

The company said in its third-quarter earnings report Thursday that the company’s revenue also increased 17% from this year’s second quarter, marking a return to consecutive growth.

Gross profit for the third quarter was $14.7 million, down from $17.9 million in the same period last year. The company’s operating expenses for the quarter, meanwhile, were $28.3 million, up from $19.6 million during the same period last year. The company told investors that it has “taken actions to better align operating expenses” and plans to cut expenses 10% by the end of 2020; Charlotte’s Web did not elaborate on how the cuts would be achieved.

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CBD giant Charlotte’s Web cites pandemic sales slump in quarterly loss

 

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