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
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.