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Charlotte's Web Holdings, Inc. (TSX:CWEB) (OTCQX:CWBHF) reported its third-quarter results on Thursday for the three months ended Sept. 2023, revealing a nearly 16% year-over-year decrease in revenue to $14.3 million.
The sum included $9.4 million in direct-to-consumer net revenue and business-to-business retail net revenue of $4.9 million, both down from $11.8 million and $5.2 million, respectively, from the prior year’s period.
The Colorado-based company said CBD product sales year-to-date remain below expectations due to “ongoing headwinds in the overall CBD category, including regulatory ambiguities at the federal and state levels, associated customer and consumer confusion, and competitive crowding and pricing pressures.”
Charlotte’s Web recently joined a historic alliance of top CBD companies advocating for legislation and FDA regulation of hemp-derived CBD products as dietary supplements - ONE HEMP. Besides Charlotte’s Web, the alliance includes some of the biggest names in the space like BayMedica, Brands, FSOil, Hemp Beverage Alliance, Kazmira, MAD TASTY, Open Book Extracts and Wyld.
In September, the company tapped William Morachnick to serve as its new chief executive officer, succeeding CEO Jacques Tortoroli, who resigned.
See also: Charlotte's Web Q2 Revenue Declines 15.2% YoY, What About Income?
Charlotte's Web’s shares traded 1.7179% lower at $0.2637 per share at the market close on Wednesday afternoon.
Photo: Courtesy of Towfiqu barbhuiya on Unsplash