Charlotte’s Web Exploring New CBD Beverage

DENVER – (TSX: CWEB) (OTCQX: CWBHF) Charlotte’s Web Holdings, Inc., is exploring the entry into the CBD wellness beverage market with new CBD social elixirs currently under development with an expected launch date later in the calendar year.

“Entering the beverage category is reflective of our increased focus on new product categories and formats to drive our topline growth,” said Jacques Tortoroli, Chief Executive Officer of Charlotte’s Web. “This allows us to enter this fast-growing portion of the market.”

The Company looks to introduce CBD sparkling elixirs powered by Charlotte’s Web full spectrum hemp extracts derived from the Company’s proprietary patented hemp cultivars. The beverages will be developed with best-in-class formulations blended with other functional botanicals and natural flavors and are vegan, gluten-free, dairy-free and non-GMO.

According to The Brightfield Group, the CBD beverage market is set to achieve $245 million in sales in 2021, up 50% from 2020, and is expected to reach $1.3 billion in 2026, representing a 40% CAGR.

Charlotte’s Web executive suite has substantial experience in the beverage category. Jacques Tortoroli has over 20 years of global beverage experience through previous roles with PepsiCo, and Pepsi-Cola International and more recently with Bermuda based family-owned Bacardi Ltd. Charlotte’s Web Chief Financial & Operating Officer, Wes Booysen, has more than a decade of experience in the beverage industry at Molson-Coors where he was most recently Chief Executive Officer and Managing Director, Asia Pacific and ‎Africa.

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(This information is primarily sourced from Charlotte’s Web Holdings, Inc.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).