Charlotte’s Web Holdings, Inc. has already made its presence known as the leader in full-spectrum CBD (cannabidiol) products. It was the first company to receive formulary approval and include its products in the exclusive Supplemental Benefit Management, LLC (SBM) employee benefits program. Employers in the US can now offer their employees and pets access to Charlotte Web products through this employer-sponsored benefit program.
Bryan Perry, Charlotte’s Web’s chief commercial officer, stated that there are nearly 4,000 CBD brands available in the US and that Charlotte’s Web is our flagship full-spectrum CBD extract offering. Charlotte’s Web had to demonstrate clinical safety data in order to be included in the SBM product formulary. Charlotte’s Web must also demonstrate good manufacturing quality, lot-specific product labelling matching certificate of authenticity, customer education and attractive pricing.
Employers are looking for new and more meaningful benefits to retain and attract talent in an economy that is increasingly affected by high levels of employee burnout and resignation. Employees are now looking for natural options to improve their overall health and well-being. This includes mental well-being, sleep, recovery, or discomfort.
Employers can use the SBM supplement benefit management tool to provide coverage for natural therapies and wellness options to increase employee well-being, retention and recruitment, as well as lower overall healthcare costs. Employers can add this benefit to their traditional health insurance. Employees have access to trusted products and education and can track the effects of these therapies on their health and wellbeing.
Rodney Nuss, Chief Operating Officer at SBM, stated that product experience data shows where natural care and costs are more effective for employees and employers. Employers can use employee engagement as a best-practice method to control costs and improve health outcomes. Employers now have the option of adding hemp-based wellness coverage to their company. This will allow them to promote a healthy workforce.
Employers can enroll directly in the SBM program starting in July 2022 and choose the level of coverage that they want for their employees on a monthly or annual basis. Employees can then opt-in and access the program via their MySBM application. Employers who struggle to retain and attract employees will find SBM a “benefit with real benefits.” SBM projects that the program will benefit up to 50,000 employees within 12 months.