Greater China is now the next key market Charlotte’s Web Holdings is targeting. With a vote of confidence for distribution in that region, the company has decided to form an agreement with Energy Hemp Biotechnology. The US market leader in cannabidiol (CBD) products is looking to expand its footprint even further into other continents.
In order to achieve this goal, the firm has entered into an exclusive distribution agreement with Energy Hemp in Hong Kong. Under the terms of the recent deal, Energy Hemp will have exclusive rights to distribute the company’s broad-spectrum CBD product line in the Greater China territory. Initial availability is expected to include major cities such as Macau, Taiwan and Hong Kong.
Among the wide variety of products based on this line, consumers will be able to find gummies, capsules and oil tinctures. The portfolio could expand as time goes on. A flagship store (managed by Energy Hemp) of Charlotte’s Web is expected to open in 2023 in Hong Kong. In general, China’s long-lived population often turns to these CBD hemp extracts in order to alleviate some of the discomforts that come with aging.
In addition, as many already know, CBD products are known to help with sleep and daily stress among the younger generation of Chinese people who live under pressure on a daily basis. Energy Hemp also wants to make use of technology to launch a direct-to-consumer eCommerce web store. The idea is to provide a large part of the Chinese population with access to the wellness benefits of Charlotte’s Web’s market-leading products.
“It is critical to have a trusted regional partner that can bridge the plant’s legacy with Charlotte’s Web’s commitment to innovation and quality for consumers, partners and the Chinese business environment,” said Jacques Tortoroli, CEO of Charlotte’s Web. “I look forward to a long-term relationship, including working together on efforts to support hemp policy reform in mainland China to enable market access there.”