Charlotte’s Web Holdings has a prominent place in the US hemp and cannabidiol (CBD) space and continues to develop new markets and solutions that help it grow. The company just released its earnings report for the first quarter of 2021 and, while the market has been stagnated by the lack of federal cannabis regulations, the company continues to see improvements. Its latest results include an increase in consolidated net revenue of $23.4 million, a 9.1% increase over the amount seen a year earlier.
Charlotte’s Web’s eCommerce operations ticked upward by 14.5%, while B2B net revenue dipped by 1.4%. However, that segment, excluding non-retail B2B hemp drying services, increased by 11%. The company’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was a loss of $4.7 million compared to a $5.7 million loss in the first quarter of last year.
Explains Deanie Elsner, CEO of Charlotte’s Web, “Despite reduced retail activity due to the pandemic, our directly comparable B2B retail sales showed year-over-year growth. Our B2B retail sales and velocities further strengthened in March and April as US vaccination programs support the reopening of the economy, and our DTC sales continued to grow, demonstrating long-term secular strength for our products in the e-commerce channel. We continued to expand our leading market position with quarterly market share gains across all of our channels. Internationally we have made our first moves into Israel and Canada, with initial product sales planned for early 2022. We are pleased with our progress and believe that Charlotte’s Web is well positioned to drive continued growth in the US and new growth in key international markets as we expand outside of the US.”
Charlotte’s Web has had a number of accomplishments so far this year. It had three proprietary hemp cultivars approved for cultivation in Canada, the first US cannabis company to be given approval, and its hemp-derived CBD extracts were proven to be safe for the liver. The company continues to expand its new 137,000-square-foot facility and has now launched its first broad-spectrum extract tinctures and topicals that are free of tetrahydrocannabinol (THC).