Cannapany on January 13, 2022 No Comments
The leading hemp and CBD company continues to evolve after an executive shake-up
The reorganization of a company is essential because it provides the methods for the tasks to be performed correctly, thus reducing costs, avoiding slowness and duplication of efforts by determining the responsibilities of each worker. In an effort to “drive agility, growth and cash generation,” Charlotte’s Web Holdings has decided to complete a reorganization. This comes as the company prepares to announce the launch of new channels, products and markets. The intention is to return to a positive cash flow this year.
These recent changes come on the heels of a mid-year announcement that changes would be made in the leadership department. Jacques Tortoroli, CEO of Charlotte’s Web, said, “I’m pleased to share a corporate update on recent actions taken to position the business for long-term growth and profitability.”
He added, “Financially, we have moved to reduce our costs and tie compensation more to equity growth to better align with shareholder interests and accelerate our return to positive cash flow in 2022. We have ceased equity distributions through our at-the-market equity program established last June. I am listening to our investors and grateful for their continued support.”
According to reports, the company has opted to transition to a horizontal organizational structure. The objective of this move is to empower employees with greater accountability and better decision-making.
As a result, this will lead to much more efficient creativity and collaboration, which will drive faster response times and better customer service. Part of the advantages of this simplified structure is also the alignment of employees more closely with business objectives, not to mention the incredible cost savings.
Wes Booysen, CFO and COO of Charlotte’s Web Holdings, said the company is accelerating its global opportunity in parallel with the established US market. The team’s experience has enabled the company to begin discussions with Canada, Israel, the UK, and the EU for asset-light models through strategic partnerships.
Congratulation!