Charlotte’s Web to boost hemp acreage to meet demand

Charlotte’s Web to boost hemp acreage to meet demand

The Colorado company will have 187% more acres of hemp before the end of the year

Charlotte’s Web Hemp (CNQ: CWEB) knew early on that there was going to be great potential in CBD (cannabidiol) extracts. It may not have known that the federal government would legalize industrial hemp, one of the best sources of CBD, last year, but that has certainly worked to the company’s benefit. Things are going so well for the Colorado-based company that it is going to need more acreage to meet future supply. So much more, in fact, that it will increase its cultivation farms by 187% before the end of this year.

The company now has hemp growing on 862 acres, a substantial increase above the 300 it planted last year. From 2016 to 2018, the company increased its production from 41,000 pounds to 675,000 pounds, so the increase in acreage is going to give it substantial capacity.

According to a statement by Charlotte’s Web CEO Deanie Elsner, “Interest and demand for our products has been exceptional and growing rapidly. Our 2019 planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte’s Web products through 2020 and into 2021. Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan. Tens of thousands of Americans have come to rely on Charlotte’s Web products daily making it essential that our products are always available, efficacious and consistent day-to-day, bottle-to-bottle, year-to-year.”

The company now has farms in various parts of the US, including Colorado (19%), Kentucky (38%) and Oregon (43%). All farms are cultivated by American farmers, with the Colorado facilities operated by the company itself and the others operated by family-owned farmers. All farms are organic and 54% of this year’s total acreage has been designated for USDA organic certification.

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