When the IPO for Charlotte’s Web Holdings (CSE:CWEB) was announced at $7 last month, it was snapped up in the blink of eye.
Within two weeks, Charlotte spun right up to her highest peak to date, briefly touching $18.50 before settling down to close the week at $17.36.
The Colorado-based producer of high-quality, proprietary strains of hemp extracts was created to indirectly acquire and hold all of the capital stock in Charlotte’s Web Inc.
The company’s famous predecessor Stanley Brothers developed the world-famous Charlotte’s Web hemp strain.
The CBD-rich extract is credited with being the first publicly known cannabis product to be successfully used in a rare form of childhood epilepsy.
Charlotte’s current product categories include tinctures (liquid product), capsules and topical products.
GW Pharmaceuticals recently made history by getting the first-ever FDA approval for a cannabis-derived drug. Epidiolex is expected to hit the marketplace before year end.
Charlotte’s Web is expected to invest IPO proceeds primarily in:
- expansion of production capacity and cultivation infrastructure
- research and product development
- international expansion and working capital