Charlotte’s Web Holdings (CWBHF) posted a record harvest of 675,000 pounds last year. The company had produced 63,000 pounds of raw hemp in 2017. According to company CEO Hess Moallem, “During the fourth quarter we concentrated our efforts on completing the 2018 harvest and building product inventory to support growing consumer demand.”
Moallem added, “The record harvest benefited from excellent growing conditions and the unique expertise we’ve accumulated over the past five years of cultivating the complex hemp plant. This inventory build ensures we are able to meet growing demand and supply the large national retail chains that are beginning to carry our products.”
Charlotte’s Web Holdings has been actively expanding its distribution and its products are now available across more than 4,000 locations in the United States. In the fourth quarter, the company got 57% of its revenues from e-commerce. The metric stood at 59% in the fourth quarter of 2017.
Charlotte’s Web Holdings’ revenues from human nutrition, which account for the majority of its revenues, increased 76% YoY in 2018. Its topical and canine products reported YoY revenue growth of 1,085% and 189% last year. Both these products account for 4% each in Charlotte’s Web Holdings’ sales mix.
Charlotte’s Web Holdings has risen 37.2% this month based on yesterday’s closing prices. Cara Therapeutics (CARA) has risen 12.0%. However, Arena Pharmaceutical (ARNA) and Tilray (TLRY) have lost 11.1% and 18.9%, respectively.
Charlotte’s Web Holdings has received a “strong buy” rating from one analyst, while the remaining five analysts polled by Thomson Reuters on March 28 have rated it as a “buy.”