Charlotte’s Web Holdings
Charlotte’s Web Holdings (CWBHF) released its first-quarter earnings yesterday after the markets closed. The company reported revenues of $21.7 million in the quarter. It had posted revenues of $21.5 million in the fourth quarter and $13.1 million in the first quarter of 2018. Charlotte’s Web Holdings’ revenues were in line with its guidance of $21 million to $22 million. However, the revenues were lower than what analysts were expecting.
Charlotte’s Web Holdings (CWBHF) reported adjusted EBITDA of $4.5 million in the quarter as compared to $3.6 million in the sequential quarter and $4.6 million in the first quarter of 2018. Charlotte’s Web Holdings’ net income stood at $2.3 million in the first quarter as compared to $3.1 million in the first quarter of 2018. While Charlotte’s Web Holdings reported a yearly fall in its net income, it’s nonetheless among the few cannabis players that are reporting positive net income. Charlotte’s Web Holdings’ Q1 net income was in line with analysts’ estimates, but its adjusted EBITDA missed consensus estimates.
In line with the growing demand in the sector, Charlotte’s Web Holdings said that it would double the acres planted to 700 in 2019. Last year, the company planted 300 acres, while its raw hemp harvest rose more than ten-fold to 675,000 pounds. Charlotte’s Web Holdings has also launched a product line for pet products. The company is also expanding its distribution network, and as of May 28, it is shipping its products to four national retailer locations across 18 states.
Cresco Labs (CRLBF) is scheduled to release its first-quarter earnings today. Read How Analysts View Cresco Labs before Its Q1 Release for more analysis.