Charlotte’s Web Holdings
Charlotte’s Web Holdings (CWEB) (CWBHF) saw a selling spree in May. The company lost more than 30% of its market capitalization. After last month’s sell-off, Charlotte’s Web Holdings’ year-to-date gains have fallen to 17.8%. In May, Charlotte’s Web Holdings underperformed the cannabis ETFs. The Horizons Marijuana Life Sciences ETF (HMMJ) and the ETFMG Alternate Harvest ETF (MJ) saw a negative price action of 12.5% and 13.2%, respectively, last month. Cannabis ETFs closed down in every week in May. Broader markets came under pressure amid the escalating US-China trade war.
First quarter earnings
New product line
On June 3, Charlotte’s Web Holdings officially announced its new product line—CBD Gummies. According to Charlotte’s Web Holdings, the product is “made with whole-plant extract from its prized hemp genetics and featuring synergistic functional ingredients to support specific health related functions including everyday stress, sleep, and recovery from exercise or active lifestyles.” At the beginning of May, Charlotte’s Web Holdings announced the expansion of its product line for canines.
Charlotte’s Web Holdings has expanded its distribution to more than 6,000 outlets in the United States. The company sells its products online. The company has been working to make its products available on Amazon as the demand for hemp-based products grows.