Top-Tier Executive Team In Place for Global
Growth
BOULDER, CO, Aug. 14, 2019 /PRNewswire/ - (TSX: CWEB,
OTCQX: CWBHF), Charlotte's Web Holdings, Inc.
("Charlotte's Web" or the "Company"),
the market leader in whole-plant hemp CBD extract
products with naturally occurring cannabinoids, including
cannabidiol ("CBD"), is pleased to announce that Russell Hammer has joined the Company as Chief
Financial Officer, effective tomorrow, August 15, 2019.
Mr. Hammer, who has most recently served as an advisor in
private equity investments, brings more than 30 years of finance
experience in the retail, tourism and technology sectors. With his
experience leading multi-billion-dollar multinational companies, he
is the latest top-tier executive to join Charlotte's Web as the
Company accelerates its growth and evolution into a global consumer
packaged goods ("CPG") brand. Mr. Hammer replaces Rich Mohr, who as CFO has overseen the Company's
successful transition to a publicly traded company and market
leader in hemp CBD products.
"Russ's appointment aligns perfectly to support the Company's
evolution over the past few years from an early stage organization
to a leading public company, into its next phase transitioning to a
global CPG company. His breadth of international finance experience
across a range of industries, as well as expertise in building
operational infrastructure, applying forward-looking analytics,
M&A, and accessing capital markets will help us scale the
business in a financially stable way," said Deanie Elsner, CEO of Charlotte's Web. "I would
also like to recognize Rich's valuable contributions setting up the
company for this next phase of growth."
Mr. Hammer previously served as CFO of Brown Shoe Company, a
footwear company recently rebranded as Caleres, where he helped the
company reach $2.5 billion in annual
sales and reorganize its portfolio of brands for growth.
Prior to that, he played similar roles at Orbitz Worldwide, the
online travel company, and Crocs, Inc. the shoe retailer. Mr.
Hammer started his career at Motorola, Inc., where he served in a
variety of senior finance roles.
"Russ is a natural fit for Charlotte's Web as the Company
continues to evolve and expand globally," said Mr. Mohr, who will
support the CFO transition through an advisory role. "I'm proud of
what we have accomplished in establishing a foundation for future
growth and am pleased that the Company's finances will remain in
the hands of such a skilled and seasoned professional."
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About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc. is the market leader in the
production and distribution of innovative hemp-derived cannabidiol
("CBD") wellness products. Founded by the Stanley Brothers, the
Company's premium quality products start with proprietary hemp
genetics that are responsibly manufactured into hemp-derived CBD
extracts naturally containing a full spectrum of phytocannabinoids,
including CBD, terpenes, flavonoids and other beneficial hemp
compounds. Charlotte's Web product categories include CBD Oil
tinctures (liquid products), CBD capsules, CBD topicals, as well as
CBD pet products. Charlotte's Web hemp-derived CBD extracts
are sold through select distributors, brick and mortar retailers,
and online through the Company's website at
www.CharlottesWeb.com. The rate the Company pays for
agricultural products reflects a fair and sustainable rate driving
higher quality yield, encouraging good farming practices, and
supporting U.S. farming communities.
Charlotte's Web is a socially conscious company and is committed
to using business as a force for good and a catalyst for
innovation. The Company weighs sound business decisions with
consideration for how its efforts affect its employees, customers,
the environment, and the communities where its employees live and
where it does business, while maximizing profits and strengthening
its brands. The Company's management believes that socially
oriented actions have a positive impact on the Company, its
employees and its shareholders. Charlotte's Web donates a portion
of its pre-tax earnings to charitable organizations.
Shares of Charlotte's Web trade on the Toronto Stock Exchange
(TSX) under the symbol "CWEB" and are quoted in U.S. Dollars in
the United States on the OTCQX
under the symbol "CWBHF". As at August
12, 2019 Charlotte's Web had 49,253,934 Common Shares
outstanding and 120,529.07 Proportional Voting Shares convertible
at 400:1, for an effective equivalent of 97,565,562 Common Shares
outstanding.
Forward-Looking Information
Certain information in this news release constitutes
forward-looking information which are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events. Forward-looking
information may be materially different from those expressed or
implied by such forward-looking information, including but not
limited to the factors described in greater detail in the public
documents of the Company available at www.sedar.com.
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SOURCE Charlotte's Web Holdings, Inc.