Launching Hemp CBD Wellness Benefits is an
Industry First
DENVER, July 12,
2022 /CNW/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web," "CW" or the "Company"), the
market leader in full-spectrum hemp extract CBD products, is the
first company to achieve formulary approval and inclusion of its
products in SBM LLC's exclusive employee benefits program. Through
this employer-sponsored benefit plan, US employers can now
confidently provide employees and their pets with coverage and
access to Charlotte's Web products
as an alternative health and wellness therapy.
"With almost 4,000 CBD brands for sale in the U.S., we are
selecting Charlotte's Web as our
flagship full-spectrum hemp extract offering," said Bryan Perry, Chief Commercial Officer. Attaining
SBM product formulary inclusion required Charlotte's Web to show proof of clinical
human safety data. In addition, Charlotte's Web must demonstrate ongoing good
quality manufacturing, lot-specific product labelling matching
certificates of authenticity, customer education, and attractive
pricing.
In an economy increasingly affected by high levels of employee
burnout and resignation, employers are turning to new and
meaningful benefits to attract and retain talent. Now more than
ever, natural alternatives for wellness are requested by employees
to support general health and wellness including: mental
well-being, sleep, sports, and recovery or discomfort. Supplement
benefit management from SBM provides employers the ability to cover
natural therapies and wellness alternatives to improve
employee well-being, recruitment and retention, and lower overall
healthcare costs. Employers are able to "bolt-on" this
benefit as an adjunct to traditional health insurance. This
provides employees with trusted products, education, and the
ability to track how these therapies affect their health and
wellness.
"Through this program, product experience data reveals where
natural care and cost choices produce better results for both
employers and employees," said SBM Chief Operating Officer
Rodney Nuss. "Employee
engagement can be some employers' best-practice solution for
controlling costs and improving health outcomes. Now employers have
the option to add hemp-based wellness coverage with a built-in
employee engagement platform to support a healthy workforce and
healthy company."
Starting in July 2022, employers
can directly enroll in the SBM program and determine the desired
level of coverage provided for each employee on a monthly or annual
basis. Then employees simply opt-in and gain access to the
program through their MySBM app. SBM represents a 'benefit with a
real benefit' for those employers who are struggling to attract and
retain employees. SBM estimates up to 50,000 employees will
participate in the program within twelve months.
"We celebrate our launch into this category as the lead partner
with SBM," said Jacques Tortoroli,
Charlotte's Web Chief Executive
Officer. "Expanding access to CBD through the employee benefits
programs is yet another way Charlotte's Web is fulfilling its mission for
broad consumer access for everyday hemp wellness. Wider access and
visibility for hemp-wellness empower people to make more informed
health and wellness decisions."
Employers can learn more about how to lower costs and help
employees achieve better health by contacting SBM at
877-726-2363 (877-SBM-Bene) or info@SBMbenefit.com.
About SBM, LLC.
Charlotte's Web Holdings,
Supplemental Benefit Management, LLC (SBM), headquartered in
Colorado, is an innovative benefit
management company providing voluntary "bolt-on" benefit offering
targeting specific health and wellness areas for humans and pets as
part of employer sponsored employee benefit plans. Founded by
healthcare, technology, and benefit executives with a proven
history of disrupting traditional markets, SBM is at the forefront
of merging natural products, consumer experience, and workforce
needs to provide an industry first solution for controlling costs
and improving health outcomes. The SBM offering includes an
exclusive product formulary with best-in-class products and
pricing, coupled with an employee engagement solution providing
products, education and outcomes tracking for meaningful health and
wellness areas.
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc.,
a Certified B Corporation headquartered in Denver, is the market leader in innovative
hemp extract wellness products under a family of brands which
includes Charlotte's Web™, CBD
Medic™, CBD Clinic™, and Harmony Hemp™. Charlotte's Web branded premium quality
products start with proprietary hemp genetics that are 100-percent
American farm -grown using organic and regenerative cultivation
practices. The Company's hemp extracts have naturally
occurring botanical compounds including cannabidiol ("CBD"), CBC,
CBG, terpenes, flavonoids, and other beneficial
compounds. The Company's CW Labs R&D division advances
hemp science at two centers of excellence in Louisville, Colorado, and the Hauptmann
Woodward Research Institute at the University
at Buffalo, part of the State
University of New York (SUNY)
network. Web product categories include full-spectrum hemp CBD oil
tinctures (liquid products), CBD gummies (sleep, stress,
exercise recovery), CBD capsules, CBD topical creams and lotions,
as well as CBD pet products for dogs. Through its vertically
integrated business model, Charlotte's Web maintains stringent control
over product quality and consistency with 20+ product lot testing
for quality assurance. Charlotte's
Web products are distributed to more than 15,000 retail, over 8,000
health care practitioners, and online through the Company's website
at www.CharlottesWeb.com. Charlotte's Web's mission is
"To unleash the healing powers of botanicals with compassion and
science, benefitting the planet and all who live upon it."
Forward-Looking
Information
Certain information in this news release constitutes
forward-looking statements and forward-looking information within
the meaning of applicable securities laws (collectively,
"forward-looking information"). In some cases, but not
necessarily in all cases, forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might", "will"
or "will be taken", "occur" or "be achieved". In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances contain
forward-looking information. Specifically, this news release
contains forward-looking information relating to, among others: the
future of Charlotte's Web and the
impacts of management changes.
Statements containing forward-looking information are not
historical facts but instead represent management's current
expectations, estimates and projections regarding the future of
our business, future plans, strategies, projections, anticipated
events and trends, the economy and other future conditions.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date of this news release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information. The
material factors and assumptions used to develop the
forward-looking information herein include, but are not limited to,
the following: the impact of the COVID-19 pandemic; the regulatory
climate in which the Company currently operates and may in the
future operate; consumer interest in CBD; successful sales of the
Company's products; and the success of sales and marketing
activities. Important factors that could cause actual results and
financial condition to differ materially from those indicated in
the forward-looking information include, among others, the factors
discussed throughout the "Risk Factors" section of the Company's
most recently filed Annual Report on Form 10-K for the year ended
December 31, 2021 available on
www.SEDAR.com and www.sec.gov , and other risk factors contained in
other filings with the Securities and Exchange Commission available
on www.sec.gov and filings with Canadian securities regulatory
authorities available on www.sedar.com. Except as
required by applicable securities laws, the Company undertakes no
obligation to publicly update any forward-looking information,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
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SOURCE Charlotte's Web
Holdings, Inc.