Charlotte's Web Announces New Executive Team Appointments

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Jan 31, 2020, 08:07 ET

BOULDER, CO, Jan. 31, 2020 /PRNewswire/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp CBD extract products, today announced management appointments reflecting the Company's distinguished cultivation excellence, as well as its increased activities in public and regulatory affairs, sciences, data and sustainability.

Jared Stanley, Company Co-Founder and Vice President of Cultivation Operations, has been promoted to the newly created role of Chief Cultivation Officer, reporting directly to the Chief Executive Officer, Deanie Elsner. Over the past 6 years, Mr. Stanley has established cultivation excellence for the Company with industry leading expertise. The appointment reflects Mr. Stanley's successful oversight in the execution of every step of the cultivation process. Cultivation is a critical component of the Charlotte's Web supply chain that ensures consistency of high-quality products consumers have come to rely on.

"I am very grateful for this recognition. Cultivation and genetics are the foundation of Charlotte's Web and I am thrilled to be leading it for the organization I helped create" said Mr. Stanley. "It is an area that we have learned to excel in, and our world-class agriculture division continues to cultivate new cannabinoid rich hemp and the higher quality CBD that consumers trust."

Kelly Shea has joined the Company in the newly created role of Senior Vice President of Government Affairs & Corporate Communications, overseeing Federal and State Government Relations, Corporate Social Responsibility, Communications, and Customer Education. Ms. Shea comes to the Company from Danone North America (formerly WhiteWave), where she employed her strong knowledge of agriculture and the legislative environment to advance policies for farmers and food manufacturers to transform the Organic dairy category.

"Much of our growth is heavily influenced by legislative and regulatory decisions and Kelly brings tremendous experience in influencing external environments to embrace new categories," said Ms. Elsner. "Kelly's extensive leadership with organic production and compliance is also a great asset in our ambitions for organic certifications. We employ organic methods on all of our acres with over half our 2019 harvest achieving organic certification."

Paul Lanham, Chief Data, IT and ECommerce Officer, will now report into Deanie Elsner, Chief Executive Officer. Mr. Lanham, oversees the business analytics, digital strategy, and direct-to-the-consumer ecommerce business to bring visibility to operations, enabling better reach and customer service.

Chief Operating Officer, Stephen Lermer, is leaving the Company effective January 31, 2020, returning to his home in Central America to be with family where he will pursue regional opportunities. The Company's vertically integrated supply chain teams assembled under Mr. Lermer will continue their work under the oversight of Chief Financial Officer, Russ Hammer until the new operations leader is announced. The Company extends its gratitude to Mr. Lermer for the competent teams he has built.

"We thank Stephen for his contributions and wish him the best in his future endeavors," said Deanie Elsner, Chief Executive Officer of Charlotte's Web.

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 of January 1, 2020, Charlotte's Web had 67,418,174 Common Shares outstanding and 95,342.49 Proportional Voting Shares convertible at 400:1 into Common Shares, for an effective equivalent of 105,555,170 Common Shares outstanding.

Forward-Looking Information

Certain information in this news release constitutes forward-looking statements and forward-looking information (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. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

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, including but not limited to the factors described in greater detail in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such expectations, estimates, projections and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Charlotte's Web Holdings, Inc.