CWEB - CBD-Focused Charlotte's Web Narrows Net Loss 75% YoY In Q4 Reports Drop In Revenue | Benzinga
Charlotte’s Web Holdings, Inc. (TSX:CWEB) (OTCQX:CWBHF) reported its financial results on Thursday for the fourth quarter and year ended Dec. 31, 2023.
The Colorado-based hemp extract wellness producer reported a 16% year-over-year decrease in fourth-quarter consolidated net revenue to $15.9 million. The company said both retail and e-commerce revenues lower year-over-year.
Charlotte’s Web said CBD product sales remain below expectations, attributing it to "ongoing headwinds in the overall CBD category, including regulatory ambiguities at the federal and state levels, associated consumer confusion, and competitive crowding and pricing pressures."
The company has joined a historic alliance of top CBD companies advocating for legislation and FDA regulation of hemp-derived CBD products as dietary supplements – ONE HEMP last year. Besides Charlotte's Web, the alliance includes some of the biggest names in the space like BayMedica, Brands, FSOil, Hemp Beverage Alliance, Kazmira, MAD TASTY, Open Book Extracts and Wyld.
Cannabis reform will no doubt be one of the hot topics at the upcoming Benzinga cannabis event next month. The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024.
See also: Regulatory Headwinds Harm CBD Sales For Charlotte’s Web: YoY Drop In Q3 Revenue, Gross Profit
Meanwhile, Charlotte's Web CEO Bill Morachnick, who joined the company in ...