Charlotte’s Web Announces Line of Credit with J.P. Morgan and Engagement for Commercial Banking Services
March 24th, 2020
BOULDER, CO, March 23, 2020 /PRNewswire/ – (TSX: CWEB; OTCQX: CWBHF) – Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”) the market leader in hemp-derived extract products, has entered into a new Asset Backed Line of Credit with J.P. Morgan for $10 million with an accordion feature to extend the line to $20 million with a 3 year maturity. In addition, Charlotte’s Web has engaged J.P. Morgan for commercial banking services including merchant processing services to support the Company’s global growth.
“Having alternative capital options in place such as a credit line with a leading bank is useful as we grow our business and invest in our infrastructure,” said Deanie Elsner, CEO of Charlotte’s Web.
Separately, Charlotte’s Web also intends to put in place an “at-the-market” (ATM) equity distribution program, a cost-effective capital access and liquidity tool. The Company views this as a prudent measure to have in place along with the line of credit but has no immediate intentions to utilize either the ATM or line of credit.
At December 31, 2019 the Company held cash of $68.5 million and working capital of $113.6 million.
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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 ADA compliant website at www.CharlottesWeb.com.
Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, “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.
SOURCE Charlotte’s Web Holdings, Inc.
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