GreenMarket Report: Charlotte’s Web Lowers Guidance As Expenses Skyrocket

Charlotte’s Web Holdings, Inc. (TSX: CWEB)(OTCQX: CWBHF)  reported that its revenue rose 41.8% to $25.1 million in the third quarter that ended September 30, 2019, versus $17.7 million for the same period in 2018. Still, the company delivered a net loss of $1.3 million versus last year’s net income of $1.8 million. Rising Expenses The operating expenses soared to $19.6 million over last year’s $9.8 million for the same time period. The company said in a statement that its “third-quarter operating expenses were $4.7 million”, but that isn’t the number that appeared in the financial table. The company did say that the rising expenses were “to support the Company’s growth and transition to a consumer-packaged goods operating company. During the quarter Charlotte’s Web moved into larger office facilities in Boulder and added senior CPG management to the leadership team along with related personnel.  “Employee headcount was 307 on September 30, 2019, a 35.8% increase from 226 at September 30, 2018.” “In an increasingly crowded, noisy and confusing CBD market, brands matter, and Charlotte’s Web is the most trusted hemp extract in the world,” said Deanie Elsner, Chief Executive Officer of Charlotte’s Web. “Consumer education is increasing and a 68% year-over-year increase in traffic through our…

Excerpt only …
READ MORE BELOW
Source : CANNANNEW REPORT
Link to original : GreenMarket Report: Charlotte’s Web Lowers Guidance As Expenses Skyrocket
reposted by Cannabis News World