Charlotte's Web Appoints Former Bacardi Chief Administration Officer Jacques Tortoroli to Board of Directors
Appointment Deepens Financial and International CPG Brand Experience
BOULDER, CO, Nov. 14, 2019 /CNW/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp CBD extract products, announced the appointment of Jacques Tortoroli to its Board of Directors.
Mr. Tortoroli, who most recently served as Chief Administration Officer of Bacardi Limited in Bermuda, brings extensive global experience in finance and operations at both private and public companies. As CAO of Bacardi, the largest privately held spirits company in the world, he was a member of the Global Leadership Team and responsible for global finance, operations, information technology and real estate.
Before joining Bacardi in 2014, Mr. Tortoroli had spent more than a decade at Viacom, Inc. He held a number of senior finance roles at the multinational entertainment company, most recently serving as both Executive Vice President of Finance for Viacom and as EVP and Chief Financial Officer for Viacom Media Networks, formerly MTV Networks. Prior to that, he held various executive leadership roles at Young & Rubicam, Inc., PepsiCo, Inc., and KPMG.
Mr. Tortoroli also recently accepted a position as Executive in Residence and Lecturer at St. Thomas Aquinas College in New York. He has been a member of the college's Board of Trustees since 2001, serving on the Audit Committee and the Investment & Finance Committee. Mr. Tortoroli previously served as a Board Member of the International Baccalaureate, as head of the Audit and Finance Committee and member of the Compensation Committee, Geneva and Cardiff.
"Jacques' appointment is timely, with the Company exploring plans to expand globally as the market leader in CBD products," said Charlotte's Web Chairman of the Board and Co-Founder Joel Stanley. "His deep financial knowledge and breadth of international experience in public and private companies will make an important contribution during our next phase of growth."
Mr. Tortoroli stated, "I am honored to serve on the Charlotte's Web Board of Directors. It's an exciting time in the growing CBD industry, and Charlotte's Web has earned its dominant market position through a combination of innovative products and world class executive talent."
Mr. Tortoroli, who will serve on the Compensation and Audit Committees, brings the number of Directors to seven. In addition to Joel Stanley, he joins Jared Stanley, the Company's Co-Founder and Vice President of Cultivation Operations; Charlotte's Web CEO Deanie Elsner; John Held, Executive Vice President, General Counsel, and Secretary of Omega Protein Corporation; William West, Co-Founder and President of Tesseract Medical Research; and Shane Hoyne, Managing Director & Chief Marketing Officer of Quintessential Brands Group.
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. Industrial hemp products are non-intoxicating. 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 November 12, 2019, Charlotte's Web had 57,046,941 Common Shares outstanding and 103,860.4775 Proportional Voting Shares convertible at 400:1, for an effective equivalent of 98,591,132 Common Shares outstanding.
Forward-Looking Information
Certain information in this news release constitutes 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 estimates 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.
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