Charlotte's Web Holdings Inc. to File Business Acquisition Report for Abacus Health Products
BOULDER, Colo., Aug. 24, 2020 /CNW/ - (TSX:CWEB, OTCQX:CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the world's most trusted hemp extract and market leader in hemp-derived cannabidiol ("CBD") wellness products, announces that the Company will be relying on the temporary 45-day extension to the filing deadline granted by the Ontario Securities Commission in response to COVID-19 pursuant to Ontario Instrument 51-505 ("OI 51-505") - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020, and similar extension periods provided for by the Canadian Securities Administrators in the other provinces of Canada, for filing of a business acquisition report ("BAR"), which would otherwise be due August 25, 2020. The BAR relates to the Company's acquisition of all of the issued and outstanding shares of Abacus Health Products, Inc., which closed on June 11, 2020. Circumstances related to the COVID-19 pandemic have resulted in the Company requiring additional time to complete the BAR filing. The Company expects to file the BAR in September.
Similarly, the Company has previously announced that it will rely on OI-51-505 to will report its second quarter results on September 14, 2020 before the open of trading on the Toronto Stock Exchange. A conference call to discuss the results is scheduled for the same day at 8:30 a.m. Eastern Time.
Charlotte's Web CEO Deanie Elsner, CFO Russ Hammer and Director of Investor Relations Cory Pala, will host the conference call, followed by a question and answer period. To participate in the call, please dial 1-647-427-7450 or 1-888-231-8191 approximately 10 minutes before the conference call.
Earnings Call Replay
A recording of the call will be available through September 24, 2020. To listen to a replay of the earnings call please dial 1-416-849-0833 and provide conference ID 4570749. A webcast of the call will also be accessible through the investor relations section of the Charlotte's Web website.
The Company confirms that there have been no material business developments since the Company's news release dated August 10, 2020.
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc., headquartered in Boulder, Colo., is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products. The Company was founded by the Stanley Brothers with a mission to unleash the healing powers of botanicals with compassion and science, benefitting the planet and all who live upon it. The Company's premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and 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, more than 21,000 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 regenerative farming practices, and supporting U.S. farming communities.
Charlotte's Web Holdings, Inc. is a socially and environmentally 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 diverse communities, while maximizing profits and strengthening its brands which include Charlotte's Web™, CBD Medic™, CBD Clinic™, and Harmony Hemp. The Company's management believes that its socially oriented actions have a positive impact on the Company, its employees and its shareholders.
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 current expectations, estimates and projections regarding the future of our business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. 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.
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SOURCE Charlotte's Web Holdings, Inc.
Investor Contact: Cory Pala, Director of Investor Relations, (416) 594-3849, [email protected]
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