Hemp and CBD extract company Charlotte's Web Holdings, Inc. CWEB CWBHF said Thursday that it is expanding its retail distribution in California following the passage of Assembly Bill 45 on October 6.
The legislation allowed the retail sale of products containing hemp-derived cannabidiol, including dietary supplements, topicals, over-the-counter, and pet products.
"AB 45 is a big win for Californians seeking wider access to the benefits of safe, high-quality hemp dietary supplements, the retailers who want to sell them, and the farmers and manufacturers who make and ship them," said Deanie Elsner, Charlotte's Web CEO. "We will continue lending our voice and resources to measures that will ensure a safe, credible, and sustainable industry, such as House of Representatives Bill 841, which deserves a hearing in the Energy & Commerce Committee by year's end."
Deanie Elsner discussed Charlotte's Web's development, future plans, and mission during the last iteration of the Benzinga Cannabis Capital Conference, which is returning to a live format next week in New York City.
Expansion Details
Based in Denver, the company now expects California retailers to expand or begin receiving product shipments from Charlotte's Web, including its current national retail partners, which combined represent more than 1,000 locations in the Golden State.
"The ability to offer safe, legal wellness products to Californians, as opposed to the completely unregulated products currently being sold, was my first priority in writing these bills," Cecilia Aguiar-Curry, California Assemblymember, disclosed.
Aguiar-Curry thanked Charlotte's Web and the coalition of advocates, including consumer and public health groups, as well as manufacturers to retailers, "who stuck with us through this three-year fight."
Price Action
Charlotte's Web's shares traded 21.59% higher at $2.1400 per share at the time of writing Thursday morning.
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