Charlotte's Web To Enter CBD Beverage Market With New Social Elixirs

Charlotte’s Web Holdings, Inc. CWEB CWBHF seeking to enter into the CBD wellness beverage market with new CBD social elixirs currently under development with an expected launch date later in the calendar year.

The Denver-based company looks to introduce CBD sparkling elixirs powered by Charlotte’s Web full spectrum hemp extracts derived from its proprietary patented hemp cultivars.

The beverages will be developed with best-in-class formulations blended with other functional botanicals and natural flavors and are vegan, gluten-free, dairy-free and non-GMO.

According to The Brightfield Group, the CBD beverage market is set to achieve $245 million in sales in 2021, up 50% from 2020, and is expected to reach $1.3 billion in 2026, representing a 40% CAGR.

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“Entering the beverage category is reflective of our increased focus on new product categories and formats to drive our topline growth,” Jacques Tortoroli, the company’s CEO, said. “This allows us to enter this fast-growing portion of the market.”

Charlotte’s Web said that its executive suite has substantial experience in the beverage category.

Tortoroli has over 20 years of global beverage experience through previous roles with PepsiCo, Inc. PEP, and Pepsi-Cola International and more recently with Bermuda based family-owned Bacardi Ltd.

Charlotte’s Web CFO, Wes Booysen, has more than a decade of experience in the beverage director industry at Molson-Coors Beverage TAP where he was most recently CEO of Asia Pacific and ‎Africa.

Photo: Courtesy of Kobby Mendez on Unsplash