BAT Group has announced an investment of approximately £48.2 million (€55.2 million) in Charlotte’s Web Holdings, a Colorado-based business that makes wellness products from hemp extracts.
Listed on the Toronto Stock Exchange, Charlotte’s Web manufactures tinctures, chews for sleep, stress, exercise recovery, capsules, topical creams and lotions, as well as products for dogs.
Kingsley Wheaton, chief growth officer at BAT, said, “The appeal of Charlotte’s Web is clear to us: a wide portfolio of high-quality products, strong brand equity, an extensive retail presence and robust B2C e-commerce platform serving a loyal US consumer base, and a track record of in-depth scientific research.
“Our investment in Charlotte’s Web represents another step for BAT in our exploration beyond tobacco and nicotine, as we continue to build a strong foundation to deliver A Better Tomorrow.”
The investment has been made via a convertible debenture, currently convertible into a non-controlling equity stake in Charlotte’s Web of approximately 19.9%. It is convertible at BAT’s discretion.
Jacques Tortoroli, CEO of Charlotte’s Web said, “This investment will provide Charlotte’s Web with funding that we anticipate will help unlock deeper and broader research and development that is key to our continued innovation, global footprint, and the advancement of our intellectual property portfolio.”
Charlotte’s Web products are available in over 15,000 retail locations, 8,000 health care practitioners, and online on the company's website.
Hemp extracts used by the company contain naturally occurring botanical compounds, including cannabidiol (CBD), CBC, CBG, terpenes, flavonoids, and other compounds.
© 2022 European Supermarket Magazine. Article by Dayeeta Das. For more A Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.