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Charlotte's Web Announces Board Changes

August 31, 2020

BOULDER, Colo., Aug. 31, 2020 /CNW/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") announces that Mr. Shane Hoyne has tendered his resignation as a director of the Company. Mr. Hoyne's resignation will be effective today, August 31, 2020, and he will no longer stand for re-election at the Company's annual general shareholders' meeting to be held on September 3, 2020 (the "Meeting").  

Based in the United Kingdom, Mr. Hoyne has served on the Board of Charlotte's Web since May, 2018.  He is involved with multiple other businesses demanding of a significant time commitment going forward.

"Shane has served the board diligently during his tenure," stated Joel Stanley, Chairman of the Board for Charlotte's Web. "We want to thank Shane for these years of service and wish him all the best with his future endeavors."

Following Mr. Hoyne's resignation, the directors proposed to be elected at the Meeting will be Joel Stanley, Adrienne Elsner, Jared Stanley, John Held, Jacques Tortoroli, Jean Birch and Susan Vogt, and therefore the resolution to fix the number of directors will be set at seven.

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.

As a B Labs certified B Corporation™ and a benefit company, Charlotte's Web 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 of the impact of their decisions on all stakeholders: customers, workers, communities, and the environment, 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.

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