BOULDER, Colo., March 25, 2021 /CNW/ - Charlotte's Web, Holdings, Inc. reports that its subsidiary, Charlotte's Web Inc. ("the "Company") (TSX: CWEB) (OTCQX: CWBHF), the market leader in hemp CBD wellness products hemp CBD wellness products and a Certified B Corporation, today secured a successful resolution of its trademark infringement and false advertising claims against AAXLL Supply Co LLC ("AAXLL"), owner of the Balance CBD brand. Charlotte's Web filed a complaint against AAXLL on April 17, 2020 in which it alleged that AAXLL infringed Charlotte's Web's rights in its CHARLOTTE'S WEB trademark and had misrepresented that certain AAXLL products shared a terpene profile with hemp cultivars developed by Charlotte's Web.
Under the stipulated judgment entered by U.S. District Judge Yvonne Gonzalez Rogers, AAXLL acknowledged that "(a) the CHARLOTTE'S WEB Mark is a valid and protectable trademark in connection with hemp, CBD products, and any products or services related thereto; (b) the CHARLOTTE'S WEB Mark is not a generic term; (c) Charlotte's Web's State California and Colorado State trademark registrations for the CHARLOTTE'S WEB Mark are valid and enforceable; and (d) Charlotte's Web owns all right, title, and interest in and to the CHARLOTTE'S WEB Mark." AAXLL also agreed to be permanently enjoined from using the CHARLOTTE'S WEB trademark in connection with advertising and promoting CBD products. In addition, the Court dismissed AAXLL's unfair competition counterclaim and AAXLL's challenges to the validity of the CHARLOTTE'S WEB trademark.
"The Charlotte's Web trademark is a cornerstone of our intellectual property portfolio," said Deanie Elsner, CEO of Charlotte's Web Inc. "Today's judgment underscores our ongoing commitment to vigorously protect our intellectual property, and we will continue to enforce our rights where necessary."
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Boulder, Colorado, is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products under a family of brands which includes Charlotte's Web™, CBD Medic™, CBD Clinic™, and Harmony Hemp. The Company's premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and manufactured into whole-plant hemp extracts containing a full spectrum of naturally occurring phytocannabinoids including CBD, CBC, CBG, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD gummies (sleep, stress, inflammation recovery), CBD capsules, CBD topical creams and lotions, as well as CBD pet products for dogs. Charlotte's Web is the number one CBD brand in the USA and is distributed through more than 22,000 retail locations, select distributors and online through the Company's website at www.CharlottesWeb.com
Charlotte's Web was founded by the Stanley Brothers with a mission to unleash the healing powers of botanicals through compassion and science, benefiting the planet and all who live upon it. 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 for how its efforts affect employees, customers, the environment, and diverse communities. 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. Management believes that its socially oriented and environmentally responsible actions have a positive impact on its customers, suppliers, employees and stakeholders. Charlotte's Web donates a portion of its pre-tax earnings to charitable organizations.
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Forward-Looking Information
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "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" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Charlotte's Web to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including assumptions as to the efficacy and results of research; and the adverse impact of the COVID-19 pandemic to the Company's operations. These foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Company's operations or financial results are included in the Company's most recent annual information form and other public documents on file with the Canadian Securities regulatory authorities on www.sedar.com.
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SOURCE Charlotte's Web Holdings, Inc.