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Charlotte's Web Announces Leadership Changes, Including Former CAO of Bacardi Ltd., Jacques Tortoroli, Appointed CEO

December 16, 2021

Wes Booysen appointed Chief Financial & Operating Officer

Jared Stanley appointed Chief Cultivation & Innovation Officer

This news release constitutes a "designated news release" for the purposes of Charlotte's Web Holdings Inc.'s prospectus supplement dated June 3, 2021 to its short form base shelf prospectus dated May 5, 2021.

DENVER, Dec. 16, 2021 /CNW/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") announces leadership changes. Mr. Jacques Tortoroli, the former Chief Administrative Officer of Bacardi Ltd., the world's largest privately-held spirits company, has been appointed Chief Executive Officer of Charlotte's Web, replacing outgoing CEO, Deanie Elsner.

Mr. Tortoroli was also former President of Bacardi International Limited and brings significant global executive leadership experience. His 40-year career includes launching ecommerce platforms, global finance, mergers & acquisitions, and strategic partnerships through various senior executive roles at Bacardi, Viacom Inc. Young & Rubicam Inc., PepsiCo Inc., and KPMG.

"Jacques's strong track record of driving international brand equity through product innovation and customer relationships will be invaluable to Charlotte's Web," said John Held, Chairman of the Board.

Additional Leadership Changes

Wes Booysen, Charlotte's Web Chief Financial Officer, is assuming expanded responsibilities under the title of Chief Financial & Operating Officer.

Jared Stanley, Charlotte's Web Co-founder and Chief Cultivation Officer, will assume an expanded role as Chief Cultivation and Innovation Officer responsible for hemp cultivation, extraction, cannabinoid R&D and product development.  

"I am delighted to be able to work closely with Wes, Jared and the broader leadership team and excited about the opportunities we have in front of us," said Mr. Tortoroli.  "Domestically, Charlotte's Web continues to innovate and grow market share, but internationally – where we are increasing our focus – markets present even more attractive opportunities for accelerated growth."

Mr. Tortoroli has been a director of Charlotte's Web since November 2019 and a member of the Company's Compensation and Audit Committees. In connection with Mr. Tortoroli's appointment as CEO, he is stepping down from his committee appointments. Mr. Tortoroli replaces Deanie Elsner who had joined the Company in May, 2019. The Company thanks Ms. Elsner for her and valuable contributions to Charlotte's Web and wishes her all the best in her future endeavors.

"Deanie's enormous dedication positioned Charlotte's Web at the forefront of our industry domestically and internationally," added Mr. Tortoroli.  "I am pleased to carry forward the platform and optionality that she established for the business."

About Charlotte's Web Holdings, Inc.

Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Denver, Colorado, is the market leader in innovative whole-plant hemp extract wellness products under a family of brands which includes Charlotte's Web, CBD Medic, CBD Clinic, and Harmony Hemp. Charlotte's Web branded premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and manufactured into whole-plant hemp extracts containing naturally occurring phytocannabinoids including cannabidiol ("CBD"), CBC, CBG, terpenes, flavonoids and other beneficial hemp compounds. The Company's CW Labs R&D science division is located at the University at Buffalo in New York which is part of the State University of New York (SUNY) system of 64 universities. Charlotte's Web product categories include full spectrum hemp extract oil tinctures (liquid products), gummies (sleep, stress, inflammation recovery), capsules, topical creams and lotions, as well as pet products for dogs. Charlotte's Web products are distributed to more than 14,000 retail outlets and 8,000 health care practitioners, and online through the Company's website at www.CharlottesWeb.com.

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. ‎Specifically, this news release contains forward-looking information relating to the Company's expansion activities and growth strategy.

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. Important factors that could cause actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the factors discussed throughout the "Risk Factors" section of the Company's most recently filed annual information form. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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SOURCE Charlotte's Web Holdings, Inc.

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