Charlotte’s Web Holdings (TSX:CWEB,OTCQX:CWBHF) reported an increase in its hemp planting for the 2019 growing season.
As quoted in the press release:
In order to meet growing demand from consumer and retail channel partners, total acres planted for 2019 has been increased to 862, an 187 percent increase from 300 acres planted in 2018. In 2016, 2017 and 2018, the Company produced 41,000 pounds, 63,000 pounds and 675,000 pounds, respectively, of dried hemp biomass.
“Interest and demand for our products has been exceptional and growing rapidly. Our 2019 planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte’s Web products through 2020 and into 2021,” stated Deanie Elsner, CEO of Charlotte’s Web. “Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan. Tens of thousands of Americans have come to rely on Charlotte’s Web products daily making it essential that our products are always available, efficacious and consistent day-to-day, bottle-to-bottle, year-to-year.”