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Charlotte's Web sees 1Q revenue boost

The company said 51% of its revenue came from the 6,000 retail outlets that sell its CBD and hemp-wellness products

cannabis
Charlotte's Web reiterated its full-year revenue guidance of US$120 million to US$170 million

Charlotte's Web Holdings Inc (OTCMKTS:CWBHF) (CSE:CWEB) on Tuesday reported first-quarter revenue of US$21.7 million.

The cannabis company, based Boulder, Colorado, said revenue grew by 66%, compared to the year-ago quarter of US$13.1 million. 

Charlotte’s Web said 51% of its revenue came from the 6,000 retail outlets that sell its CBD and hemp-wellness products. 

The company also reported net income of US$2.3 million, or US$0.02 a share, compared to US$3.1 million, or US$0.04 a share, in the prior-year quarter.

Charlotte's Web reiterated its full-year revenue guidance of US$120 million to US$170 million.

The company's stock closed up 2.4% to US$14.79 a share on the OTC markets and up 3.6% at C$20.02 in Canadian trading. 

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