Charlotte's Web Joins Buffalo's CIGBS To Work On Therapeutic Cannabinoids

Charlotte's Web Holdings, Inc. CWEB CWBHF announced Thursday a partnership between its CW Labs science division and the University at Buffalo's Center for Integrated Global Biomedical Sciences.

The goal is to have a "better understanding" of the use of cannabinoids for therapeutic purposes and its safety.

The collaboration — coordinated from Buffalo, New York —  aims to develop further cannabinoid sciences implementation research and safety for cannabinoids' supplement and biomedical use.

CW disclosed that the program is poised to determine optimal approaches to secure the safe use of cannabinoid-based products.

In addition, it's based on Dr. Gene D. Morse's early projects on the topic. Morse is the CIGBS' Director and State University of New York Distinguished Professor.

He praised CW Labs' team of scientists, adding they are "excited to work with the clear leaders in the hemp sector, both in the quality of their hemp genetics and their products."

CW Labs' Senior VP of Innovation Tim Orr noted they "realize the value of partnering" with the CIGBS, as multidisciplinary teams are poised to conduct "cutting edge research in new areas of implementation to expand the database of evidence that can guide future therapeutics development in the field."

Currently, the multidisciplinary team consists of seasoned experts including Dr. Laszlo Mechtler, Dr. Jason Sprowl, Dr. Marvin Reid, Professor Thejani Delgoda, Professor Wendel Abel, and Professor Charles Maponga, to name a few.

Quarterly Revenue "Below Expectations"

Boulder, Colorado-based Charlotte's Web recently announced that second quarter revenue amounted to $21.6 million — down by 13% sequentially.

CEO Deanie Elsner said that the revenue was "below expectations" due to the pandemic and its impact on retail sales.