Charlotte's Web Says Friday TSX Listing 'A Milestone For The Overall Industry'

Charlotte’s Web Holdings, Inc. CWBHF followed up its first-quarter report with an announcement Wednesday that it will begin trading on the Toronto Stock Exchange May 31.

This makes Charlotte’s Web the first U.S.-based hemp company with a senior listing on the Toronto Stock Exchange, according to the company. 

The Q1 Print

Charlotte's Web posted an adjusted first-quarter EBITDA of $4.5 million; net income of $2.3 million; and earnings per share of 3 cents per share, or 2 cents when diluted.

The hemp extract company's organic consolidated revenue grew 66-percent year-over-year to $21.7 million. 

Highlights included an expansion of executive leadership with the addition of a CEO, COO and CGO; the shipment of the company's first orders to food and drug retailers; the launch of a new pet line; the kickoff of digital advertising and e-commerce pilot programs with Alphabet Inc GOOGL GOOG and Amazon.com, Inc. AMZN; and the planting of more hemp for a total of more than 700 acres. 

The TSX Listing 

Common Charlotte's Web shares will trade on the TSX under its symbol CWEB.

Charlotte's Web common shares will be delisted voluntarily from the Canadian Securities Exchange, the company said. 

The move to the TSX comes only nine months after the company's Aug. 30, 2018, IPO.

Chairman and Co-Founder Joel Stanley said the listing is a "tremendous validator" of the company's corporate governance and evolution. 

"Moreover, it represents a milestone for the overall industry from a legal and regulatory perspective. We are grateful for the support that we have received from the Canadian capital markets and equally grateful to our hardworking team in Colorado and across the country."

Related links:

Charlotte's Web Names Former Kellogg Executive As CEO

5 Cannabis And CBD Stocks That Aren't Blowing Smoke

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