Quarterly growth and market share gains
BOULDER, Colo., March 25, 2021 /PRNewswire/ – (TSX: CWEB) (OTCQX: CWBHF), Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”), the market share leader in full spectrum cannabidiol (CBD) hemp extract wellness products and a certified B Corp, today reported financial results for the fourth quarter and year ended December 31, 2020. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures, see “Non-IFRS Measures” below.
2020 12-Month Financial Highlights
- Total net revenue increased to $95.2 million vs. $94.6 million in 2019
- Direct-to-Consumer (“DTC”) eCommerce sales grew 27.6% in 2020 contributing 67.0% of total revenue, substantially offsetting a decline of 29.5% in B2B sales impacted by the COVID-19 pandemic
- Gross profit, excluding the impact attributable to the inventory provision, of $60.3 million was 63.3% of consolidated revenue
- Adjusted EBITDA loss was $20.2 million
- $52.8 million cash and $113.6 million working capital at December 31, 2020
2020 12-Month Business Highlights
- Completed acquisition of Abacus Health to become the market share leader in CBD topicals1
- Invested $28.3 million capex including new facilities to expand capacity for production, extraction, R&D, and distribution
- Launched CW Labs R&D division to advance hemp science and clinical studies
- Secured 3 U.S. Patents for the Company’s…
