Charlotte’s Web, the producers and distributors of the hemp-based wellness products that first convinced Dr. Sanjay Gupta of the medicinal properties of cannabis, went public August 30 with a projected $100 million initial public offering in the Canadian exchange (CWEB).
It’s an astounding number that speaks volumes to the weight behind not only the inspirational story of little Charlotte Figi, whose seizures were ceased by this specific strain of cannabis based medicine, but of the substance added by a rightfully famous doctor of medicine.
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According to a press release, “The offering included a treasury issuance by the Company of Common Shares…and a secondary offering of Common Shares…for total gross proceeds of C$115,115,000.”
Charlotte’s Web Holdings, Inc., is the producer of Charlotte’s Web, created by Stanley Brothers. While it is certainly not the only high-CBD breed of cannabis on the market, it is the one that’s best known and has garnered a sort of infamy.
With Charlotte’s Web now bringing the full hemp extract into the public sector, they’re solidifying that successful breeding and branding and using that success, notoriety and good medicine to parse out shares to the public.
Charlotte’s Web sold 13,312,150 Common Shares under the Offering, for total gross proceeds to the Company of C$93,185,050. The Selling Shareholders sold an aggregate of 3,132,850 Common Shares pursuant to the Secondary Base Offering and the Over-Allotment Option for total gross proceeds to the Selling Shareholders of C$21,929,950. The Company, however, did not receive any proceeds from the Secondary Base Offering or the Over-Allotment Option.
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Charlotte’s Web completed its Initial Public Offering at C$7.00 per share per the Company’s closing press release the morning of August 30 and is now officially being publicly traded in Canada.
This marks a large occasion for the non-psychoactive strain of cannabis and its products that are now ready to take the market by storm. Should so much ride on a strain’s origin history and public opinion? Should other CBD strains be gaining in notoriety themselves? Perhaps to both, but no matter the case, the cards fell in the favor of Charlotte’s Web and now the world is watching with dollar-signs in their eyes.
