Charlotte’s Web, a Boulder, Colorado-based CBD manufacturer, on Wednesday reported revenue of $25 million for the second quarter ended in June, up 45% from the same period a year ago.
Profit for the quarter was $18.8 million, up 35% from the previous year.
Meanwhile, the company also announced that Chief Financial Officer Richard Mohr is stepping down and will be replaced by Russell Hammer, formerly with shoe company Caleres.
For the first six months of 2019, Charlotte’s Web’s revenue was $46.7 million, up from $30.3 million in the same period in 2018. Profit was $34.8 million, up 38% from the first six months of 2018.
The company cited distribution agreements with major national retailers Kroger and CVS Pharmacy for its strong performance.
Charlotte’s Web products are now on shelves in more than 8,000 retail locations in 33 states.
CEO Deanie Elsner told investors Wednesday she believes two-thirds of global CBD sales will eventually come from large retailers.
She predicted the move away from a focus on natural-products retailers and more toward traditional retailers to accelerate once the U.S. Food and Drug Administration (FDA) concludes its review of CBD safety.
FDA guidance on CBD in dietary supplements will be “the biggest catalyst to the industry since the signing of the 2018 Farm Bill,” she said.
Charlotte’s Web trades on the Toronto Stock Exchange as CWEB.
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