Business
Charlotte's Web Announces 137,000 SF Manufacturing and Distribution Expansion to Support Long-Term Growth
Charlotte's Web Announces 137,000 SF Manufacturing and Distribution Expansion to Support L...
About this update from Charlotte's Web Holdings, Inc.
[{"type":"text","content":"\n\n\n\nCharlotte's Web Announces 137,000 SF Manufacturing and Distribution Expansion to Support Long-Term Growth\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nBOULDER, CO, Aug. 8, 2019\n\n\n\nExpanding for market dominance through cultivation, production, distribution and R&D\n BOULDER, CO, Aug. 8, 2019 /CNW/ - Charlotte's Web Holdings, Inc. (\"Charlotte's Web\" or the \"Company\") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp CBD extract products, announces expansion plans underway in 2019  including cultivation, production, distribution and R&D to support its forecasted sales growth. Most recent expansion initiatives include a building lease signed on a newly constructed 136,610-square-foot industrial building located at 700 Tech Court in the Colorado Technology Center (CTC) in Louisville, Colorado. The new location enables the Company to prepare for production, distribution and R&D expansion to meet increasing demand from the consumer and national retailer channels.\n\n \n \n\n \nCharlotte's Web will commence a staged build-out of the facility during Q3-2019 and continuing over a two year period. The staged buildout of production and distribution capacities align with product demand growth. This facility will add cumulatively to the Company's existing locations in and around the Boulder, Colorado area. Along with distribution and R&D, the large cGMP-grade building will encompass the Company's new manufacturing operations, substantially adding to the current capacity of the Company's current 40,000 sq. ft. footprint. The lease agreement includes further expansion options into adjacent buildings (to be constructed) as necessary to accommodate the Company's future growth. \n\"This is a time of rapid growth and transformation for Charlotte's Web and these new facilities are necessary to support the production, warehousing and distribution of our growing product lines and volumes,\" said Stephen Lermer, Chief Operating Officer at Charlotte's Web. \"Production and inventory growth have been dra...