Business
Charlotte's Web Announces Line of Credit with J.P. Morgan and Engagement for Commercial Banking Services
Charlotte's Web Announces Line of Credit with J.P. Morgan and Engagement for Commercial Ba...
About this update from Charlotte's Web Holdings, Inc.
[{"type":"text","content":"\n\n\n\nCharlotte's Web Announces Line of Credit with J.P. Morgan and Engagement for Commercial Banking Services\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, March 23, 2020\n\n\n\nLine of Credit with Major U.S. Bank a Prudent Component to Enhancing Capital Liquidity and Financial Controls\n BOULDER, CO, March 23, 2020 /CNW/ - (TSX: CWEB; OTCQX: CWBHF) – Charlotte's Web Holdings, Inc. (\"Charlotte's Web\" or the \"Company\") the market leader in hemp-derived extract products, has entered into a new Asset Backed Line of Credit with J.P. Morgan for $10 million with an accordion feature to extend the line to $20 million with a 3 year maturity.  In addition, Charlotte's Web has engaged J.P. Morgan for commercial banking services including merchant processing services to support the Company's global growth. \n\n \n \n \n \n \n \n\n \n\"Having alternative capital options in place such as a credit line with a leading bank is useful as we grow our business and invest in our infrastructure,\" said Deanie Elsner, CEO of Charlotte's Web. \nSeparately, Charlotte's Web also intends to put in place an \"at-the-market\" (ATM) equity distribution program, a cost-effective capital access and liquidity tool. The Company views this as a prudent measure to have in place along with the line of credit but has no immediate intentions to utilize either the ATM or line of credit. \nAt December 31, 2019 the Company held cash of $68.5 million and working capital of $113.6 million. \nSubscribe to Charlotte's Web news\nAbout Charlotte's Web Holdings, Inc.\nCharlotte's Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-derived cannabidiol (\"CBD\") wellness products. Founded by the Stanley Brothers, the Company's premium quality products start with proprietary hemp genetics that are responsibly manufactured into hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp...