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Charlotte's Web Announces US$56.8 Million Investment from BAT
Charlotte's Web Announces US$56.8 Million Investment from BAT Canada NewsWire ...
About this update from Charlotte's Web Holdings, Inc.
[{"type":"text","content":"\n \n \n \n Charlotte's Web Announces US$56.8 Million Investment from BAT\n \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 Canada NewsWire\n \n \n \n \n \n Investment Will Help Drive Growth and Deepen R&D\n \n \n \n \n \n DENVER\n \n \n ,\n \n \n Nov. 15, 2022\n \n \n /CNW/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. (\"Charlotte's Web,\" or the \"Company\") the market leader in hemp-derived cannabidiol (\"CBD\") wellness products, today announced a\n \n US$56.8 million\n \n investment (the \"Investment\") from a subsidiary of BAT (LSE: BATS) and (NYSE: BTI), which provides the Company with incremental capital to fund growth initiatives, including the Company's expanding portfolio of botanical wellness products.\n \n \n \n \n \n \n \n \n \n BAT's Investment has been made via a convertible debenture in the amount of\n \n US$56.8 million\n \n . The debenture is currently convertible into a non-controlling equity stake in Charlotte's Web of approximately 19.9% and is convertible at BAT's discretion.\n \n \n \n Jacques Tortoroli\n \n , CEO of Charlotte's Web said: \"This Investment will provide Charlotte's Web with funding that we anticipate will help unlock deeper and broader research and development that is key to our continued innovation, global footprint, and the advancement of our intellectual property portfolio.\"\n \n \n \n Kingsley Wheaton\n \n , Chief Growth Officer at BAT, said: \"The appeal of Charlotte's Web is clear to us: a wide portfolio of high-quality products, strong brand equity, an extensive retail presence and robust B2C e-commerce platform serving a loyal US consumer base, and a track record of in-depth scientific research.\"\n \n \n The Investment provides substantial liquidity at an attractive cost of capital for Charlotte's Web. Upon closing of this investment, Charlotte's Web will have pro-forma cash and short-term investments of approximately\n \n US$65 million\n \n .\n \n \n \n Debenture Terms\n \n \n \n The Investment was made by BAT's subscription for an unsecured convertible debent...