Charlotte's Web CBD is already one of the most sought-after hemp-derived CBD oils in the US. And today, the company behind the oil, Charlotte's Web Holdings (TSX:CWEB) (OTCQX:CWBHF), is impressing further. By releasing its final hemp planting figures for the 2019 growing season, it confirmed that it is not slowing down anytime soon!
Charlotte's Web CBD: Increasing Demand
To meet the increasing demand for its product, the company increased its total acres planted to 862. This is a whopping 187% jump from 300 acres planted in 2018.
The increase is a sure sign of growing consumer demand for Charlotte's Web CBD. On sale in roughly 3,700 stores across the US, the company has climbed more than 60% and nearly doubled its market cap in 2019.
Year-over-year, the company has increased its production of dried hemp biomass, cultivating 41,000 lbs., 63,000 lbs., and 675,000 lbs across 2016, 2017, and 2018, respectively.
Charlotte's Web CEO, Deanie Elsner, stated what the numbers reflect:
“Interest and demand for our products has been exceptional and growing rapidly [...] Tens of thousands of Americans have come to rely on Charlotte’s Web products daily making it essential that our products are always available, efficacious and consistent day-to-day, bottle-to-bottle, year-to-year.”
>> GGB Stock Gains: Abercrombie to Sell Green Growth's CBD Products
Charlotte's Web Holdings grows several hemp varieties, all of which contain high levels of CBD. Naturally, hemp contains only trace amounts of THC, and in Charlotte's case, that is less than 0.3%.
Charlotte’s Web CBD: Stock Performance
Shares are currently trading for $13.67, up roughly 4% at the time of writing. So far in 2019, Charlotte's Web Holdings has returned over 50% to investors.
The company is also one of the few cannabis stocks to post positive net income in Q1, 2019—most cannabis plays posted net income losses. The demand for its product and its longevity with the hemp space is one of the reasons for the company's strong performance.
The company has positioned itself to focus on hemp CBD-infused products that range from straight-up CBD oils capsules and extracts to CBD pet products and gummies.
Now, CWEB stock has a mean consensus price target of $32.27 CAD, which represents a potential upside of 88%.
What are your thoughts on Charlotte's Web CBD?
>> Read More Charlotte's Web News
Featured Image: Canva
