Charlotte's Web stock is in the red this week after Charlotte’s Web Holdings (TSX:CWEB) (OTCQX:CWBHF) announced several changes to its executive team as well as the resignation of its Chief Operating Officer.
New Positions
Charlotte’s Web Holdings announced on Friday that it would be promoting its co-founder Jared Stanley to the newly created role of Chief Cultivation Officer, having previously held the position of Vice President of Cultivation Operations. In this new office, Mr. Stanley will oversee the cultivation process in its entirety to ensure that high standards are met and quality products produced. He will be reporting to CEO Deanie Elsner.
Charlotte's Web stock is currently trading for $9.37.
Regulatory Focus Boosts Charlotte's Web Stock
The company has also announced that Kelly Shea will be taking on another newly created role of Senior Vice President of Government Affairs & Corporate Communications, having previously worked in an agricultural and environmental policy position at Danone North America.
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"Much of our growth is heavily influenced by legislative and regulatory decisions and Kelly brings tremendous experience in influencing external environments to embrace new categories," said Ms. Elsner. "Kelly's extensive leadership with organic production and compliance is also a great asset in our ambitions for organic certifications."
Ms. Shea will oversee federal and local government relations in this position, which will be a pivotal role in the coming months as the US Senate looks to enact legislation to speed up the regulatory approval process of CBD products, which drove a rally in Charlotte's Web shares in early January.
Lastly, Stephen Lermer, who was the Chief Operating Officer at Charlotte's Web Holdings, has resigned from the company effective immediately in order to pursue other interests closer to home in Central America. Mr. Lermer's duties will be looked after by CFO Russ Hammer until the position is filled on a permanent basis. Despite the host of executive-level changes, which clearly reflect how much the company has expanded in recent months, Charlotte's Web stock has actually dropped about 5% this week.
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