Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) just announced its final number of hemp acres planted for 2019 last week and the numbers are staggering. The company, which is recognized as the current market leader in products made with cannabidiol (CBD) extracted from hemp, reported that it increased its total planted acres to 862. This total number of hemp acres planted this year represents a 187% increase from 300 hemp acres planted in 2018.
Deanie Elsner, Chief Executive Officer of Charlotte’s Web, stated: “Interest and demand for our products has been exceptional and growing rapidly. Our 2019 planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte’s Web products through 2020 and into 2021.”
It is reported by the company that it produced 675,000lbs of dried hemp biomass in 2018. This may seem excessive, but the focus on a stocked inventory allows Charlotte’s Web to grow more hemp than needed and store it safely for future CBD extractions. Dried hemp biomass can be safely kept in storage for years before an extraction is performed and the extracted forms can be stored for an even longer period of time.
“Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan. 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,” said Elsner.
The company has designated 457 acres, or 53% out of the total 862 planted acres of hemp, for United States Department of Agriculture (USDA) organic cultivation certification. Expansion for more organic cultivation is expected and planned to occur within the next few years. All of the hemp acres are cultivated with natural farming methods on top the specific practice of organic farming on 53% of the acres.
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