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Charlotte’s Web to be First US-Based Hemp Company with TSX Listing, Debuts Today

By May 31, 2019 No Comments

CW-hem-oilCharlotte’s Web Holdings, Inc. (OTCQX: CWBHF) announced that the company received conditional approval to list its common shares onto the TSX and that it is set to debut on the Toronto Stock Exchange (TSX) today. The common shares will be available at market open on the TSX under the stock ticker symbol of “CWEB”. Before the shares begin to trade on the TSX, the common shares of CWEB will be voluntarily delisted from the Canadian Securities Exchange (CSE) at market close on May 30th. This move between securities exchanges is believed by the company to bring with it increased exposure, increase in trading liquidity, and expansions in the access to international investors, that the TSX offers.

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Common shares of Charlotte’s Web traded on the CSE for only a period of about 9 months after an IPO date of August 30th, 2018. It is well-suited that the current market leader in hemp CBD extract products would be able to list onto a bigger exchange in such a short period of time. The company was fully qualified with its operational, governance, and capital requirements to list onto the TSX to begin with, but the federal legality of hemp in the United States at the time did not align with TSX policies. Charlotte’s Web could not list onto the TSX, until the Agricultural Improvement Act of 2018, or the 2018 Farm Bill, was passed and classified hemp as an agricultural commodity. This reclassification of hemp took the products that could be produced with hemp out of the Controlled Substances Act (CSA) and effectively ended the enforcement of the policies that the Drug Enforcement Administration. The U.S. Department of Agriculture (USDA) is now tasked with the governance of hemp.

Joel Stanley, Chairman and Co-Founder of charlotte’s Web, “As the market leader in hemp CBD extract products, we are very proud to be the first US-based hemp company to receive a senior listing on a major exchange such as the TSX. The TSX is Canada’s most senior exchange and a tremendous validator of our company’s corporate governance and evolution. Moreover, it represents a milestone for the overall industry from a legal and regulatory perspective. We are grateful for the support that we have received from the Canadian capital markets and equally grateful to our hardworking team in Colorado and across the country.”

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