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CBD-Focused Charlotte’s Web Revenue Drops 29% In Q1 Amid Strategic Adjustments

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Charlotte’s Web Holdings, Inc. (OTCQX:CWBHF) (TSX:CWEB) announced its first quarter financial results Wednesday for 2024. The Colorado-based hemp extract wellness producer faced a challenging quarter, reporting a 29% decline in revenue to $12.1 million from $17 million in the same period last year.

Q1 2024 Financial Highlights

  • Revenue was $12.1 million, falling 29% compared to the $17 million of the same period last year.
  • Net loss was $9.7 million, or $0.06 per share basic and diluted, compared to a net loss of $2.9 million, or $0.02 per share basic and diluted, for Q1 2023.
  • Adjusted EBITDA loss was $4 million, compared to the $3.3 million in the first quarter of 2023.
  • Gross profit was $6.9 million, compared to the $9.9 million of the same period last year. 

Despite the dip in revenue, the company managed to maintain a relatively strong gross profit margin at 57%, totaling $6.9 million, down slightly from 58.3% or $9.9 million in Q1 …

Full story available on Benzinga.com

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