BAT has invested £48.2 million (USD 57.4 million) in Charlotte's Web Holdings. The company, based in Colorado, USA and listed on the Toronto Stock Exchange, offers health products extracted from cannabis.
The appeal of Charlotte's Web is clear to us: a wide range of high-quality products, strong brand assets, extensive retail operations, and a robust B2C e-commerce platform serving a loyal American consumer base, as well as deep scientific research tracking," said BAT Chief Growth Officer Kingsley Wheaton in a statement. "Our investment in Charlotte's Web represents another step in British American Tobacco's exploration beyond tobacco and nicotine." Wheaton said.
Last month, Charlotte's Web became the first CBD company to receive approval to use the nickname "MLB Official CBD." In June, Major League Baseball (MLB) announced that it would allow teams to partner with CBD marketers for sponsorships.
Charlotte's Web has described its relationship with Major League Baseball as a "multi-year strategic partnership" and issued 6,119,121 common shares to the sports organization, which were estimated to be worth $4.4 million at the time.
The CEO of Charlotte's Web, Jacques Tortoroli, has announced an investment that will provide much-needed funds for the company. These funds are expected to fuel further research and development initiatives and are crucial for the company's continued innovation, global expansion, and growth of its intellectual property portfolio.
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