DEA Takes Steps to Approve Cannabis Cultivation Applications, States Issue New Rules for Industry Amid COVID-19 Concerns: Week in Review
Posted On March 28, 2020
- The company reports a loss of $15.6 million for all of 2019, compared with $11.8 million net income in 2018 a 232% decrease from the year prior.
- During a recent earnings call, CEO Deanie Elsner attributed the Q4 loss to a slowdown of growth in the food/drug/mass (FDM) retail channels because of regulatory uncertainty, as well as an oversaturation of products in the market.
- Charlotte’s Web is a leader in CBD ingestible products, and Abacus is a leader in CBD topical products.
- Combined, we have a current market share of approximately 35% of the FDM channel, in addition to having an advantaged cost position through our vertically integrated supply chain, Elsner said.
- For the full year 2019, the company’s business-to-business (B2B) channel grew 33% and its direct-to-consumer (DTC) e-commerce business grew 39%.
- In the B2B business, the natural channels grew sales by 13% versus a year ago and FDM sales grew 361%.
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