CEO Says The Road To Legalizing Cannabis At The Federal Level Must Begin With The CBD Regulation

By Nina Zdinjak

Charlotte’s Web Holdings Inc. (OTCQX: CWBHF) CEO Deanie Elsner discussed the development, future plans and mission of the hemp CBD extract company at the virtual Benzinga Cannabis Capital Conference on Thursday.

Elsner said the company took many important steps in the past year to build its infrastructure.

This includes the acquisition of Abacus Health Products Inc. and received organic certification, product patents and B Corp certification, Elsner told panel moderator JJ McKay, founder and editor of The Fresh Toast.

Photo by BATCH of Wisconsin Hemp Scientific via Unsplash

“In 2021 and 2022, our main focus will be on developing our presence and expanding our presence across the country or around the world. We are entering a number of new countries, ”she said.

Charlotte’s Web recently announced it would grow in Canada, and the CBD company has a partnership in Israel and plans to expand into Europe, Elsner said.

Charlotte’s Web CEO in the US CBB and THC markets

Efforts to legalize cannabis in the US are more advanced than Elsner expected, she told the Benzinga conference, with about half of the states providing legal access to medical cannabis or adult cannabis.

She said she expected state legalization in the next three to five years. “A segment is opening up in cannabis. It’s not just medical marijuana. “

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That segment is personal wellbeing, with an emphasis on higher levels of THC than CBD products and with products that target anxiety, depression, insomnia, pain and inflammation, she explained.

Charlotte’s Web CEO emphasizes transparency and traceability

According to Elsner, what defines Charlotte’s Web is the complete transparency and traceability of their products.

Photo by Anshu A via Unsplash

The company is vertically integrated, which means that it produces its own seeds, extracts its own biomass and does not allow ingredients to be purchased from other sources. Elsner said: “What has made this possible for us? [to do] is the world’s most trusted hemp extract company. “

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This dynamic gives Charlotte’s Web a strong foundation to get into the cannabis space as 50% of consumers want to get into cannabis, she said.

The first thing that should be done is regulation of CBD and next, medical cannabis and recreational cannabis, in Elsner’s view, as this is the framework for regulating cannabis.

Elsner on cannabis as a consumer goods product

With consumers dictating the evolution of the industry, Elsner said the cannabis sector will move into the packaged consumer goods category.

Consumers enter the industry via CBD but are quickly switching to cannabis for reasons of personal wellbeing.

“Charlottes Web is thus able to bridge the gap between CBD and cannabis wellness, and this category increases our total available market by three to four times.”

This article originally appeared on Benzinga and was republished with permission.