Charlotte's Web Reports Q2 2024 Financial Results

Q2 Revenue Drops Due to Decreased Consumer Spending

Company Remains Market Leader in Cannabidiol Hemp Extract Wellness Products

Charlotte's Web (TSX: CWEB) (OTCQX: CWBHF), the market leader in full-spectrum hemp extract wellness products, today announced its financial results for the second quarter of 2024. Adjusted EBITDA loss for the second quarter of 2024 was $52 million compared to Adjusted EBITDA of $37 million in the second quarter of 2023.

Direct-to-consumer net revenue through the Company's web store was $78 million, a decrease of $29 million as compared to $107 million in Q2 2023. The decrease was primarily due to lower consumer spending on discretionary items.

Despite the revenue decline, Charlotte's Web remains the market leader in cannabidiol (CBD) hemp extract wellness products and is well-positioned to benefit from the growing market for CBD products.

The company's financial results were released after the market closed on Thursday, August 10, 2024. Charlotte's Web will host a conference call to discuss its Q2 2024 financial results on Friday, August 11, 2024, at 8:30 AM ET. Investors can access the webcast of the conference call on the Company's website at www.charlottesweb.com.