Why Investors Weren’t High On Charlotte’s Web Stock Today
Charlotte Web Fund (OTC: CWBHF) stock had a Tuesday to forget. The cannabidiol (CBD) product specialist saw its shares end the day down more than 4%, despite making not one but two C-suite transitions.
Charlotte’s Web senior management will look very different in the very near future. On Tuesday morning, the company announced that it had appointed a new CFO and COO, both recruited internally.
The first is Lindsey Jensen, an executive who has worked at Charlotte’s Web since 2019 – a relatively long tenure for the young company. Most recently, she served as Vice President of Finance, Sales and Operations. Prior to her time at Charlotte’s Web, she held leadership positions across the consumer packaged goods industry at companies such as WhiteWave Foods (now known as Danone North America).
Nomination No. 2 is that of Jared Stanley, who takes the reins of the COO. Stanley isn’t just a veteran of the business; he is also a co-founder.
Selling stocks after the ad crossed the wires was counter-intuitive. Investors are often pleased when a company promotes from within, as it may indicate that senior management believes in the company’s mission and potential. In Jensen’s particular case, she’s not just a Charlotte’s Web veteran, but also a seasoned executive who spent years in the corporate trenches.
Shareholders may be more eager for news that Charlotte’s Web is making progress on other fronts than leadership appointments. The cannabis industry the company is grouped in is notoriously unprofitable, and Charlotte’s Web hasn’t really been able to buck that trend – the company continues to burn cash and has consistently posted net losses. lately.
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