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Tobacco company invests $56.8M in Charlotte’s Web

LOUISVILLE — CBD products company Charlotte’s Web Holdings Inc. (TSE: CWEB) (OTCQX: CWBHF) last week received a $56.8 million investment from London-based British American Tobacco plc (NYSE: BTI).

The investment is a debenture convertible into a non-controlling 19.9% equity stake in Charlotte’s Web. 

According to the press release announcing the investment, the funds will provide Charlotte’s Web with incremental capital to fund growth initiatives such as expanding its portfolio of botanical wellness products.

“This Investment will provide Charlotte’s Web with funding that we anticipate will help unlock deeper and broader research and development that is key to our continued innovation, global footprint, and the advancement of our intellectual property portfolio,” said Charlotte’s Web CEO Jacques Tortoroli in a prepared statement. 

Source: BizWest