Jacques Tortoroli, CEO of Charlotte’s Web, added: “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.”
When this investment is closed, Charlotte’s Web will have pro-forma cash and short-term investments of approximately $65 million.
This investment will help BAT better meet its goal of having 50 million consumers of its non-combustible products by 2030 and also having £5billion of its revenue come from New Categories by 2023. During the first half of 2022, BAT reported that it had 20.4 million consumers of its non-combustible products, an increase of 2.1 million from 2021. Currently, BAT’s portfolio consists of global cigarette brands and a growing range of reduced-risk New Category tobacco and nicotine products along with traditional non-combustible tobacco products. BAT’s portfolio of products includes vapor, tobacco heated products, modern oral products, nicotine pouches, sinus and moist snuff.
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