Charlotte’s Web Holdings (TSX: CWEB) this morning announced harvest results for the full 2019 season for its hemp crop. The company saw a 245% increase in total biomass harvested, while also seeing a 10% increase in yield per acre.
Total dried biomass for 2019 calendar year came in at 2.34 million pounds. For those that are accustomed to operating within the Canadian cannabis space, that figure is the equivalent of 1.06 million kilograms of dried biomass. Charlotte’s Web as a result harvested the equivalent of 36,000 kilograms of CBD. The company experienced a 10% increase in yield on a per acre basis, while also seeing CBD potency increase by 22% on average.
The company also noted that more than half of the harvest was certified organic, while further fields are in the process of certificiation. The company currently harvests hemp across the states of Colorado, Oregon, and Kentucky and points to the firms genetic work as the reason for the increase in yield and potency.
Our genetics resulted in the highest biomass yield per acre in our history, with many acres producing well above 3,000 pounds of biomass (with fiber removed). Cultivating, harvesting and drying at scale for full spectrum extract products is an area where we’ve learned to excel, and our world-class horticulture division continues to cultivate new varieties of hemp that are cannabinoid, flavonoid and terpene rich.
Jared Stanley, Company Co-Founder and Chief Cultivation Officer
The 2019 harvest was large enough that it is expected to last the company through to 2022. Charlotte’s Web states that it stores inventory for manufacturing and extraction over time while maintaining inventory levels to ensure consistent production for a period of two years.
Charlotte’s Web last traded at $6.63 on the TSX.
Information for this briefing was found via Sedar and Charlotte’s Web Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
