New DTC e-commerce platform launched First sequential Q2 revenue growth since 2021 Additional expense reductions taken to improve future cash flow LOUISVILLE, Colo. , Aug. 8, 2024 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF ), Charlotte's Web Holdings, Inc.
(" Charlotte's Web" or the "Company"), the market leader in full-spectrum hemp extract wellness products, today reported financial results for the second quarter ended June 30, 2024 . "Our strategic turnaround initiatives and innovations are yielding promising results towards a return to growth, despite lower revenue," said Bill Morachnick , Chief Executive Officer of Charlotte's Web. "During the second quarter, we successfully migrated to our new e-commerce platform, which has enhanced the consumer experience and provided more effective customer relationship management tools.
The platform has been performing well. Our retail business has also shown improvement, delivering the first sequential second-quarter growth since 2021, supported by distribution gains, including with Walmart, as well as the successful launch of our new CBN Stay Asleep Gummies." In June, Charlotte's Web launched new CBD isolate topical products with Walmart in 827 Walmart stores across five states including California , Illinois , Florida , Texas , and Pennsylvania.
The new retail distribution at Walmart expands Charlotte's Web CBD wellness presence at an affordable price point, unlocking both value and accessibility. "Following our first-quarter operat.