Charlotte’s Web Holdings, Inc. (CSE:CWEB) has brought on a new CEO to help ramp up its growth across the U.S. The Company announced on Monday that it was bringing on Adrienne Elsner into the role as of May 15. The new leadership will help Charlotte’s Web grow its hemp products as Elsner previously worked with both Kellogg and Kraft and has 25 years of experience working with consumer packaged goods.
Elsner’s experience has involved building brands, marketing, and doing business internationally as well. There’s a lot to like for The Company, by bringing on a person with a wealth of experience and knowledge that can help Charlotte’s Web take the next step and be a big player in the industry. And with a lot of experience in food and beverage, Elsner will likely be helpful in formulating new products that can help The Company reach even more customers and increase its sales even further. As well as Charlotte’s Web has done thus far, it’s still not one of the big names in the industry, but there’s certainly a lot of potential there.
Bigger plans ahead for Charlotte’s Web?
With a market cap of $2.5 billion, The Company is slowly making its way up the ranks and sales growth with certainly help drive its presence in the industry even further. In the past 12 months, Charlotte’s Web has accumulated sales of just under $70 million. However, for it to be a dominant brand in the industry, it’s going to need more than just hemp sales, and it certainly sounds like more is planned down the road.
We enthusiastically welcome Deanie to lead the executive suite. She is a natural fit for Charlotte’s Web as we continue to evolve our domestic and global expansion. In addition to Deanie’s CPG marketing leadership she brings notable international experience having led the EU Coffee category where she established a sustainable growth model while based in Switzerland and the UK. The fact that Deanie also connects deeply with the heart of our social values and mission at Charlotte’s Web is as valuable to me as the incredible experience she will bring to the team
– Joel Stanley, Chairman and Co-Founder of Charlotte’s Web
Some things that jump out to me from that quote are the focus on Elsner’s international experience and exposure to beverages as well. These are two areas where The Company still has a lot of work to do if it wants to go down these routes. The new CEO could certainly help with a broader vision to develop those segments but it’s going to take some time.
Edibles are a significant opportunity in the U.S. with many companies getting involved in not only food-based products but beverages as well. However, with legal obstacles presenting big barriers for companies today, it’s a bit of a long-term goal that could take years before being realized. For now, Charlotte’s Web is doing what it needs to do to position itself for long-term growth by putting the right people in place to help The Company develop.
The Company’s current CEO, Hess Moallem, is going to be transitioning out of the position and into an advisory position with Charlotte’s Web.