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Charlotte’s Web to Develop Cannabis Spirits?

Charlotte’s Web Holdings (CWEB) recently appointed Jacques Tortoroli to its board of directors. Tortoroli will be part of the Audit and Compensation Committee. His addition brings the company’s total number of directors to seven. The company also believes Tortoroli’s vast experience in operations and finance will be advantageous.

Who is Jacques Tortoroli?

Tortoroli previously served as Bacardi’s CAO (chief administrative officer). He has global experience in operations and finance. He’s also worked for both public and private companies. He was on Bacardi’s global leadership team and was responsible for IT, operations, real estate, and finance. Further, management believes his appointment is timed perfectly, as it’s working on expansions. Further, the company believes Tortoroli’s experience will make a significant contribution to the company’s growth.

Tortoroli said, “I am honored to serve on the Charlotte’s Web Board of Directors. It’s an exciting time in the growing CBD industry, and Charlotte’s Web has earned its dominant market position through a combination of innovative products and world class executive talent.”

Charlotte’s Web to develop cannabis spirits?

Charlotte’s Web produces and sells hemp-based cannabis products. The company is one of the industry’s leading manufacturers, and it places its strength in innovating new products. In adding Bacardi’s former CAO to its board, the company has stirred speculation about probable innovations in its product portfolio. Is it currently developing cannabis-infused spirits?

As regulations on cannabis see updates, companies are continuously developing new products to stay ahead of the competition. US spirit companies are also getting into cannabis-infused beer and wines to enter the growing cannabis market. Already companies such as Tinley and Biosteel have entered the US cannabis beverage market with nonalcoholic beverages. As per the new Cannabis 2.0 regulations in Canada, cannabis-infused drinks can’t contain more than 0.5% alcohol.

Charlotte Web’s primary strategy is to develop new products that appeal to customers. Tortoroli’s addition to the board could indicate a strategic move by the company to enter into cannabis-infused drinks. He has extensive experience in Bacardi’s operations. If Charlotte adds cannabis-infused beverages to its product portfolio, Tortoroli’s experience will help it develop and market them effectively.

Charlotte’s stock performance

Charlotte stock is currently trading at $12.65. The company recently released its third-quarter earnings results. It’s down more than 20% since it announced the date of its earnings release. Further, its third-quarter revenue missed analysts’ estimate by almost 30%. The company’s consensus target price fell more than 10% after being consistent for the last six months.

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