Charlotte's Web Holdings, Inc. has earned B Lab's B Corporation certification to expand the ways in which it can fulfill its mission of benefitting people and the planet.
Charlotte's Web joins more than 3,500 other B Corps in 150 industries and 74 countries around the world.
Certified B Corporations, also referred to as B Corps, are for-profit companies that use the power of business to build a more inclusive and sustainable economy. B Corps are required to consider the impact of their decisions on all stakeholders: customers, workers, communities and the environment.
These requirements are aligned with Charlotte's Web's founding principle and formalizes its commitment to environmental, social and governance issues for stakeholders. In connection with the certification process, and as approved by the shareholders of the company at the August 2019 annual general and special meeting, Charlotte’s Web has converted to a "benefit company" in accordance with the Business Corporations Act (British Columbia).
Since 2006, more than 60,000 companies globally have participated in the B Impact Assessment, but only 3,499 have been certified B Corp to date, which is indicative of the rigorous standards set by B Lab in order to become a certified B Corp.
"Becoming a certified B Corp was important to Charlotte's Web as it aligns with our vision for conducting our business, from seed to shelf, to benefit the greater good in society, our environment, for our employees and our communities," said Deanie Elsner, Charlotte's Web's CEO. "This was a comprehensive, precise and illuminating process, teaching us where we are strong and where we can focus for continuing improvement."
Founded in 2006, the B Corp community works toward reduced inequality, lower levels of poverty, a healthier environment, stronger communities and the creation of high-quality jobs with dignity and purpose. The formal certification process uses credible, comprehensive, transparent and independent standards of social and environmental performance.
"We welcome Charlotte's Web to our global community of positive change makers, each a for-profit company, using the power of more conscious decision-making to serve the greater good for the planet and its people," said Kim Coupounas, B Corp's global ambassador.