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Charlotte’s Web Enters into Option Purchase Agreement with Stanley Brothers USA
Charlotte’s Web would acquire Stanley Brothers USA upon federal cannabis legalization.
Charlotte's Web Holdings, Inc. has entered into an Option Purchase Agreement with Stanley Brothers USA Holdings, Inc., a privately-held Delaware company, and the shareholders of Stanley Brothers USA.
Stanley Brothers USA is a cannabis wellness incubator currently operating in Colorado, California, Florida with expansion plans underway in eight additional states. The Option has a five-year term (extendable for an additional two years) and provides Charlotte's Web the optionality to acquire Stanley Brothers USA on the earlier of three years from the effective date of the Option and federal legalization of cannabis in the United States, or such earlier time as Stanley Brothers USA and Charlotte's Web may agree, potentially including when otherwise permitted by the policies of the stock exchange on which the company's securities are listed for trading. The common shares of Charlotte's Web continue to trade on the TSX in Canada and OTCQX in the US.