Charlotte's Web Holdings, Inc. is exploring entry into the CBD wellness beverage market with social elixirs currently under development, with an expected launch date later this year.
"Entering the beverage category is reflective of our increased focus on new product categories and formats to drive our topline growth," said Jacques Tortoroli, CEO of Charlotte's Web. "This allows us to enter this fast-growing portion of the market."
The company looks to introduce CBD sparkling elixirs powered by Charlotte's Web full-spectrum hemp extracts derived from the company's proprietary patented hemp cultivars. The beverages will be developed with best-in-class formulations blended with other functional botanicals and natural flavors and are vegan, gluten-free, dairy-free and non-GMO.
Charlotte's Web executive suite has substantial experience in the beverage category. Tortoroli has over 20 years of global beverage experience through previous roles with PepsiCo and Pepsi-Cola International, and more recently with family-owned Bacardi Ltd. Wes Booysen, Charlotte's Web chief financial and operating officer, has more than a decade of experience in the beverage industry at Molson-Coors, where he was most recently CEO and managing director, Asia Pacific and Africa.