Charlotte’s Web Stock Rises by 24%
- Charlotte’s Web’s share prices have increased dramatically over the past couple of days.
- Their current share price sets the max for the month of May.
- The cause for this sudden rise is the result of receiving an approved patent from the USPTO earlier this week for a new hemp variety.
Charlotte’s Web Holdings (OTC:CWBHF) stock rose by over 20% on Friday, continuing the company’s rise in share price for the past week.
The company reached $6.52 per share this week, marking it at the highest price since early February of this year. Their highest stock price year-to-date (YTD) is set at $8.82.
Why the Sudden Surge?
On Wednesday this week, Charlotte’s Web stated that it had earned a U.S. utility patent for a new hemp variety that they named CW1AS1. The new variety was created by their co-founder, Joel Stanley, and their Senior Director of Cultivation R&D Bear Reel.
“The patent takes Charlotte’s Web’s premier proprietary genetics to the next generation and builds a strong wall of protection around it and the products made from it,” the company stated.
The U.S. Patent and Trademark Office (USPTO) has not issued more than a few patents for hemp genetics to date. This patent approval for Charlotte’s Web helps to solidify their spot at the top of the CBD market. Their reported revenue for the first quarter of this year was $21.5 million, more than double of the runner-up company.
Deanie Elsner, CEO of Charlotte’s Web, feels that the patent “gives Charlotte’s Web the highest level of protection form our proprietary genetics and ensures that Charlotte’s Web products will continue to be available to the thousands who use them in a form that is consistent and provides the same user experience time and time again.”
With their stock rising and patent approval now in their hands, investors of Charlotte’s Web can let out a cheer.