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Charlotte’s Web Reports Major Q2 Loss, Delaware State University Receives Grant to Study Hemp: Week in Review

Charlotte’s Web’s net loss of $14.4 million for Q2 of 2020 comes from cooling retail sales in the B2B channel as well as an increase in operating expenses year-over-year.

Theresa Bennett
September 19, 2020

This week, Charlotte’s Web announced its Q2 financial earnings for this year, which revealed a steep loss amid fallout from the COVID-19 pandemic. Meanwhile, Delaware State University has received a National Science Foundation grant to fund undergraduate studies into multiple facets in hemp research.

Here are this week’s headlines you might have missed.

  • National: A bill that would legalize and regulate CBD and other hemp derivatives in dietary supplements has been introduced to Congress. Read more
    Meanwhile, the USDA has announced a new round of COVID-19 relief funding that hemp farmers are eligible for. Read more

  • Colorado: As the novel coronavirus continues sweeping the nation, cannabidiol CBD product manufacturer Charlotte’s Web has reported a net loss of $14.4 million in Q2 of 2020, as compared with a net income of $2.2 million the same time last year. Read more
    Meanwhile, Miraflora, a CBD company, has partnered with Front Range Biosciences to research and identify which cannabinoid hemp varieties are most optimal for the Rocky Mountain region of the U.S. Read more

  • D.C.: Plaintiffs in the Washington v. Barr case, which seeks to declare the federal law that criminalizes marijuana unconstitutional, have received impressive support in the form of several amicus briefs from cannabis industry organizations, researchers and current federal lawmakers. Read more

  • Delaware: Delaware State University has received a three-year $591,628 National Science Foundation grant to help fund multiple facets of undergraduate hemp research, from hemp extraction to CBD’s effects on cancer cells. Read more

  • Illinois: The Illinois Department of Agriculture has named David Lakeman as division manager for the department’s cannabis division. Read more

  • Kentucky: After the Hemp Industries Association voted suddenly to dissolve its state chapters in July, the Kentucky chapter recently announced it is merging with another organization. Read more

  • West Coast: In Oregon and Washington, cannabis growers are working to save their businesses and homes as the ongoing crisis stymies the industry. Read more

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