BOULDER, CO, March 17, 2020 /PRNewswire/ - (TSX: CWEB; OTCQX: CWBHF) – Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") the market leader in hemp-derived extract products, is pleased to announce that an expert panel has unanimously concluded that Charlotte's Web's full spectrum hemp extract is Generally Recognized as Safe (GRAS) for use in certain foods in accordance with stringent regulatory safety guidelines and safety data available using well accepted toxicological principles.

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GRAS status means that Charlotte's Web extracts are considered safe for use in a wide range of food and beverage applications. Charlotte's Web hemp extract is currently available as a supplement and the Company is not intending to add its full spectrum hemp extracts to food products until the US Food and Drug Administration (FDA) approves this as an option.

CEO Deanie Eisner stated, "At Charlotte's Web, safety and transparency are paramount to everything we do and obtaining GRAS status for our products is another major step in these efforts. This validation of our products goes a long way to enforcing our base principles and why Charlotte's Web is known as 'The world's most trusted hemp extract™'."

The new GRAS status is a major endorsement of the quality and safety of its widely used hemp extracts and the responsible approach the Company takes towards the manufacturing of its products with consumer safety in mind. The safety study has been published in Toxicology Reports. Volume 7.

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About Charlotte's Web Holdings, Inc.

Charlotte's Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products. Founded by the Stanley Brothers, the Company's premium quality products start with proprietary hemp genetics that are responsibly manufactured into hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD capsules, CBD topicals, as well as CBD pet products. Charlotte's Web hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online through the Company's ADA compliant website at www.CharlottesWeb.com.

Forward-Looking Information

Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, "forward-looking information"). Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the public documents of the Company available at www.sedar.com.

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SOURCE Charlotte's Web Holdings, Inc.