CBD product sales boosted Charlotte’s Web Holdings’ revenues in the third quarter, while CBD drugmaker GW Pharmaceuticals saw its losses widen on lagging sales in its fiscal fourth quarter and full year.
Charlotte’s Web (CSE: CWEB) reported revenue grew 57% to $17.7 million compared with last year’s $11.3 million during the same quarter. Year-to-date revenue reached $48 million versus $27.5 million a year ago.
Profit slipped to $1.8 million from $2 million in a year-over-year comparison. Earnings per diluted share were 2 cents, unchanged from last year.
During the quarter the firm completed an initial public offering and private placement, generating net proceeds of $71.5 million.
The company is using the capital to “accelerate our growth in the hemp-derived CBD sector” and to “expand the company’s cultivation and production capacities,” President and CEO Hess Moallem said in a news release.
Meanwhile, GW Pharma (NASDAQ: GWPH) – manufacturer of the newly approved CBD drug Epidiolex – logged a net loss of 23 cents per share on $2.42 million in revenue for its fiscal fourth quarter ended Sept. 30.
The company reported $52.7 million in selling, general and administrative expenses – more than double the amount reported last year, $19.4 million.
The full-year loss widened to $295.1 million from $170 million in fiscal year 2017.
Total revenue for the year was $12.7 million compared with $8.6 million a year ago.
Epidiolex launched on Nov. 1 in the United States and is now available by prescription.
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