Charlotte’s Web Holdings has entered into a new Asset Backed Line of Credit with J.P. Morgan for $10 million with an accordion feature to extend the line to $20 million with a 3 year maturity. In addition, Charlotte’s Web has engaged J.P. Morgan for commercial banking services including merchant processing services to support the Company’s global growth.
Separately, Charlotte’s Web also intends to put in place an “at-the-market” (ATM) equity distribution program, a cost-effective capital access and liquidity tool. The Company views this as a prudent measure to have in place along with the line of credit but has no immediate intentions to utilize either the ATM or line of credit.
At December 31, 2019 the Company held cash of $68.5 million and working capital of $113.6 million.
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Charlotte's Web Holdings
charlottesweb.com