DENVER, Jan. 27, 2023 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the market leader in cannabidiol ("CBD") hemp extract wellness products issues the following statement regarding the FDA's January 26^th press announcement:

Charlotte's Web is encouraged that the Administration has agreed that it is necessary for Congress to act for the regulation of hemp-derived cannabidiol ("CBD"). The FDA position has taken four years to come together, while the CBD industry has matured without a clear regulatory pathway for CBD products that are already available for sale in all 50 states and consumed safely by millions of Americans. This includes professional athletes, veterans, and everyday wellness seekers. The Company looks forward to continuing its work in Washington DC to forward this process.

The Company also agrees with the FDA on the importance of testing to ensure the quality and safety of CBD products and has already provided studies to support this position. As the CBD pioneer and market leader, Charlotte's Web has engaged in safety studies and compiled toxicology data including liver safety. These studies have been conducted under an Institutional Review Board and Good Laboratory Practices, following guidelines of the Organization for Economic Co-operation and Development (OECD). They have been subjected to an unbiased peer review and published in journals and have been vetted and accepted for indexing in the...