Charlottes Web Comments on Letter from Joel and Jesse Stanley
LOUISVILLE, Colo. – (TSX: CWEB) (OTCQX: CWBHF), Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”), the market leader in full spectrum hemp extract wellness products, comments on certain demands made to the Company’s Board of Directors (the “Board”) by Joel and Jesse Stanley (“Joel and Jesse”) in connection with the Company’s upcoming June 15, 2023 annual general shareholder meeting (the “Meeting”). Late afternoon on Friday, June 9, 2023, Joel and Jesse delivered a letter to the Board (the “Letter”) demanding that the Board take immediate steps to facilitate the replacement of a majority of Board members, including all but one of the independent Board members (the “Targeted Directors”) with four individuals selected by Joel and Jesse. Two of the four individuals proffered were Joel and Jesse themselves and one of the individuals is their long-standing business associate. The Letter provided that the Board acquiesce to their demands within 48 hours...