- Charlotte’s Web Holdings (TSX:CWEB) has announced the launch of its CW Labs research division
- The company’s recently appointed Senior Vice President of Innovation, Tim Orr, will lead the program
- CW Labs will expand research efforts around the science of hemp-derived phytocannabinoids, terpenes, and flavonoid compounds
- Charlotte’s Web Holdings (CWEB) is currently down 2.67 per cent to C$5.10 per share
Charlotte’s Web Holdings (TSX:CWEB) has announced the launch of its research division, Charlotte’s Web Labs.
The company’s primary focus is on developing hemp-derived CBD products, but is now expanding its scope with bolstered research capabilities.
Recently appointed Senior Vice President of Innovation, Tim Orr, will lead CW Labs’ team. The team will consist of 12 external and internal research specialists in Buffalo, New York, and Boulder, Colorado.
Orr has more than 30 years of experience in the diagnostics, life sciences, and medical device industries.
“I am proud to lead CW Labs in support of Charlotte’s Web’s innovation and scientific discovery,” he said.
“With science driving new formulation development and product efficacy, CW Labs acts as an engine of innovation to create new high-quality products and innovative delivery systems to customers who have come to trust and rely on Charlotte’s Web.”
In addition to developing new products, CW Labs also aims to examine improved safety and effectiveness factors.
The program is currently engaged in double-blind, placebo-controlled human clinical trials addressing hemp-based solutions for a variety of needs.
Charlotte’s Web CEO, Deanie Elsner, said that the new division formalises the company’s reach into the science, efficacy, and safety of hemp plant compounds.
“CW Labs demonstrates our commitment to innovation and our cutting-edge position with consumer wellness products derived from our proprietary hemp.
CW Labs will be based at the University at Buffalo’s Jacobs School of Medicine and The Center for Integrated Global Biomedical Sciences. There, it will foster partnerships with the State University of New York’s (SUNY) network of 64 domestic and international research institutions.
Charlotte’s Web has already had successful relationships with renowned organisations, including Johns Hopkins, Cornell, and the University at Buffalo.
Charlotte’s Web Holdings (CWEB) is down 2.67 per cent to C$5.10 per share at 1:35pm EST.