Charlotte’s Web Holdings, Inc. (TSX:CWEB, OTCQX:OTCQX:CWBHF) is moving past the stage of anecdotal results and moving more towards real research and development. The company is a market leader in the world of hemp-based CBD products but has been limited with the claims it can make since its products are essentially untested by any study trials.
The company announced it has created the Charlotte’s Web Labs (CW Labs) which will be an internal division for research & development. The R&D team will be under the leadership of recently hired Senior Vice President of Innovation, Tim Orr, who will lead CW Labs’ expanded team of a dozen external and internal research specialists based in Buffalo, New York, and Boulder, Colorado. Orr was previously at Johnson & Johnson and Abbott Laboratories, which brings a huge level of credibility to the work.
It’s a big boost to upstate New York as the R&D team will be headquartered on the Buffalo Niagara Medical Campus and CW Labs will be located in the Hauptmann Woodward Research Institute on the campus of the University at Buffalo’s Jacobs School of Medicine and The Center for Integrated Global Biomedical Sciences.