Charlotte's Web extends name and likeness license with Stanley Brothers to June 30, 2023

Charlotte's Web Holdings, Inc.

License agreement term extended to June 30, 2023 via Fifth Amending Agreement effective Feb 17, 2023.
Jesse Stanley, a founder, is borrower on a $1M secured promissory note maturing Nov 13, 2023.
Company holds option to acquire Stanley Brothers USA until Feb 26, 2024 or federal cannabis legalization.
Jared Stanley (COO) and Joel Stanley (former chairman) resigned from board in March 2021.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Charlotte's Web Holdings, Inc. amended Extension and Fifth Amending Agreement to Name and Likeness and License Agreement with Leeland & Sig LLC d/b/a Stanley Brothers Brand Company valued at Extension of term to June 30, 2023 (effective 2023-02-17).

Action: amendment
Agreement: license
Counterparty: Leeland & Sig LLC d/b/a Stanley Brothers Brand Company
Value: Extension of term to June 30, 2023
Effective: 2023-02-17

Exact text from the filing

Effective as of February 17, 2023, Charlotte’s Web Holdings, Inc. (the “Company”) and its subsidiary, Charlotte's Web, Inc., a Delaware corporation (“CWB”), entered into an Extension and Fifth Amending Agreement to Name and Likeness and License Agreement (the “Extension ‎Agreement”) with Leeland ‎& Sig LLC d/b/a Stanley Brothers Brand Company, a Colorado limited liability company ‎‎(“Licensor”).

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Charlotte's Web Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001279569-23-000221

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