Charlotte's Web opposes new CA emergency regs restricting hemp CBD products; says no material impact on 2024 sales

Charlotte's Web Holdings, Inc.

California's Office of Administrative Law approved emergency regulations effective Sep 23, 2024, restricting manufacture/distribution/sale of many full-spectrum hemp CBD products.
Company states regulations overreach by including non-intoxicating natural CBD products, impacting products like NSF Certified for Sport with no detectable THC.
Company estimates impact limited to California and not material to overall 2024 sales; evaluating longer-term implications.
Collaborating with industry group One Hemp and Coalition for Access Now to push for legislative changes.
5.4 million Californians use non-intoxicating hemp products; 57% of cities/counties in CA do not allow any retail cannabis, limiting alternatives.

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