J.P. Morgan provided a $10 million asset-based line of credit to Charlotte’s Web Holdings, a producer and distributor of hemp-derived cannabidiol (CBD) products. The line of credit includes an accordion feature to extend the line to $20 million with a three-year maturity. In addition, Charlotte’s Web has engaged J.P. Morgan for commercial banking services including merchant processing services to support growth.
“Having alternative capital options in place such as a credit line with a leading bank is useful as we grow our business and invest in our infrastructure,” Deanie Elsner, CEO of Charlotte’s Web, said.
At December 31, 2019, Charlotte’s Web Holdings held cash of $68.5 million and working capital of $113.6 million.
