Charlotte’s Web Holdings lost $13.9 million last quarter, missing analysts’ expectations, but says that the receding pandemic should boost sales going forward.
The CBD maker in Boulder, Colorado, lost more than it did in the same period a year-ago, when the COVID-19 pandemic first took hold. The company lost $11.5 million in the first quarter of 2020.
CEO Deanie Elsner told investors that sales have picked up in March and April as “vaccination programs support reopening of the economy.”
The company said that profits dropped in part because the company lowered prices last year.
Operating expenses ticked up 2.9% from the year-ago period, to $24 million.
Charlotte’s Web trades on the Toronto Stock Exchange as CWEB.