Charlotte's Web CWBHF - Stock has dropped from $7.00 to $1.03 as congress delays passing 2 bills. [vnX9vVuZq17]
Charlotte's Web produces CBD hemp extract wellness products for pain, sleep, stress, immunity, and exercise recovery. CBD is legal but CWBHF often trades in sympathy with the legal Cannabis Industry. Stock sold off as congress could not agree on what to include in the federal marijuana legalization bill and did not get it passed. In addition, a separate bill providing FDA authority to regulate CBD also failed to get through congress. Both bills have bipartisan support and should get passed in the first half of 2022. Tax loss selling has exacerbated the decline. We expect a strong recovery into January and believe the company is worth significantly more than the current price.
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