BOULDER, CO , Dec. 2, 2019 /PRNewswire/ - On December 1st , Charlotte's Web Holdings, Inc. ("Charlotte's Web", or the "Company") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp-derived CBD products , became aware of a yet-to-be served class-action suit having been filed in the Northern District of California that alleges that the Company's products are mislabeled as dietary supplements. The Company believes that its products are accurately labeled and that the claims are without merit. The Company intends to vigorously defend itself against any such suits.

TORONTO , Nov. 20, 2019 /CNW/ -

In recent times, more and more celebrities have come out in support of the cannabis industry. Recently, famous Canadian rapper, Drake launched a joint cannabis venture to produce cannabis along with medicinal products and a wide range of clothing apparel. Drake now joins a handful of other celebrities who have also publicly endorsed the use of cannabis. Notably, celebrities such as Snoop Dogg, Wiz Khalifa, Willie Nelson, Jay Z, Martha Stewart, and Rob Gronkowski have all entered into the cannabis marketplace. However, most of the celebrity-backed ventures typically focus on hemp-derived CBD products, even though celebrities such as Snoop Dogg and Wiz Khalifa focus more on highly potent marijuana products. As such, the CBD market is much more attractive in the U.S. because of the passage of the Farm Bill in late 2018. The bill legalized hemp-derived CBD products as long as they contained 0.3% THC or less. Consequently, CBD products began to rapidly emerge throughout retailers across the country. However, industry experts believe that the recreational cannabis market will eventually dwarf the medical sector due to increasing legalization efforts. In particular, U.S. states such as California, Colorado, Nevada, and Washington are expected to contribute billions of dollars collectively to the global market. Moreover, Canada is also rapidly growing and is also projected to become a global revenue driver for the cannabis industry. And according to data compiled by MarketsandMarkets, the global cannabis market was valued at USD 10.3 Billion in 2018. By 2023, the market is expected to reach USD 39.4 Billion while exhibiting a CAGR of 30.7% during the forecast period. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Tilray, Inc. (NASDAQ: TLRY), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), Charlotte's Web Holdings, Inc. (OTC: CWBHF) (TSX: CWEB)