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Charlotte's Web completes C$5.6M private placement

Boulder, Colo.-based Charlotte's Web Holdings Inc. completed the sale of 802,246 common shares at C$7 apiece in a private placement.

The company, which develops and sells cannabidiol products, generated total proceeds of C$5.6 million.

Charlotte's Web plans to use the proceeds for the expansion of its production capacity, for cultivation infrastructure, and for research and development. Part of the proceeds will also be used for international expansion, working capital, marketing and general corporate purposes.