While the COVID-19 pandemic caused havoc in many sectors, the marijuana sector has been lucky — up until now, at least. The chaos and anxiety caused by the pandemic made many people turn toward marijuana for some kind of relief, which led to higher sales. Most cannabis companies performed exceptionally well in their recent quarters.
I have always favored Canadian pot company Cronos Group (NASDAQ:CRON) as a better cannabis pick for 2020. And while U.S. marijuana companies’ performance has been outstanding amid the pandemic — some have even done better than their Canadian counterparts — Colorado-based Charlotte’s Web Holdings (OTC: CWBH.F) is not one of them. Let me tell you why.
The case for Charlotte’s Web
Charlotte’s Web invited a lot of attention after it announced the acquisition of Abacus Health Products in March. Abacus combines active pharmaceutical ingredients with hemp extracts to manufacture over-the-counter topical products. The two companies combined are poised to capture the hemp-based U.S. cannabidiol (CBD) market, which has vast potential.
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