DENVER, July 12, 2022 /PRNewswire/ – (TSX: CWEB) (OTCQX: CWBHF) Charlotte’s Web Holdings, Inc. (“Charlotte’s Web,” “CW” or the “Company”), the market leader in full-spectrum hemp extract CBD products, is the first company to achieve formulary approval and inclusion of its products in SBM LLC’s exclusive employee benefits program. Through this employer-sponsored benefit plan, US employers can now confidently provide employees and their pets with coverage and access to Charlotte’s Web products as an alternative health and wellness therapy.
“With almost 4,000 CBD brands for sale in the U.S., we are selecting Charlotte’s Web as our flagship full-spectrum hemp extract offering,” said Bryan Perry, Chief Commercial Officer. Attaining SBM product formulary inclusion required Charlotte’s Web to show proof of clinical human safety data. In addition, Charlotte’s Web must demonstrate ongoing good quality manufacturing, lot-specific product labelling matching certificates of authenticity, customer education, and attractive pricing.
In an economy increasingly affected by high levels of employee burnout and resignation, employers are turning to new and meaningful benefits to attract and retain talent. Now more than ever, natural alternatives for wellness are requested by employees to support general health and wellness including: mental well-being, sleep, sports, and recovery or discomfort. Supplement benefit management from SBM provides employers the ability to cover natural therapies and wellness alternatives to improve employee well-being, recruitment and retention, and lower overall healthcare costs. Employers are able to “bolt-on” this benefit as an adjunct to traditional health insurance. This provides employees with trusted products, education, and the ability to track how these therapies affect their health and wellness.
“Through this program, product experience data reveals where natural care and cost choices produce better results for both employers and employees,” said SBM Chief Operating Officer Rodney Nuss. “Employee engagement can be some employers’ best-practice solution for controlling costs and improving health outcomes. Now employers have the option to add hemp-based wellness coverage with a built-in employee engagement platform to support a healthy workforce and healthy company.”
Starting in July 2022, employers can directly enroll in the SBM program and determine the desired level of coverage provided for each employee on a monthly or annual basis. Then employees simply opt-in and gain access to the program through their MySBM app. SBM represents a ‘benefit with a real benefit’ for those employers who are struggling to attract and retain employees. SBM estimates up to 50,000 employees will participate in the program within twelve months.
“We celebrate our launch into this category as the lead partner with SBM,” said Jacques Tortoroli, Charlotte’s Web Chief Executive Officer. “Expanding access to CBD through the employee benefits programs is yet another way Charlotte’s Web is fulfilling its mission for broad consumer access for everyday hemp wellness. Wider access and visibility for hemp-wellness empower people to make more informed health and wellness decisions.”
Employers can learn more about how to lower costs and help employees achieve better health by contacting SBM at 877-726-2363 (877-SBM-Bene) or info@SBMbenefit.com.
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