Why Charlotte's Web Holdings Jumped as Much as 13.1% Today
Shares of Charlotte's Web Holdings (OTC: CWBHF) were trading 5% higher as of 3:47 p.m. EDT on Monday after jumping as much as 13.1% earlier in the day. The gain came after the company announced that it was acquiring Abacus Health Products in an all-stock transaction valued at 99 million Canadian dollars, or around $68 million.
Investors reacted positively to Charlotte's Web's pending acquisition of Abacus for good reason. The deal will make Charlotte's Web even more dominant in the hemp CBD products market with a market share of nearly 35% -- more than double that of the No. 2 player in the industry.
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Source Fool.com
