BAT to Boost Charlotte's Web Stake to 40.8%

BT DE Investments Inc., a subsidiary of British American Tobacco p.l.c. (BAT), has filed an amendment to its Schedule 13D regarding its investment in Charlotte's Web Holdings, Inc. (CWBHF). On March 30, 2026, the filer announced a strategic investment plan involving the purchase of 14,760,638 common shares at C$0.94 per share via a private placement. Concurrently, the parties agreed to amend the terms of an existing C$75.3 million convertible debenture, lowering its conversion price to C$0.94. Following the closing of the subscription and the full conversion of the debenture, the filer expects to hold 110,041,915 common shares, representing approximately 40.8% of the company's outstanding shares. Under an Amended and Restated Investor Rights Agreement, BAT will gain significant governance rights, including the ability to nominate up to 40% of the Board of Directors and approval rights over certain corporate actions. The filing currently reports a 19.9% beneficial ownership stake based on 39,920,988 shares issuable under the existing debenture terms prior to the full closing of the new investment.