Charlotte’s Web Holdings, Inc. (TSX:CWEB) (OTC:CWBHF), a Colorado-based provider of hemp-derived CBD wellness products, announced its financial performance Thursday for the second quarter ended June 30, 2024. Q2 2024 Financial Highlights Revenue was $12.3 million, decreasing from the $16 million reported in Q2 2023. Net loss was $11 million, compared to a net income of $2.8 million in the same period last year. Adjusted EBITDA loss was $5.2 million, compared to the $3.7 million in the second quarter of 2023. Gross profit was $2.6 million, a decrease compared to the $8.9 million from the same quarter last year. Operational Expenses Cut Amid Revenue Drop Despite experiencing its first sequential Q2 revenue growth since 2021, total revenue for the quarter decreased to $12.3 million from $16 million year-over-year. The company attributed this dip to declines in both direct-to-consumer and business-to-business segments amid ongoing challenges in the CBD industry, including regulatory ambiguities and intense competition. Read Also: U.S. Cannabis Sales Hit Record High in June: LeafLink Report Cost of ...