Charlotte’s Web said it expects to enter the CBD wellness beverage market this year. The company is currently developing new “CBD social elixirs” which are expected to launch in the second half of 2022.

“Entering the beverage category is reflective of our increased focus on new product categories and formats to drive our topline growth,” said Jacques Tortoroli, CEO of Charlotte’s Web. “This allows us to enter this fast-growing portion of the market.”

The company intends to introduce CBD sparkling beverages that contain Charlotte’s Web full spectrum hemp extracts derived from its proprietary, patented hemp cultivars. The beverages will be blended with other functional botanicals and natural flavors. The products will be vegan, gluten-free, dairy-free, and non-GMO.

The Brightfield Group estimated sales of CBD beverages at $245 million in 2021, up 50% from 2020. The market is expected to reach $1.3 billion in 2026, representing a 40% CAGR.

Charlotte’s Web executive suite has substantial experience in the beverage category. Tortoroli has over 20 years of global beverage experience through previous roles with PepsiCo, and Pepsi-Cola International and more recently with Bermuda based family-owned Bacardi Ltd. Charlotte’s Web Chief Financial & Operating Officer Wes Booysen, has more than a decade of experience in the beverage industry at Molson-Coors where he was most recently CEO and Managing Director, Asia Pacific and ‎Africa.