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cbdMD, Inc. (NYSE American: YCBD) is a premier provider of high-quality, hemp-derived cannabidiol (CBD) products. Founded in 2015 and headquartered in Charlotte, North Carolina, cbdMD has quickly become one of the most highly trusted and recognized names in the CBD industry. The company offers a broad range of CBD products under its flagship brand cbdMD, as well as its pet-focused brand Paw CBD and its newly launched ATRx Labs line of functional mushroom supplements.
The company's product portfolio includes CBD tinctures, gummies, topicals, capsules, bath bombs, bath salts, sleep aids, and veterinarian-formulated pet CBD products like tinctures, chews, and topicals. It has built a robust distribution network, leveraging its own e-commerce platform, third-party online marketplaces, wholesalers, and a variety of brick-and-mortar retailers across the United States.
In recent developments, cbdMD has introduced innovative products such as the THCV+CBG Energy Softgels, which combine the potency of two dynamic cannabinoids with caffeine and B12 to enhance energy, focus, and clarity. The company's dedication to innovation is also evident in the launch of its CBD+CBG Oil Tincture and the introduction of a new Vice President of Wholesale Sales to expand its market reach.
Financially, cbdMD has been proactive in securing funding to support its growth. Recently, the company entered a securities purchase agreement, raising $1.25 million in gross proceeds to bolster working capital and support the national rollout of its ATRx Labs functional mushroom products. Despite reporting operational losses, cbdMD has implemented cost-cutting measures and strategic initiatives aimed at achieving profitability and enhancing shareholder value.
cbdMD's latest product,
cbdMD, Inc. (NYSE American: YCBD) has signed a letter of intent to acquire DirectCBDOnline.com from Twenty Two Capital, LLC. This acquisition aims to enhance cbdMD's direct-to-consumer e-commerce capabilities and gain insights into consumer trends within the CBD market. John Wiesehan III, co-founder of DirectCBDOnline.com, will be appointed as Chief Revenue Officer post-acquisition. The transaction is expected to finalize by July 31, 2021, but is subject to customary closing conditions which could affect completion.
cbdMD, Inc. (NYSE American: YCBD) announced that its cbdMD Therapeutics division is in discussions with a prominent US cannabinoid research institute to explore novel cannabinoids for therapeutic use. The company plans to finalize an agreement and start studies by Fall 2021, focusing on data for its research pipeline. The research aims to support clinical trials and potential FDA applications, which could enable cbdMD to make scientifically backed claims for its products. This initiative is expected to boost brand reputation and expand distribution opportunities across various channels.
cbdMD, Inc. (NYSE American: YCBD) has successfully closed its public offering, raising $16.5 million in gross proceeds. The company sold 2,200,000 shares of its 8.0% Series A Cumulative Convertible Preferred Stock at a price of $7.50 per share, including an over-allotment option of 286,900 shares. The net proceeds are intended for working capital. ThinkEquity served as the underwriter for this offering.
cbdMD, Inc. (NYSE American: YCBD, YCBDpA) has priced its public offering of 1,913,100 shares of 8.0% Series A Cumulative Convertible Preferred Stock at $7.50 each, aiming to raise gross proceeds of $14,348,250. Closing is expected around July 1, 2021, pending customary conditions. Shares are convertible at $6.00 per share unless certain trading conditions are met. The company plans to use net proceeds for working capital and general corporate purposes. ThinkEquity is the book-running manager for this offering.
cbdMD, Inc. (NYSE American: YCBD) announced the launch of its new subsidiary, cbdMD Therapeutics, which is collaborating with Colorado State University to study the effects of its proprietary cannabinoid blend on dogs with osteoarthritis. This research aims to provide data on the efficacy of their products in alleviating pain and improving joint mobility in affected dogs. The study is expected to conclude by Spring 2022. cbdMD's Paw CBD brand is recognized as a leading name in CBD pet products, targeting a significant market of dogs suffering from this common condition.
cbdMD, a leading CBD brand, reported a strong second quarter for fiscal 2021 with net sales reaching $11.8 million, a 26% increase year-over-year. E-commerce sales rose by 23.3% to $8.4 million, while wholesale sales grew 31.3% to $3.4 million. Despite achieving a gross profit margin of 69%, the company recorded a net loss of approximately $13.1 million or ($0.24) per share, largely due to an $8.9 million increase in non-cash liabilities. The company also expanded into the beauty sector and invested in ADRA Acquisitions. A conference call is scheduled for May 12, 2021.
cbdMD, Inc. (NYSE American: YCBD) has attained the U.S. Hemp Authority™ Certification, demonstrating its commitment to high-quality CBD products. This prestigious certification, awarded after a comprehensive third-party audit by Food Chain ID, allows cbdMD to use the Certified Seal on its product packaging, reinforcing its adherence to ISO and cGMP standards. The certification complements its NSF GMP registration, assuring consumers of the quality and safety of cbdMD's hemp-derived products. The company emphasizes its dual commitment to testing and quality management in providing trusted CBD solutions.
cbdMD, Inc. (NYSE American: YCBD) has entered an exclusive sponsorship as the Official CBD Partner of the NOBULL CrossFit Games, scheduled for July 27 - August 1 in Madison, Wisconsin. Additionally, it will sponsor the NOBULL CrossFit Games Semifinals from May 28 to June 20. This partnership connects cbdMD with an audience of 11 million viewers and over 14,000 affiliated gyms worldwide. cbdMD aims to integrate its brand with the CrossFit community, emphasizing its products' role in athlete recovery.
cbdMD, Inc. (NYSE American: YCBD) will host a conference call on May 12, 2021, at 4:15 p.m. ET to discuss its second quarter financial results for the period ending March 31, 2021. Interested participants can join the call by dialing 1-888-506-0062 domestically or 1-973-528-0011 internationally. A replay will be available through June 11, 2021, with a passcode of 41216. Details for accessing the webcast and replay are also provided in the announcement.
cbdMD, a prominent provider of CBD products, has appointed Dr. Sibyl Swift as Vice President for Scientific & Regulatory Affairs, after her prior role as a regulatory consultant. Dr. Swift previously held significant roles at the FDA and the Natural Products Association, enhancing cbdMD's commitment to quality and safety. She will oversee GMP compliance and product quality initiatives, including guiding Novel Food Applications with UK and European authorities. The Company's extensive range includes over 130 CBD SKUs, emphasizing its market position and regulatory focus.
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