cbdMD, Inc. - YCBD STOCK NEWS

Adara Acquisition Corp. (NYSE American: ADRA.U) announced that from March 24, 2021, holders of its 11,500,000 IPO units can trade shares of Class A common stock and warrants separately on NYSE American under the symbols 'ADRA' and 'ADRA WS'. No fractional warrants will be issued. Units not separated will continue trading under 'ADRA.U'. The registration statement was effective as of February 8, 2021. The Company aims to pursue mergers or acquisitions, particularly in the consumer products sector. ThinkEquity acted as the sole book-running manager for the offering.

cbdMD, Inc. (NYSE American: YCBD) has established cbdMD Therapeutics LLC, a wholly-owned subsidiary aimed at advancing scientific research around CBD and its therapeutic applications. Dr. Sibyl Swift and Lance Blundell will co-chair this initiative, focusing on developing novel therapies for pain, inflammation, and anxiety disorders. The company aims to replace opioid use with cannabinoid-based solutions. The market confirms a growing interest in cannabinoid medicines, highlighted by Jazz Pharmaceuticals' recent $7.2 billion acquisition of GW Pharmaceuticals.

cbdMD, Inc. (NYSE American: YCBD) has announced that a California class action lawsuit against the company is temporarily stayed. This ruling comes as the judge responded to cbdMD's motion while awaiting the U.S. Food and Drug Administration's guidelines or potential legislation regarding CBD product definitions and marketing. The lawsuit, filed in December 2019, accused cbdMD and others of violating several California laws. The stay closes the case administratively, with parties required to submit status updates every 90 days, starting June 2021.

cbdMD, Inc. (NYSE American: YCBD) recently announced that its cbdMD and Paw CBD product lines received the 2021 Product of the Year awards, marking the first time a CBD brand has won in consecutive years. Selected by 40,000 American consumers through a national survey by Kantar, cbdMD's CBD Gummies were recognized as the most innovative in the CBD Ingestibles category. Paw CBD’s CBD Hard Chews for Dogs also earned the Product of the Year title in the CBD Pet category. This recognition showcases cbdMD's commitment to quality and innovation in the competitive CBD market.

Adara Acquisition Corp. has successfully closed its initial public offering, raising $115 million by selling 11.5 million units at $10 each, including an additional 1.5 million units from an over-allotment option. The units are listed on NYSE American under the ticker symbol 'ADRA.U'. The company, sponsored by cbdMD, Inc. and Blystone & Donaldson, aims to identify potential merger or acquisition targets in the consumer products sector. Each unit includes one share of Class A common stock and half a warrant to purchase additional shares at $11.50 each.

cbdMD, Inc. (NYSE American: YCBD) announced the launch of its Paw CBD pet product line's first national TV advertising campaign during Puppy Bowl XVII on February 7, 2021. This initiative positions Paw CBD as the only featured CBD company in the program, reaching an audience of 2.5 million adults aged 18-49. Paw CBD, known for its THC-free, veterinarian-formulated products, continues to expand its presence in retail, with new agreements with Save Mart Companies adding 100 new locations in California and Nevada. The campaign aims to enhance brand recognition among pet owners.

cbdMD, Inc. (NYSE American: YCBD) reported strong financial results for Q1 FY 2021, with net sales increasing by 22% year-over-year to $12.3 million. Gross profit margin improved to 72.2%, up from 63.5% in the previous quarter. E-commerce sales soared 41% to $9.7 million, and Paw CBD net sales grew by 83% to $1.5 million. Operating expenses decreased by 15% to $10.7 million, while the loss from operations fell 71% to $1.8 million. However, the net loss attributable to shareholders was $9.5 million, primarily due to a non-cash contingent liability related to previous acquisitions.

cbdMD, Inc. (NYSE American: YCBD) has retained Dr. Sibyl Swift, a former FDA official, as a regulatory consultant. Dr. Swift will oversee regulatory initiatives and prepare products for certifications, emphasizing cbdMD's commitment to quality and safety. With a notable background at the FDA and the Natural Products Association, Dr. Swift's expertise aims to enhance cbdMD's compliance and product standards. The move signifies cbdMD's strategy to align with regulatory requirements and strengthen market position in the CBD industry.