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8-K - CURRENT REPORT - cbdMD, Inc. | ycbd_8k.htm |
Exhibit
99.1
cbdMD’s Pet Brand, Paw CBD, Sees Sales Increase
64%
from March 2020 Quarter to June 2020 Quarter
CHARLOTTE,
N.C. — August 4, 2020 — (BUSINESS WIRE) -- cbdMD, Inc.
(NYSE American: YCBD, YCBD PR A) (the “Company”), one
of the leading and most highly trusted and recognized cannabidiol
(CBD) brands, announced today that its pet CBD brand, Paw CBD, has
seen an approximate 64% increase in net sales from its March 2020
quarter of approximately $750,000 to approximately $1,229,000 for
its June 2020 quarter.
“Paw
CBD was launched less than one year ago, and now it is one of
America’s leading CBD pet brands,” said Ken Cohn, CMO
of cbdMD, Inc. “Sales
metrics are all moving in the right direction, with Paw CBD now
trending at over a $7mm annualized run rate, and cbdMD’s
overall direct-to-consumer (DTC) sales making up over 70% of the
brand’s revenue. We are seeing the DTC power of cbdMD.com
translating into significant growth for
PawCBD.com.”
Cohn
continued: “In the meantime, we continue to focus on
cross-selling, customer retention and education and will be rolling
out Paw CBD subscription and reward programs shortly. As we mimic
the expansion of our original cbdMD products, we are confident that
Paw CBD will be a leader in the CBD pet market.”
The
preliminary financial information contained in this press release
has been prepared internally by management and has not been
reviewed or audited by our independent registered public accounting
firm. There can be no assurance that actual results for the periods
presented herein will not differ from the preliminary financial
information presented herein and such changes could be material.
This preliminary financial data should not be viewed as a
substitute for full financial statements prepared in accordance
with GAAP and is not necessarily indicative of the results to be
achieved for any future period.
About Paw CBD
Paw CBD
is the pet division of cbdMD, whose veterinarian-formulated
products include tinctures, chews, and topicals in varying
strengths and formulas. Committed to bringing high-quality options
for the animals in your life, Paw CBD is proud to offer premium,
non-THC1 CBD products, specially created to
maintain your pets’ ongoing wellbeing and happiness. To learn
more about the comprehensive line of Paw CBD pet products, please
visit pawcbd.com or
follow Paw CBD on
Instagram and
Facebook.
About cbdMD, Inc.
cbdMD,
Inc. is one of the leading and most highly trusted and recognized
cannabidiol (CBD) brands whose current products include CBD
tinctures, CBD capsules, CBD gummies, CBD topicals, CBD bath bombs
and CBD pet products. cbdMD is also a proud partner of Bellator MMA
and Life Time, Inc., and has one of the largest rosters of
professional sports athletes who are part of “Team
cbdMD.” To learn more about cbdMD and our comprehensive line
of over 100 SKUs of U.S. produced, Non THC1 CBD products, please
visit www.cbdMD.com,
follow cbdMD on Instagram and
Facebook, or
visit one of the 6,000 retail outlets that carry cbdMD
products.
Forward-Looking Statements
This presentation contains certain forward-looking
statements that are based upon current
expectations and involve certain risks and uncertainties within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking statements can be identified by the use
of words such as ″should,″ ″may,″
″intends,″ ″anticipates,″
″believes,″ ″estimates,″
″projects,″ ″forecasts,″
″expects,″ ″plans,″ and
″proposes.″ These forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties, and other factors, some of which are beyond cbdMD,
Inc.’s control and difficult to predict and could cause
actual results to differ materially from those expressed or
forecasted in the forward-looking statements including, without
limitation, the continued consumer acceptance of Paw CBD, our
ability to maintain or increase net sales from this product line,
and statements made with respect to our actual financial
results for the third quarter of fiscal 2020 and the nine months
ended June 30, 2020 to be contained in our Quarterly Report on Form
10-Q to be filed with the Securities and Exchange Commission
(“SEC”). You are urged to
carefully review and consider any cautionary statements and other
disclosures, including the statements made under the heading "Risk
Factors" in cbdMD, Inc.'s Annual Report on Form 10-K for the fiscal
year ended September 30, 2019 and Part II, Item 1A. Risk Factors
appearing in its Quarterly Report on Form 10-Q for the period ended
March 31, 2020, both as filed with the SEC, and our other filings
with the SEC. All forward-looking statements involve significant
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements, many of
which are generally outside the control of cbdMD, Inc. and are
difficult to predict. cbdMD, Inc. does not undertake any duty to
update any forward-looking statements except as may be required by
law. The information which appears on our websites and our social
media platforms, including, but not limited to, Instagram and
Facebook, is not part of this presentation.
Contact:
PR:
cbdMD,
Inc.
Lauren
Greene
Communication
Specialist
lauren.greene@cbdmd.com
843-743-9999
Investors:
cbdMD,
Inc.
John
Weston
Director
of Investor Relations
john.weston@cbdmd.com
704-249-9515