cbdMD Reports Fiscal Year Net Sales Increased 6.2% To Record $44.5 Million

CANNANNEW REPORT

CHARLOTTE, N.C.–(BUSINESS WIRE)–cbdMD, Inc. (NYSE American: YCBD, YCBDpA), one of the nation’s leading and most highly trusted and recognized CBD companies, and operator of three of the leading CBD brands — its flagship brand cbdMD, its animal health brand Paw CBD and its beauty and skincare brand cbdMD Botanicals, — today announced its financial results for the fourth quarter and fiscal year ended September 30, 2021. “Next week is the three-year anniversary of our company entering the CBD industry with the acquisition of Cure Based Development, the owner of our flagship brand, cbdMD. It’s also the three-year anniversary of the passage of the Farm Bill, which de-criminalized CBD in the US. In three short years we have grown from an unknown start-up brand competing against thousands of other CBD brands, outpacing the pack to firmly positioned at the top of CBD industry, with our three leading brands,” said Chairman and co-CEO, Martin A. Sumichrast. “According to the Brightfield Group, the US CBD market experienced its most challenging year in 2021, with year-over-year growth rates expected to be nearly flat at 2.5%. Despite this anemic industry growth, cbdMD was able to outpace the industry average and record fiscal 2021 net sales of over 6% and gross sales of over 10% as compared to fiscal 2020. We were able to maintain our product pricing and firm up our product purchasing which resulted in an increase to our gross profit margin to a record high of 67% in fiscal 2021, from 63% in 2020. While our fiscal 2021 loss from operations was $19.6 million, we were able to reduce our non-GAAP adjusted operating loss by 6%. However, slower than anticipated sales in the second half of our fiscal year, our increased marketing costs in the first half of the fiscal year, (which have…

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Source : cbdMD Reports Fiscal Year Net Sales Increased 6.2% To Record .5 Million

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