cbdMD, Inc. Reports Preliminary Fourth Quarter Fiscal 2020 Net Sales For Its Paw CBD Brand; Sequential Quarterly Net Sales Ex...
October 27 2020 - 4:10PM
Business Wire
According To Data Provided By Market
Analytics Firm Nielsen Global Connect, cbdMD Expects Paw CBD To
Command A 10% to 15% Market Share In The US Pet CBD Market In
Calendar 2020
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 CBD pet products
brand, Paw CBD, has experienced another record quarter of net
sales. Paw CBD’s September 30, 2020, estimated preliminary
quarterly net sales are expected to range between $1.6 million and
$1.65 million, or a sequential quarterly growth of between 30% and
34% from the $1.23 million in net sales in the prior quarter ended
June 30, 2020.
“We are seeing an incredible growth trajectory in our Paw CBD
brand. We now project total net sales of the Paw CBD brand to reach
approximately $6 million for calendar 2020. Based on an article
published on October 12, 2020, by Hemp Industry Daily, which used
data provided by market analytics firm Nielsen Global Connect,
estimated the hemp-derived CBD market for pets will total $40
million to $60 million in 2020. Therefore, based on these
estimates, we expect Paw CBD will represent an approximate 10% to
15% market share in the pet U.S. CBD market in calendar 2020. This
is an incredible achievement considering Paw CBD was launched less
than one year ago,” said Martin A. Sumichrast, Chairman and Co-CEO
of cbdMD, Inc.
About preliminary unaudited financial information: 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 period
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. Our audited consolidated financial
statements for the fiscal year ended September 30, 2020 will be
contained in our Annual Report on Form 10-K to be filed with the
Securities and Exchange Commission on or before December 29,
2020.
About Paw CBD
Paw CBD is the pet division of cbdMD, Inc. 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 press release 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,
plan 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, our
ability to meet our net sales guidance for our Paw CBD brands,
expansion of the consumer market for CBD products and our ability
to increase our market share, the validity of the estimations of
the hemp derived-CBD market for pets contained in Hemp Industry
Daily’s cited article, challenges related to the impact of the
COVID-19 environment, our limited operating history, our ability to
expand our business and significantly increase our net sales, our
ability to effectively leverage our brand partnerships and
sponsorships, our ability to effectively compete in our market, and
our ability to report profitable operations in the future. 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, as amended, and its
Quarterly Report on Form 10-Q for the period ended June 30, 2020,
both as filed with the U.S. Securities and Exchange Commission
(“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, or information which is
contained in Hemp Industry Daily’s cited article, is not part of
this press release.
1 Non-THC is defined as below the level of detection using
validated scientific analytical tools.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201027006176/en/
Public Relations Contact: cbdMD, Inc. Lauren Greene
Communication Specialist lauren.greene@cbdmd.com 843-743-9999
Investor Relations Contact: cbdMD, Inc. John Weston Director of
Investor Relations john.weston@cbdmd.com 704-249-9515
cbdMD (AMEX:YCBD)
Historical Stock Chart
From Mar 2024 to Apr 2024
cbdMD (AMEX:YCBD)
Historical Stock Chart
From Apr 2023 to Apr 2024