cbdMD, Inc. Announces Order by Court Staying California Litigation
March 08 2021 - 12:12PM
Business Wire
cbdMD, Inc. (NYSE American: YCBD, YCBDpA), one of the nation’s
leading and most highly trusted and recognized cannabidiol (CBD)
brands, announced today that the judge in the California class
action lawsuit in which cbdMD, Inc. was named a defendant has
granted its motion and stayed the action until the U.S. Food and
Drug Administration completes its rulemaking and/or Congress passes
legislation regarding the definitions, marketing, and labeling of
CBD products. During the stay, the case is administratively
closed.
As previously reported by cbdMD, Inc., in December 2019
plaintiffs filed a purported collective and class action lawsuit in
the United States District Court for the Central District of
California against cbdMD, Inc. and certain of our competitors
alleging violations of the California’s Unfair Competition Law,
California’s False Advertising Law and California’s Consumer Legal
Remedies Act, as well as claims for breach of express warranties,
breach of implied warranty of merchantability and declaratory
relief. The complaint was brought as a nationwide “collective
action,” and, alternatively, as a “class action” under the laws of
the State of California. The Court’s ruling was in response to
cbdMD, Inc.’s motion for dismissal and or stay filed in April 2020.
While the litigation is stayed, the parties are directed to file a
joint status report every 90 days, beginning on June 1, 2021.
About cbdMD, Inc.
cbdMD, Inc. is one of the leading, most highly trusted, and most
recognized cannabidiol (CBD) brands, whose current products include
CBD tinctures, CBD capsules, CBD gummies, CBD topicals, CBD bath
bombs and CBD pet products. To learn more about cbdMD and our
comprehensive line of over 130 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
and Paw CBD products.
1 Non-THC is defined as below the level of detection using
validated scientific analytical tools.
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,'' ''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 our control and difficult
to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
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, 2020 as filed
with the Securities and Exchange Commission (the "SEC") on December
22, 2020, Item 1A. Risk Factors, contained in our Quarterly Report
on Form 10-Q for the period ended December 31, 2020 as filed with
the SEC on February 9, 2021 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 press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210308005709/en/
Investors: cbdMD, Inc. John Weston Director of Investor
Relations John.Weston@cbdMD.com (704) 249-9515
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