|Over a week ago|
cbdMD extends category-exclusive marketing partnership with Bellator MMA » 07:3607/2307/23/20
YCBD, VIACA, VIAC
cbdMD (YCBD) announced…
cbdMD (YCBD) announced that it is extending its category-exclusive official CBD marketing partnership with Bellator MMA, a wholly owned subsidiary of ViacomCBS (VIACA). As part of the agreement, the cbdMD brand will be prominently featured on the mat at all Bellator MMA fights and throughout all Bellator MMA social media content. Beginning July 24, live on Paramount Network, Bellator 242: Bandejas vs. Pettis will headline the return of Bellator MMA and cbdMD will be prominently displayed. Bellator MMA is broadcast to nearly 1B people in over 160 countries.
cbdMD files new patent application with USPTO » 08:1907/1307/13/20
cbdMD said in a release,…
cbdMD said in a release, "cbdMD announced that it has filed a new patent application with the U.S. Patent and Trademark Office which will allow it to pursue patented protection in several key areas, including novel formulations and delivery systems, as well as methods of manufacturing and use. The recent submission by the company is part of its ongoing intellectual property strategy to ensure appropriate protection around its product lines and to be forward-thinking as to the direction of the CBD market."
|Over a month ago|
Largest borrow rate increases among liquid names » 08:4507/0207/02/20
MARK, APT, AMC, BCLI, BGS, YCBD, TTNP, PEI, CRC, GRPN
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Remark Media (MARK) 190.24% +3.93, Alpha Pro Tech (APT) 57.24% +2.22, AMC Entertainment (AMC) 71.31% +1.92, BrainStorm (BCLI) 70.30% +1.90, B&G Foods (BGS) 12.82% +1.82, cbdMD (YCBD) 24.11% +1.24, Titan Pharmaceuticals (TTNP) 37.01% +0.62, Pennsylvania REIT (PEI) 86.36% +0.49, California Resources (CRC) 270.47% +0.37, and Groupon (GRPN) 0.68% +0.33.
cbdMD expands partnership with Life Time Inc. » 06:1105/1805/18/20
"We are pleased to…
"We are pleased to announce that our agreement with Life Time, Inc., where cbdMD is the Exclusive CBD Partner of Life Time, is expanding to include the sales of cbdMD products through both Life Time e-commerce and retail (in-club) channels. With approximately two million active members, Life Time provides an incredible opportunity to directly offer our robust line of THC-free CBD products to this targeted base of customers, who are laser focused on the importance of health and wellbeing each and every day. We feel confident that, as our products are introduced online through URL and in their 145+ fitness facilities nationwide, sales will be significant. One indication of the potential demand among their membership is that research provided to us by Life Time indicated that "cbdMD" was the number one searched term on the Life Time e-commerce website since our partnership began in October 2019. We are excited to get our products in Life Time's Spas and Cafes as well as in the hands of all the nutritionists and fitness coaches serving their two million members. cbdMD, and our commitment to health and wellness, represents a perfect fit with Life Time since our roster of Team cbdMD athletes include some of the biggest and most notable individuals in their respective sports, our products are THC-Free and, like Life Time, cbdMD is a leading, trusted brand, which as consumer purchase data regarding CBD suggests, is a dominant factor in decision making," said Sumichrast.
cbdMD reports Q2 EPS 40c, consensus (8c) » 06:0905/1805/18/20
Reports Q2 revenue $9.4M,…
Reports Q2 revenue $9.4M, consensus $11.33M. "We are pleased to report strong second quarter results, as well as provide a mid-quarter update on operations. We reported $9.4 million in quarterly net sales, a 67% increase over the same quarter last year. Our gross profit margin remains strong at 67% year-to-date and 70.9% for the quarter. Our overall direct to consumer e-commerce sales for the March fiscal quarter were $6.8 million or 72% of our total net sales, an increase of $2.5 million or 58% from the prior year's quarter. Our B2B brick and mortar sales were $2.6 million or 28% of our total net sales, an increase of $1.2 million or 85% from the prior year's quarter. Direct to consumer e-commerce sales for the six months ending March were $13.6 million or 70% of our total net sales, an increase of $8.9 million or 189% from the prior year period. Our B2B brick and mortar sales were $5.9 million or 30% of total net sales, an increase of $4.5 million or 321% from the prior year period. Our operating expenses for the March quarter were $12.2 million, of which approximately $665,000 was non-cash expenses, resulting in a cash use of $4.2 million for the quarter. Year to date our operating expenses were $24.8 million, of which approximately $1.5 million was non-cash expenses, resulting in a cash use of approximately $9.1 million for the six months ending March 31, 2020," said Martin Sumichrast, chairman and co-CEO of the company.
|Over a quarter ago|
cbdMD withdraws FY20 guidance due to COVID-19 pandemic » 07:3704/0604/06/20
"We are pleased to…
"We are pleased to report that in our quarter ending March 31, 2020, cbdMD generated sales of approximately $9.4 million which was a 67% increase as compared to our same quarter last year. Our online direct to consumer business continued to see strong traffic with online sales eclipsing over 70% of all quarterly sales activity. We expect that our online direct to consumer business should remain relatively strong this next quarter amid the Covid-19 pandemic. Sequentially, sales dipped slightly below our prior first quarter fiscal 2020 ended December 31, 2019 of $10.1 million, as the company's food drug mass market ("FDM")/brick and mortar business was affected by the Covid-19 pandemic. This was our first sequential decline in sales since we began operating the cbdMD brand. We expect our FDM/brick and mortar business to return to normal operations once the pandemic subsides. With over $14.5 million in cash on hand at the end of March 2020, we are in a strong financial position at this time. Regardless, the company has taken all prudent steps to significantly reduce its expenditures during the third fiscal quarter ending June 30, 2020, and because of these reductions, we anticipate that our operating expenses will be reduced by over $5 million for the third quarter, resulting in an significant positive impact to our operating results for that quarter. However, due to the uncertainty and fluidity of the Covid-19 pandemic, previous assumptions we have made for fiscal 2020 may not be applicable any longer and cbdMD is withdrawing the fiscal 2020 financial guidance provided on December 18, 2019. We expect to provide more detailed analysis once we see some level of stability in the current environment.", said Martin Sumichrast, chairman and co-CEO of cbdMD.
cbdMD reports preliminary Q2 revenue $9.4M, consensus $11.33M 07:3604/0604/06/20
cbdMD says taking proactive measures to protect employees amid COVID-19 » 11:0803/1703/17/20
cbdMD provided the…
cbdMD provided the following corporate message from Chairman Martin Sumichrast. "We are obviously living in unprecedented times with the COVID-19 pandemic. cbdMD has been taking proactive measures to protect its employees, like so many businesses in the world. From an economic perspective, cbdMD currently has over $14M in cash and we have reduced, and in some cases eliminated, our variable spend in marketing, advertising and sponsorships and related costs. cbdMD has a sizable inventory build over the past eight weeks and therefore we have significant finished goods inventory which we are using to fulfill orders. We continue to see consistent online sales, which is approximately 70% of our total sales, and are fulfilling all orders as they are received. Brick and mortar retail stores, however, are expected to be impacted in the coming weeks. While we are all unsure how long we will be impacted by the pandemic and the severity of the impact, we at cbdMD feel that with the steps we are taking now, we have enough financial strength at this time to continue to operate for the foreseeable future. All of us at cbdMD encourage our shareholders and customers to continue to follow the CDC guidelines as well as those of your particular state of residence and believe that our country will emerge even stronger from this challenge. Thank you for your continued support."
cbdMD price target lowered to $1.20 from $3.40 at Cantor Fitzgerald » 07:1403/0903/09/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Pablo Zuanic lowered the firm's price target on cbdMD to $1.20 from $3.40 and keeps a Neutral rating on the shares. The continued lack of clear guidelines for cannabidiol from the FDA limits the scope for new distribution gains in the food, drug and mass channel, while increased hemp supplies further "clog the specialty channel with a slew of new brands," Zuanic tells investors in a research note.
cbdMD reports Q1 EPS 45c, consensus (15c) » 16:1102/1302/13/20
Reports Q1 revenue…
Reports Q1 revenue $10.15M, consensus $11.03M. "cbdMD is reporting another record quarter of revenue growth, we are fully financed and expect to achieve cash flow breakeven by the end of this fiscal year. In calendar 2019, our first full year of CBD sales, we generated over $33 million in total net sales, which was well ahead of our initial expectations of $20 million. We believe that we have built two of the leading CBD brands in America, cbdMD and Paw CBD. While our common share price has been negatively impacted by the current investor sentiment in the cannabis sector, we believe we are a bright spot in the overall industry," said Martin Sumichrast, Chairman and co-CEO of the Company.