logo-loader
Retail & consumerRetail
cbdMD Inc

cbdMD beats Street expectations in 2Q, with revenue boosts and strong sales growth

The US cannabis company saw revenue jump 84% to $5.7 million, topping Street expectations of $3.2 million

CBD oil
The cbdMD brand includes CBD gummies, tinctures, topical, bath bombs, oils and pet products

cbdMD Inc (NYSEAMERICAN:YCBD) posted fiscal second-quarter revenues that came in ahead of expectation.

The US cannabis company saw revenue jump 84% to $5.7 million, topping Street expectations of $3.2 million. Working capital increased to $12.3 million from $10.8 million in the prior quarter.

“Our goal is to build cbdMD into the most recognized CBD brand in the America,” Martin A. Sumichrast said. “Our strong second quarter results place us in a great position to accomplish this goal. Our e-commerce sales platform remains strong and has accounted for over 70% of our total net sales. On a store count basis, we have grown from under 600 doors in December 2018 to over 2,000 currently, and we continue to build momentum.”

READ: cbdMD stock slips on public offering

The company also set aside $30.9 million in a contingent liability related to the acquisition of the cbdMD brand in December, back when the company was still known as Level Brands. Excluding the contingent liability, the Charlotte-based company posted a loss of $900,000.

The cbdMD brand includes CBD gummies, tinctures, topical, bath bombs, oils and pet products.

Shares slipped 2.5% to close at $6.19.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: cbdMD Inc

Price: $4.03

Market: NYSE
Market Cap: $111.71 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks flat as a pancake but CROP shares jump on first...

Cannabis stocks cruised into Friday flat as a pancake across North American markets. Buds today were CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF), True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF), while the duds were TerrAscend Corp (CSE:TER) (OTCMKTS:TRSSF),...

2 days, 10 hours ago

2 min read