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Cannabidiol brand CbdMD Inc. (NYSE:YCBD) announced that net quarterly sales boosted 67% on a year-over-year basis, reaching $9.4 million.
That's according to the company's second-quarter 2020 financial report.
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Another aspect that showed a significant increase was online direct to consumer purchases, representing 72% of overall sales compared with 67% from the previous quarter. E-commerce sales for the March fiscal quarter were $6.8 million.
Gross profit margin scaled from 66% during the same period 2019 to 70.9%, and quarterly loss from operations improved 9% from the prior quarter. Additionally, the company reported a 40% decrease in overall operating costs in the month of April and affirms that this trend will continue as the year unfolds, reaching positive cash flow.
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YCBD has expanded its door-to-door retail reach by 1000 doors to 6,300 worldwide and intends to expand its exclusive CBD partnership with Life Time e-commerce to include the sale of its products by both e-commerce and retail channels.
"While we normally don't discuss mid-quarter results, we are in an unprecedented time, and therefore we have decided to discuss our company's operations for April, our first full post-COVID-19 impacted month," said Martin Sumichrast, chairman and co-CEO of the company. "We also took steps to increase production to build up our finished goods inventory as well as purchased additional raw material inventory items thereby allowing us to maintain production if supply chain interruptions were to happen."
The stock skyrocketed by 80% to close Monday at $1.76 per share.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.