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CbdMD Reports Mixed Q2 Results

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CbdMD Reports Mixed Q2 Results

CbdMD Inc (NYSE: YCBD) reported second-quarter results Thursday that arrived higher than expected and included a record sales figure. 

What Happened

For the second quarter, the CBD oil maker reported net sales on a GAAP basis of $5.7 million, up by 84 percent on the year, beating the consensus estimate by $2.47 million. 

CbdMD posted a net loss of $31.8 million, of which 97 percent represented a change in the value of contingent liability related to the acquisition of the cbdMD brand.

cbdMD's net loss of 9 cents per share was wider than the expected loss of 5 cents per share. 

The company said it registered 70 percent of net sales through its e-commerce sales platform. 

cbdMD finished the quarter with $12.3 millon in working capital. 

Why It's Important

On May 1, cbdMD became the first CBD company to trade on the NYSE American and the first CBD company to trade on a major U.S. exchange.

The company has signed a number of partnerships with athletes, including professional golfer Bubba Watson and former UFC Light Heavyweight Champion Quinton "Rampage" Jackson.

Price Action

CbdMD shares were down 2.52 percent at $6.19 at the time of publication Thursday. 

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Bubba Watson, left, Caryn Dunayer, Marty Sumichrast, Todd Justice and Quinton "Rampage" Jackson. Photo courtesy of cbdMD.

Posted-In: CBD cbdMDCannabis Earnings News Markets Best of Benzinga

 

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