cbdMD Posts 285% Year-Over-Year Increase In Net Sales

The consumer CBD company cbdMD, Inc. YCBD released its first-quarter 2020 financial results Thursday, posting record net sales of $10.14 million, up 285% year-over-year.

The company reached a gross profit margin of 63.5% in the quarter versus 64.4% in the same period last year. 

The net loss from operations amounted to $6.11 million, of which non-cash items amounted to about $965,000.

First-quarter net income totaled $12.86 million or 45 cents per diuted share. 

Benzinga's Cannabis Capital Conference returns to Miami Feb. 24-25 with North America's largest B2B cannabis gathering, bringing together capital, cannabis executives, thought leaders and more!

“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,” Martin Sumichrast, chairman and co-CEO of cbdMD, said in a statement.

“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."

The company has built two of the leading CBD brands in Ameria, Sumichrast said: 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.”

The stock was trading 1.74% higher at $1.17 at the time of publication Friday. 

Related Links:

The Week In Cannabis: Federal Spending Bill, Vaping Bans And More Corporate Carnage

After cbdMD's Q4 Print, Analyst Sees No 'Clear Path' To Company's Positive EBITDA Guidance

Photo courtesy of cbdMD. 

YCBD Logo
YCBDcbdMD Inc
$0.98005.38%

Stock Score Locked: Edge Members Only

Benzinga Rankings give you vital metrics on any stock – anytime.

Unlock Rankings
Edge Rankings
Momentum
1.98
Growth
23.06
Quality
N/A
Value
21.57
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise

Cannabis is evolving—don’t get left behind!

Curious about what’s next for the industry and how to stay ahead in today’s competitive market?

Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.

Secure your spot now before prices go up—this is where the biggest deals and connections happen!

Get your tickets today!

Comments
Loading...