cbdMD, Inc. YCBD has teamed up with Amazon.com Inc.'s AMZN platform partner, Amify, to offer its CBD products within the Amazon marketplace.
The terms of the deal were not disclosed.
Under the multi-year exclusive agreement, Amify - which specializes in Amazon's go-to-market strategies, content creation, and operational excellence - will act as cbdMD's exclusive CBD partner to launch products on the Amazon platform as soon as the category is accepted and becomes available.
The partnership includes all leading and award-winning cbdMD branded products, including cbdMD's gummies, tinctures, gelcaps, topicals and its award-winning Paw CBD animal brand.
Moreover, the new line of skincare and beauty products under the brand cbdMD Botanicals will be available as well.
To prepare for the category inclusion, cbdMD collaborated with Amify to create seller central accounts, develop product pages and other essential components of cbdMD's Amazon store. It also established Amazon launch strategies in order to fully utilize the Amazon platform.
"As an industry, this is the moment we've all been waiting for, and we believe we are close," Martin Sumichrast, chairman and co-CEO said. "When a global retailer like Amazon is ready to accept your products, you get your strategy prepared and perfected, so you're ready to go to market as soon as possible. That's exactly what this partnership represents. We are already one of the largest online CBD businesses in America, and this distribution channel will play into our strength."
cbdMD's Recent Moves
In the meantime, the deal with Amify follows the company's recent announcement that it signed a contract extension of its advertising partnership with SpotifyTechnology SPOT and the Joe Rogan Experience. The exclusive collaboration was signed back in 2019 and will continue through 2022 with the chart-topping podcast.
In September, the Charlotte, North Carolina-based company announced partnerships with four CrossFit athletes to further expand their footprint in the global fitness landscape. These athletes include 2021 CrossFit Games champion Justin Medeiros; Annie Thorisdottir, the first women's back-to-back champion (2011, 2012); seven-time CrossFit Games qualifier; 2019 second-place finisher Noah Ohlsen and Brent Fikowski who qualified seven times and earned third place in 2021.
YCBD Price Action
cbdMD's shares traded 9.79% lower at $1.75 per share during the pre-market session on Tuesday.
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