Martin Sumichrast has resigned as CEO and member of the board of directors of cbdMD, Inc. YCBD (AMEX:YCBDpA). Board member Scott Stephen was named board chair and board member Scott Coffman, former co-CEO and the operating company founder, will consult with the board of directors in leading the company until a new CEO is named.
"We appreciate the years of service that Marty has given to our company since its founding. However, we believe it is in the best interest of cbdMD, our employees, and our investors for him to step down." stated Stephen. "We remain focused on and committed to delivering the highest quality and most trusted CBD products in the industry to our customers."
The Securities and Exchange Commission recently filed an action against Sumichrast in connection with his role at a private company he previously managed. The SEC complaint does not allege any wrongdoing by cbdMD, Inc.
About cbdMD, Inc.
cbdMD, Inc. is one of the leading CBD brands with a comprehensive line of U.S. produced, THC-free CBD products as well as new full spectrum products. cbdMD brand currently includes products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD sleep aids and CBD drink mixes. Paw CBD brand of pet products includes veterinarian-formulated products including tinctures, chews, topicals products in varying strengths. CBD Botanicals brand of beauty and skincare products is comprised of facial oil and serum, toners, moisturizers, clear skin, facial masks, exfoliants and body care.
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