cbdMD Inc (NYSEAMERICAN:YCBD) reported the highest revenues in its history of $10.6 million in Q3 2020. It is on the backdrop of focusing on developing brand equity for Paw CBD and cbdMD brands. The company’s focus on e-commerce space also helped the company to post stellar growth in a quarter.
Improves market share
Chairman of cbdMD, Martin Sumichrast said the company showed its capability to report higher market share compared to its peers. On a non-GAAP and GAAP basis, the company posted an increase of 90% and 80% growth, respectively, compared to the previous year. It holds a cash balance of $15 million as of August 30, 2020.
cbdMD reported 77% YoY growth in D2C (Direct to consumer) sales to $8.2 million in Q3 2020. Its pet CBD brand – Paw CBD accounted for a growth of 64% to $1.229 million in net sales in Q3 2020.
CBD Industries LLC, the production and distribution auxiliary of cbdMD, is recently added to GMP registration of NSF IDS (International Dietary Supplements). Under GMP practices, the company produces high quality, composition, and strong products.
NSF International started offering independent verification, testing, and auditing services with effect from September 2019, to companies engaged in consumer products that comprise hemp-derived cannabidiol and CBD. It is responsible for registering companies that comply with GMP requirements.
The product line of cbdMD
cbdMD’s product portfolio comprises THC free and hemp-extracted cannabidiol products that comprise topicals, gummies, CBD Recover Inflammation Cream, pet products, capsules, tinctures, and bath bombs.
The company’s warehousing, office facilities, and manufacturing facilities are based in Charlotte, North Carolina. Co-CEO of cbdMD, Scott Coffman said the company is committed to maintaining GMP standards since its inception. Therefore, obtaining NSF GMP Certification demonstrates the standard, trust, and quality of cbdMD’s products.
Scott further said GMP certification award further proves that cbdMD engages in offering unadulterated, reliable, and consistent quality products for those seeking highly trusted cannabidiol and broad-spectrum hemp-derived products. GMP certification guides retailers and helps regulators in ensuring high-quality hemp-based products to consumers.
NSF offers GMP certification to the companies after its auditors visit a company’s facilities, reviews the processes and documents, and ensures compliance with GMP regulations for the manufacture.
Expands CBD partnership
cbdMD expanded its exclusive cannabidiol partnership with Bubba Watson, a two-time Masters champion and 12-time PGA tournament winner, to the end of 2022. It includes the display of a prominent logo and collaboration off and on the golf course.