cbdMD Inc. (NYSEAMERICAN:YCBD) has released its Q4 financial results and for the fiscal year ended September 30, 2020. The company reported a 77% increase in net sales for the fiscal year to $41.9 million, and e-commerce direct-to-consumer sales increased 106% to around $30.5 million.
cbdMD has grown sales 900% in the past two years
Martin Sumichrast, the company’s CEO, indicated that currently, cbdMD is among the most successful CBD companies globally with its flagship CBD brands Paw CD and cbdMD. He said that the company is committed to delivering its financial goals, and in the first eight fiscal quarters, the company has grown sales by almost 900%. Similarly, Martin confirmed that cbdMD has maintained the strongest balance sheets in the sector, which is more than adequate to take the company through its 2020 strategy. cbdMD recently more than doubled its liquidity, which currently stands at 30 million in cash without any debt.
The cash is more than adequate, considering the company built its two brands in its first two years with fewer funds than it currently holds. Equally, the company reduced its non-GAAP adjusted loss to almost $1.3 million from over $10 million, and it has set a target of achieving positive adjusted income from operations. In fiscal 2020 the company saw its gross margin increase to 63% in fiscal 2020 with net income attributable to shareholders being $12.2 million or $0.28 per share.
cbdMD expanding its UK direct-to-consumer footprint
The company’s eCommerce direct-to-consumer segment has been doing well, and now the company is expanding its operations in the UK with the launch of a new website exclusively for its UK customers. cbdMD is expanding on its CBD brand’s wholesale-focused partnership with Ultra Sport EU, a European-based distribution company. The new direct-to-consumer website will allow customers in the UK to shop the company’s best-selling CBD oil softgel capsules, CBD gummies, and VBD oil tinctures online.
Martin said that CBD popularity has grown tremendously globally with a demand surge for products overseas and in America.
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