Attached files
file | filename |
---|---|
8-K - CURRENT REPORT - cbdMD, Inc. | ycbd_ex8k.htm |
Exhibit 99.1
cbdMD
Enters into Letter of Intent To Purchase DirectCBDOnline.com
Leading CBD Online Marketplace Expands cbdMD’s DTC
Capabilities
CHARLOTTE, NC, July 19, 2021 (BUSINESS NEWSWIRE) – cbdMD,
Inc. (NYSE American: YCBD, YCBDpA), one of the leading, and most
highly trusted and recognized CBD companies, announced today
that it has entered into a letter of intent to purchase leading CBD
online marketplace, DirectCBDOnline.com, from Twenty Two
Capital, LLC.
“Owning a CBD online marketplace that sells various CBD
brands provides unique transparency to better understand consumer
spending habits and trends across the wider CBD and hemp
marketplace. In addition, the technology and digital strength that
DirectCBDOnline.com owns enhances our overall direct to consumer
ecommerce capabilities. We are very excited that the team from
DirectCBDOnline.com will be joining cbdMD. John Wiesehan III and
Brad Trawick, who are the co-founders of DirectCBDOnline.com will
be playing important roles, as we expand further in the global CBD
market. John will be appointed in a newly created role of Chief
Revenue Officer at closing,” said Martin A. Sumichrast,
Chairman & co-CEO of cbdMD, Inc.
“cbdMD is well
positioned to increase its market share in the rapidly growing CBD
industry. By folding in our team from DirectCBDOnline.com,
we strengthen the foundation that cbdMD has
built”
said John Wiesehan III, CEO
of DirectCBDOnline.com
Subject to customary conditions to closing, cbdMD, Inc. expects to
enter into an asset purchase agreement and complete the acquisition
no later than July 31, 2021. Investors are also
cautioned not to place undue reliance on the completion of the
asset purchase agreement as certain conditions precedent to
execution of the agreement and closing are not within the control
of cbdMD, Inc. and, accordingly, the transaction may not be
completed.
About cbdMD, Inc.
cbdMD, Inc. is one of the leading and most highly trusted and most
recognized cannabidiol (CBD) brands with a comprehensive line of
U.S. produced, THC-free1CBD
products. Our cbdMD brand currently includes over 130 SKUs of
high-grade, premium CBD products including CBD tinctures, CBD
gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD bath
salts, CBD sleep aids and CBD drink mixes.
Our Paw
CBD brand of pet
products includes over 45 SKUs of veterinarian-formulated products
including tinctures, chews, topicals products in varying strengths,
and our CBD Botanicals brand of beauty and skincare products
features 15 SKUs, including facial oil and serum, toners,
moisturizers, clear skin, facial masks, exfoliants and body care.
To learn more about cbdMD and their comprehensive line of U.S.
grown, THC-free1 CBD
oil products, please visit www.cbdmd.com,
follow cbdMD on Instagram and Facebook, or visit one of the 6,000
retail outlets that carry cbdMD products.
1 THC-free is
defined as below the level of detection using validated scientific
analytical methods.
Forward-Looking Statements
This press release contains certain forward-looking statements that
are based upon current expectations and involve certain risks and
uncertainties within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking statements can
be identified by the use of words such as ''should,'' ''may,''
''intends,'' ''anticipates,'' ''believes,'' ''estimates,''
''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and
''proposes.'' These forward-looking statements are not guarantees
of future performance and are subject to risks, uncertainties, and
other factors, some of which are beyond our control and difficult
to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements,
including, but not limited to, the closing of the
pending transaction and, if the transaction closes, the integration
of the assets into cbdMD, Inc. and the market opportunity for
cbdMD, Inc., among others. You are urged to
carefully review and consider any cautionary statements and other
disclosures, including the statements made under the heading "Risk
Factors" in cbdMD, Inc.'s Annual Report on Form 10-K for the fiscal
year ended September 30, 2020 as filed with the Securities and
Exchange Commission (the "SEC") on December 22, 2020, Item 1A. Risk
Factors, contained in our Quarterly Report on Form 10-Q for the
period ended March 31, 2021 as filed with the SEC on May 12, 2021
and our other filings with the SEC. All forward-looking statements
involve significant risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements, many of which are generally outside the control of
cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not
undertake any duty to update any forward-looking statements except
as may be required by law. The information which appears on our
websites and our social media platforms, including, but not limited
to, Instagram and Facebook, is not part of this press
release.
Company Contact:
John Weston
Director of Investor Relations
john.weston@cbdmd.com
704-249-9515