Attached files
| file | filename |
|---|---|
| EX-10.2 - EMPLOYMENT AGREEMENT - cbdMD, Inc. | ycbd_ex102.htm |
| EX-10.1 - ASSET PURCHASE AGREEMENT - cbdMD, Inc. | ycbd_ex101.htm |
| 8-K - CURRENT REPORT - cbdMD, Inc. | ycbd_8k.htm |
Exhibit 99.1
cbdMD
Announces the Closed Purchase of
DirectCBDOnline.com
CHARLOTTE, N.C.
(PRWEB) July 23, 2021
cbdMD,
Inc. (NYSE American: YCBD, YCBDpA), one of the leading, and most
highly trusted and recognized CBD companies, announced today that
it closed its purchase of leading CBD online marketplace,
DirectCBDOnline.com and related trademarks and inventory, from
Twenty Two Capital, LLC.
The
DirectCBDOnline.com website provides CBD education and information
and a selection of the highest-quality CBD products, including, but
not limited to, oils, tinctures, salves, capsules, and
gummies.
Co-founder
John Wiesehan III has been appointed to the newly created role of
Chief Revenue Officer at cbdMD and co-founder Brad Trawick will be
Director of Procurement at cbdMD. The transaction was an asset
purchase. cbdMD paid $2 million in cash and 400,000 shares of
common stock. An additional 200,000 shares of common stock may be
issued based upon certain conditions, including DirectCBDonline.com
generating $4 million in net sales revenue for the twelve months
following the closing of the transaction.
“By
having the unique opportunity to work with the industry’s
major CBD brands over the last few years, we think there is a
tremendous opportunity to leverage what has been built here at
cbdMD. With a focus on growth, we believe strategically acquiring
CBD brands that add distribution and scale to the cbdMD platform
will continue to strengthen our position in the CBD
industry,” said John Wiesehan III, Chief Revenue Officer,
cbdMD.
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-free1 CBD 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 http://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 integration of the
DirectCBDOnline.com 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