12.21.21
Net sales cbdMD, Inc., operator of its leading CBD brands – cbdMD, Paw cbd cbdMD Botanicals – increased 6.2% to a record $44.5 million for the fourth quarter and fiscal year ended Sept. 30.
Nets sales were $41.8 million in fiscal year 2020.
According to chairman and co-CEO, Martin A. Sumichrast, cbdMD outpaced the industry average despite the market researcher Brightfield Group’s expectation of the US’s CBD market experiencing its most challenging year with year-over-year growth rates anticipated to be a flat 2.5%. Its gross profit margin increased to 67% in fiscal 2021 from 63% in fiscal 2020.
Next year will mark the company’s third anniversary entering the CBD industry with the acquisition of Cure Based Development, the owner of cbdMD, its flagship brand.
“In three short years we have grown from an unknown start-up brand competing against thousands of other CBD brands, outpacing the pack to firmly positioned at the top of CBD industry, with our three leading brands,” said Sumichrast.
CBDMD recorded e-commerce, direct to consumer net sales of $32.9 million, or 74.2% of total net sales in fiscal 2021, reflecting an increase of $2.5 million, or 8%, from fiscal 2020. Its CBD pet brand, Paw CBD, reported $5.7 million in net sales, a 27% increase in fiscal 2021, compared to $4.5 million in fiscal 2020.