(YCBD) – cbdMD Posts 285% Year-Over-Year Increase In Net Sales
The company reached a gross profit margin of 63.5% in the quarter versus 64.4% in the same period last year.
The net loss from operations amounted to $6.11 million, of which non-cash items amounted to about $965,000.
First-quarter net income totaled $12.86 million or 45 cents per diuted share.
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“cbdMD is reporting another record quarter of revenue growth, we are fully financed and expect to achieve cash flow breakeven by the end of this fiscal year,” Martin Sumichrast, chairman and co-CEO of cbdMD, said in a statement.
“In calendar 2019, our first full year of CBD sales, we generated over $33 million in total net sales, which was well ahead of our initial expectations of $20 million.”
The company has built two of the leading CBD brands in Ameria, Sumichrast said: cbdMD and Paw CBD.
“While our common share price has been negatively impacted by the current investor sentiment in the cannabis sector, we believe we are a bright spot in the overall industry.”
The stock was trading 1.74% higher at $1.17 at the time of publication Friday.
Photo courtesy of cbdMD.
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