cbdMD Announces Company's CEO Joins the Board of Directors

Rhea-AI Summary

cbdMD (NYSE American: YCBD) announced the appointment of T. Ronan Kennedy, the company's CEO and CFO, to its Board of Directors effective December 18, 2024. This expansion brings the board to five members. According to Chairman Scott Stephen, Kennedy has shown exceptional leadership over the past two years in stabilizing the business and creating a more efficient organization.

Kennedy's achievements include optimizing cost structure, improving operational fundamentals, and strengthening the company's cash position. cbdMD is known for its THC-free CBD products, including the brands cbdMD, Paw CBD for pets, and ATRx Labs for functional mushroom support.

Positive

• Board expansion strengthens corporate governance
• CEO's appointment reflects successful business stabilization efforts
• Improved cost structure and operational fundamentals
• Stronger cash position heading into 2025

Negative

• None.

News Market Reaction

-4.94%

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-4.94% News Effect

On the day this news was published, YCBD declined 4.94%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Charlotte, North Carolina--(Newsfile Corp. - December 23, 2024) - cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), a leading and highly trusted CBD company known for its flagship brands cbdMD and Paw CBD, as well as its innovative functional mushroom brand ATRx Labs, today announced that T. Ronan Kennedy, the Company's Chief Executive Officer and Chief Financial Officer, has been appointed to its Board of Directors. The appointment became effective on December 18, 2024, expanding the board to five members.

"Over the past two years, Ronan has demonstrated exceptional leadership in stabilizing the business and reshaping cbdMD into a leaner, more efficient organization," said Scott Stephen, Chairman of cbdMD's Board of Directors. "Under his stewardship, the Company has made tremendous progress in optimizing its cost structure, improving operational fundamentals, and positioning itself for long-term success. As we head into 2025 with a stronger cash position and exciting growth opportunities, we are thrilled to welcome Ronan to the Board, where we believe his strategic insight and deep understanding of the business will further enhance our ability to deliver value to shareholders."

Ronan Kennedy brings a wealth of expertise in financial management and operational transformation. Since assuming his leadership role, he has been instrumental in driving cbdMD's turnaround strategy, achieving substantial cost savings, improving profitability metrics, and laying the groundwork for future growth across its core and emerging product categories.

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, including NSF Certified for Sport® products, as well as our new Full Spectrum products. Our cbdMD brand currently includes high-grade, premium CBD products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD sleep aids and CBD drink mixes and an array of Farm Act compliant Delta 9 products. Our Paw CBD brand of pet products includes veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and our ATRx brand of natural functional mushroom support. To learn more about cbdMD and our comprehensive line of U.S. grown, THC-free¹ CBD oil and Full Spectrum products as well as our other brands, please visit www.cbdmd.com, www.pawcbd.com, or ATRxlabs.com, follow cbdMD on Instagram and Facebook, or visit one of the thousands of retail outlets that carry cbdMD's products.

Contact Information:

cbdMD, Inc.
Ronan Kennedy, CEO
Phone: +1 (704) 445-3064 email: IR@cbdmd.com

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 using 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. You are urged to carefully review and consider any cautionary statements, including but not limited to expectations on our ability to continue as a going concern, increasing our revenues, continued cost reductions, potential need for additional working capital, regaining compliance with NYSE American continued listing standards, continued listing on the NYSE American, future profitability, development and sales of new products, 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, 2024 as filed with the Securities and Exchange Commission (the "SEC") on December 17, 2024, 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.

¹ THC-free is defined as below the level of detection using validated scientific analytical methods.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234971

FAQ

When did T. Ronan Kennedy join YCBD's Board of Directors?

T. Ronan Kennedy joined cbdMD's Board of Directors effective December 18, 2024.

How many members are now on YCBD's Board of Directors?

With Kennedy's appointment, cbdMD's Board of Directors expanded to five members.

What improvements has YCBD made under Kennedy's leadership?

Under Kennedy's leadership, cbdMD has optimized its cost structure, improved operational fundamentals, and strengthened its cash position.

What are the main product brands of YCBD?

cbdMD's main product brands include cbdMD for CBD products, Paw CBD for pet products, and ATRx Labs for functional mushroom support.

How long has Kennedy been leading YCBD's turnaround strategy?

According to the announcement, Kennedy has been leading cbdMD's turnaround strategy for the past two years.