cbdMD Becomes First American CBD Brand to Receive Validation by the United Kingdom Food Standards Agency

cbdMD Anticipates EU Validation in the Coming Weeks

CHARLOTTE, N.C.--(BUSINESS WIRE)-- cbdMD, Inc. (NYSE American: YCBD, YCBDpA), (the “Company”) announced today that it has received validation of its Novel Food application from the United Kingdom’s Food Standards Agency (“FSA”) (the “Validation”) for its natural plant-based CBD formulation and is now the first American CBD brand to achieve this significant milestone. The Company also anticipates validation of its application to the European Food Safety Authority in the coming weeks.

Over 800 companies submitted applications and only those that submitted dossiers based on safety data with their own ingredients have been validated. cbdMD will now be allowed to sell its proprietary and validated tinctures, gummies, and capsules across the UK. The Company anticipates its ability to fulfill orders from its UK distributors and e-commerce platforms in the coming weeks. The grant of validation was based on the Company’s extensive toxicological data, which contained all the requisite evidence to substantiate the safe consumption of the Company’s products which contain cbdMD’s proprietary blend of cannabinoids. Competitors who submitted applications using shared data are not expected to receive validation. cbdMD’s safety data will be used as the basis for additional research and regulatory studies which the Company intends to use to validate the safety and efficacy of its products in other international markets and the US. In addition, the Company expects that in the coming months, the first of these seminal studies will be published in a leading peer-reviewed journal.

“This FSA validation certifies what we’ve known all along, our products are safe. We want to thank the FSA for validating this fact, and we strongly urge the FDA to do the same. Our customers trust and appreciate that our products are formulated with natural ingredients, not synthetic copies, and without additives. In a time when the world needs products that complement everyday health and wellness, our natural products matter and resonate with consumers worldwide,” said Martin A. Sumichrast, Chairman & co-CEO of cbdMD, Inc.

“We are proud to support cbdMD, as the owner of its proprietary data in these pan-European novel food submissions. cbdMD has a scientific and legal team that is second to none; composed of former FDA employees providing guidance on a global approach to compliance and intellectual property (‘IP’) while keeping one eye on the health and nutritional benefits of the products through additional studies. Ownership of the study data means cbdMD is not sharing its IP, as is done in consortium applications. This provides cbdMD with a unique position in the worlds largest CBD market to create actual value by leveraging the IP in their own products or licensing their formulations to third parties or white label goods. We continue to work with cbdMD to develop new opportunities to build their IP portfolio which will better serve their customers’ health and wellness needs,” said Dr. Mark Tallon, LLM, MA, Ph.D., and Managing Director of Legal Foods. With over 20 years experience, Legal Foods are experts in European and UK food law and have acted as advisors to cbdMD for both UK & EU applications.

About cbdMD, Inc.

cbdMD, Inc. is one of the leading and most highly trusted and recognized cannabidiol (CBD) brands with a comprehensive line of U.S.-produced, THC-free¹ CBD products. The 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, CBD drink mixes and full spectrum CBD options. Our Paw CBD brand of pet products includes over 45 SKUs of veterinarian-formulated products including tinctures, chews and topical products in varying strengths, and our cbdMD Botanicals brand of beauty and skincare products features 15 SKUs, including facial oil and serum, toner, moisturizers, facial masks, exfoliants and body care. To learn more about cbdMD and their comprehensive line of U.S.-grown, THC-free¹ CBD oil and full spectrum 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.

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, without limitation, statements made with respect to the expansion of the consumer market for CBD products, our ability to increase our market share, the validation of our CBD products, our ability to expand our business and significantly increase our revenues, our ability to effectively leverage our brand partnerships and sponsorships, our ability to effectively compete in our market, our ability to achieve our net sales guidance, and our ability to report profitable operations in the future. 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, 2021 as filed with the Securities and Exchange Commission (the "SEC") 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 methods.

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Source: cbdMD, Inc.