cbdMD Inc (NYSE American: YCBD) is a consumer wellness company that develops and sells hemp-derived CBD and cannabinoid products under multiple brands. Revenue comes from direct-to-consumer e-commerce and traditional retail distribution, with total net sales of $19.2 million in fiscal year ended September 2025 and $19.5 million in fiscal year ended September 2024. The company operates brands including cbdMD, Paw CBD, ATRx Labs, and Oasis, the last being a hemp-derived THC beverage line launched in the first quarter of fiscal 2025. Gross margin was 63.0% in FY2025, up from 61.6% in FY2024, while operating loss narrowed from $3.3 million to $2.1 million over the same period. The company carries 1.7 million shares of Series B Convertible Preferred Stock outstanding as of the December 2025 filing date, pays no common stock dividend, and regained NYSE American listing compliance in fiscal 2025 after converting Series A Convertible Preferred Stock into approximately 91% of outstanding common shares.

Revenue model

Transactional sales of hemp-derived CBD and cannabinoid consumer products through direct-to-consumer e-commerce and retail distribution partners including Sprouts, GNC, Total Wine, Winn-Dixie, Piggly Wiggly, DoorDash, and national and regional grocery and convenience store chains.

Products and services

Hemp-derived CBD products under the cbdMD brand; pet CBD products under Paw CBD; nootropic mushroom and supplement products under ATRx Labs; hemp-derived THC and nootropic ready-to-drink beverages under the Oasis brand, launched Q1 FY2025.

Customers and end markets

Direct consumers via e-commerce and retail shoppers at traditional grocery, health, specialty, and convenience store chains. Retail partners include Sprouts (added Q1 FY2024), GNC, DoorDash (added April 2024), Total Wine, Winn-Dixie, and Piggly Wiggly.

Value-chain role

Brand owner and product developer that sources hemp inputs, formulates products, and distributes through both owned direct-to-consumer channels and third-party retail and distributor relationships including beer and alcohol distributors for the Oasis beverage line.

Geographic exposure

United States. No international geographic exposure is described in the filing excerpts.

Source: SEC 10-K, filed 2025-12-19

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