cbdMD Announces Management Changes

Charlotte, North Carolina–(Newsfile Corp. – May 16, 2022) – cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), one of the nation’s leading and most highly trusted and recognized CBD companies, and operator of three of the leading CBD brands — its flagship brand cbdMD, its animal health brand Paw CBD and its beauty and skincare brand cbdMD Botanicals, — announced today that effective immediately, Scott Coffman, has retired from his position as President and co-CEO of the Company. Mr. Coffman will remain on the Company’s Board of Directors in a newly created role of Vice Chairman of the Board. Mr. Coffman will continue to advise the Company’s management on its digital marketing strategies and new product development.

The Company is also pleased to announce the addition of Mr. Kevin MacDermott, who will serve as the President of cbdMD, Inc. For over 30 years Mr. MacDermott has provided leadership in marketing, technology, and telecommunications companies, and has been instrumental in spearheading growth, product development and go to market initiatives. He recently served as an advisor and executive at Convergence Acceleration Solutions, (CAS Group), an independent consulting firm offering strategic business and technology advisory services for the telecommunications industry and which he was instrumental in helping CAS be acquired by Wipro LTD, a leading global information technology, consulting, and business process services company. Prior, Mr. MacDermott was the North American Chief Operating Officer for ACN, the world’s largest direct seller of telecommunications, energy and other essential services for homes and businesses.

“I am grateful to Marty and Scott for the opportunity at cbdMD. The chance to work with a great team and leverage one of the most recognized and trusted brands in the CBD industry is truly exciting. My goal is to help drive further growth, through digital marketing efforts, along with a hyper focus on growing our in-store footprint. We will not stop until we are at the top of the leaderboard in the CBD market” said Kevin MacDermott, President of cbdMD, Inc.

“I started this journey with Scott in December 2018, when the Company purchased the cbdMD brand. I have been very lucky over the past three years to have had Scott with me and to share his amazing talents and skills. Scott has been a business builder for over 30 years, and we all wish him the very best as he finally takes some time off for himself. While Scott’s shoes are hard to fill, we are very pleased to welcome Kevin to the leadership team. He has long history as an expert manager and experienced business builder and knows how to help grow sales organizations. We look forward to the positive impact that Kevin can bring to cbdMD”, said Martin Sumichrast, Chairman & CEO of cbdMD, Inc.

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-free¹CBD products as well as our new Full Spectrum products. Our 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 and CBD drink mixes. Our Paw CBD brand of pet products includes over 45 SKUs of veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and our CBD Botanicals brand of beauty and skincare products features 15 SKUs, including facial oil and serum, toners, moisturizers, clear skin, 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 thousands of retail outlets that carry cbdMD’s 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 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 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”) on December 17, 2021 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.

Contacts:

Investors:
cbdMD, Inc.
John Weston
Director of Investor Relations
john.weston@cbdmd.com
(704) 249-9515

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124100