<SEC-DOCUMENT>0001654954-20-002077.txt : 20200228
<SEC-HEADER>0001654954-20-002077.hdr.sgml : 20200228
<ACCEPTANCE-DATETIME>20200228163045
ACCESSION NUMBER:		0001654954-20-002077
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200226
FILED AS OF DATE:		20200228
DATE AS OF CHANGE:		20200228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Dunayer Caryn Nicole
		CENTRAL INDEX KEY:			0001780672

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38299
		FILM NUMBER:		20670838

	MAIL ADDRESS:	
		STREET 1:		8476 CATAWBA DOVE DR.
		CITY:			BELMONT
		STATE:			NC
		ZIP:			28012

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			cbdMD, Inc.
		CENTRAL INDEX KEY:			0001644903
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				473414576
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8845 RED OAK BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217
		BUSINESS PHONE:		704-445-3060

	MAIL ADDRESS:	
		STREET 1:		8845 RED OAK BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Level Brands, Inc.
		DATE OF NAME CHANGE:	20170202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEVEL BEAUTY GROUP, INC.
		DATE OF NAME CHANGE:	20150611
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>section16.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2020-02-26</periodOfReport>

    <issuer>
        <issuerCik>0001644903</issuerCik>
        <issuerName>cbdMD, Inc.</issuerName>
        <issuerTradingSymbol>YCBD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001780672</rptOwnerCik>
            <rptOwnerName>Dunayer Caryn Nicole</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O 8845 RED OAK BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28217</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-02-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>437500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>737500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-02-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>256390</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>993890</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Earnout rights</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2020-02-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>506110</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>506110</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>506110</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the terms of the Agreement and Plan of Merger (the &quot;Merger Agreement&quot;) dated December 3, 2018 by and between the Issuer, its wholly owned subsidiaries, and Cure Based Development, LLC which closed on December 20, 2018 (the &quot;Closing Date&quot;), an aggregate of 8,750,000 shares of the Issuer's common stock (the &quot;Second Tranche Shares&quot;) were issued to CBD Holding, LLC (&quot;CBDH&quot;) in April 2019 as partial consideration under the terms of the Merger Agreement. On February 26, 2020 in connection with its dissolution and liquidation and pursuant to the terms of a Distribution Agreement (the &quot;CBDH Distribution Agreement&quot;), CBDH distributed the Second Tranche Shares to its members on a pro rata basis.  Represents the pro rata number of Second Tranche Shares distributed to the Reporting Person by CBDH.</footnote>
        <footnote id="F2">Under the terms of the Merger Agreement the Second Tranche Shares were subject to a Voting Proxy Agreement pending the vesting of unrestricted voting rights, of which unrestricted voting rights to an aggregate of 2,187,500 shares vested on December 20, 2019.  Pursuant to the Voting Proxy Agreement, the voting rights to the shares of the Issuer's common stock for which unrestricted voting rights have not yet vested are held by the independent chairman of the Audit Committee of the Issuer's board of directors who will vote such shares on any matter brought before the Issuer's shareholders in accordance with the recommendation of its board of directors.  On February 26, 2020, in connection with the CBDH Distribution Agreement, the CBDH members including the Reporting Person entered into similar Voting Proxy Agreements with the Issuer.  The Reporting Person holds unrestricted voting rights to 109,375 Second Tranche Shares, and the remaining 328,125 Second Tranche Shares distributed to the Reporting Person are subject to the Voting Proxy Agreement, with unrestricted voting rights thereto vesting in equal thirds on December 20, 2020, June 20, 2022 and December 20, 2023.</footnote>
        <footnote id="F3">Pursuant to the terms of the Merger Agreement, CBDH was also entitled to receive (the &quot;Earnout Rights&quot;) up to 15,250,000 additional shares of the Issuer's common stock (the &quot;Earnout Shares&quot;) as part of the merger consideration upon the satisfaction of certain aggregate net revenue criteria within 60 months following the Closing Date, as measured at four intervals from the Closing Date of 12 calendar months (the &quot;First Marking Period&quot;), 24 calendar months (the &quot;Second Marking Period&quot;), 42 calendar months (the &quot;Third Marking Period&quot;), and 59 calendar months (the &quot;Fourth Marking Period&quot;).  Pursuant to the terms of the CBDH Distribution Agreement, CBDH distributed the Earnout Rights to its members on a pro rata basis.  On February 27, 2020 in accordance with the terms of the Merger Agreement the Issuer determined that the net revenue criteria for the First Marking Period had been achieved and an aggregate of 5,127,792 Earnout Shares were to be issued (the &quot;First Marking Period Earnout Shares&quot;).  After giving effect to the First Marking Period Earnout Shares, Earnout Rights to an aggregate of 10,122,208 Earnout Shares (the &quot;Remaining Earnout Rights&quot;) remain under the terms of the Merger Agreement.  Represents the pro rata number of the First Marking Period Earnout Shares issued to the Reporting Person.</footnote>
        <footnote id="F4">Includes securities held of record by BCEZ Investments, LLC, an entity over which the Reporting Person has voting and dispositive control.  The Reporting Person disclaims beneficial ownership of securities held of record by BCEZ Investments, LLC except to the extent of her pecuniary interest therein.</footnote>
        <footnote id="F5">Represents the pro rata number of Remaining Earnout Rights distributed to the Reporting Person pursuant to the terms of the CBDH Distribution Agreement.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Caryn Dunayer</signatureName>
        <signatureDate>2020-02-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
