<SEC-DOCUMENT>0001654954-20-003802.txt : 20200406
<SEC-HEADER>0001654954-20-003802.hdr.sgml : 20200406
<ACCEPTANCE-DATETIME>20200406080018
ACCESSION NUMBER:		0001654954-20-003802
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200406
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200406
DATE AS OF CHANGE:		20200406

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38299
		FILM NUMBER:		20775769

	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>8-K
<SEQUENCE>1
<FILENAME>ycbd_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, DC 20549</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934</font></div>
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Date of Report (Date of earliest event reported)</font>
<font style="text-decoration: underline">April 6,
2020</font></font></div>
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cbdMD, INC.</font></div>
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(Exact name of registrant as specified in its charter)</font></div>
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North Carolina</font></div>
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001-38299</font></div>
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47-3414576</font></div>
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8845 Red Oak Blvd, Charlotte, NC 28217</font></div>
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(Address of principal executive offices)(Zip Code)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Registrant's
telephone number, including area code<font style="font-variant: small-caps">:</font> <font style="font-weight: bold">(704) 445-3060</font></font></div>
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_______________________________________</font></div>
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under any of the following provisions (see General Instruction A.2.
below):</font></div>
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communications pursuant to Rule 425 under the Securities Act (17
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<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x2610;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered pursuant to Section 12(b) of the Act:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Title of each class</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trading Symbol(s)</font></div>
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Name of each exchange on which registered</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">common</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">YCBD</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">NYSE
American</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8%
Series A Cumulative Convertible Preferred Stock</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">YCBD PR
A</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">NYSE
American</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Indicate by check mark whether the registrant is an emerging growth
company as defined in in Rule 405 of the Securities Act of 1933
(</font>&#xA7;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this
chapter)<font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging growth
company &#x2611;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company, indicate by checkmark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act.&#xA0;&#x2610;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
2.02&#xA0;&#xA0;&#xA0; Results of Operations and Financial
Condition.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
April 6, 2020 cbdMD, Inc. issued a press release announcing its
preliminary second quarter fiscal 2020 sales results and the
withdrawal of its fiscal 2020 guidance. A copy of this press
release is furnished as Exhibit 99.1 to this report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to General
Instruction B.2 of Form 8-K, the information in this Item 2.02 of
Form 8-K, including Exhibit 99.1, is being furnished and shall not
be deemed &#x201C;filed&#x201D; for the purposes of Section 18 of the
Securities Exchange Act of 1934 or otherwise be subject to the
liabilities of that section, nor is it incorporated by reference
into any filing of cbdMD, Inc. under the Securities Act of 1933 or
the Securities Exchange Act of 1934, whether made before or after
the date hereof, regardless of any general incorporation language
in such filing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
7.01&#xA0;&#xA0;&#xA0; Regulation FD Disclosure.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
April 6, 2020 cbdMD, Inc. issued a press release announcing its
preliminary second quarter fiscal 2020 sales results and the
withdrawal of its fiscal 2020 guidance. A copy of this press
release is furnished as Exhibit 99.1 to this report.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to General
Instruction B.2 of Form 8-K, the information in this Item 7.01 of
Form 8-K, including Exhibit 99.1, is being furnished and shall not
be deemed &#x201C;filed&#x201D; for the purposes of Section 18 of the
Securities Exchange Act of 1934 or otherwise be subject to the
liabilities of that section, nor is it incorporated by reference
into any filing of cbdMD, Inc. under the Securities Act of 1933 or
the Securities Exchange Act of 1934, whether made before or after
the date hereof, regardless of any general incorporation language
in such filing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
9.01&#xA0;&#xA0;&#xA0; Financial Statements and
Exhibits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ycbd_ex991.htm"><font style="font-family: Times New Roman; font-size: 13px">99.1</font></a></div>
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<font style="font-family: Times New Roman; font-size: 13px">Press
release dated April 6, 2020</font></div>
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Furnished</font></div>
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SIGNATURES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">cbdMD,
Inc.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:
April 6, 2020</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
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<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Mark S. Elliott</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mark S.
Elliott, Chief Financial Officer and Chief Operating
Officer</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ycbd_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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Exhibit 99.1</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
cbdMD Provides Preliminary Q2 Sales Results;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Company Withdraws Fiscal 2020 Financial Guidance Due To Covid-19
Pandemic</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Charlotte, NC, April 6, 2020, cbdMD, Inc. (NYSE American: YCBD,
YCBD PR A), a leading cannabidiol (CBD) consumer brand, announced
today that its preliminary year over year sales for the second
quarter of fiscal 2020 ended March 31, 2020 grew 167% to
approximately $9.4 million from its second quarter fiscal 2019
quarterly sales of $5.64 million.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#x201C;We are pleased to report that in our quarter ending March
31, 2020, cbdMD generated sales of approximately $9.4 million which
was a 67% increase as compared to our same quarter last year. Our
online direct to consumer business continued to see strong traffic
with online sales eclipsing over 70% of all quarterly sales
activity. We expect that our online direct to consumer business
should remain relatively strong this next quarter amid the Covid-19
pandemic. Sequentially, sales dipped slightly below our prior first
quarter fiscal 2020 ended December 31, 2019 of $10.1 million, as
the company&#x2019;s food drug mass market (&#x201C;FDM&#x201D;)/brick
and mortar business was affected by the Covid-19 pandemic. This was
our first sequential decline in sales since we began operating the
cbdMD brand. We expect our FDM/brick and mortar business to return
to normal operations once the pandemic subsides. With over $14.5
million in cash on hand at the end of March 2020, we are in a
strong financial position at this time. Regardless, the company has
taken all prudent steps to significantly reduce its expenditures
during the third fiscal quarter ending June 30, 2020, and because
of these reductions, we anticipate that our operating expenses will
be reduced by over $5 million for the third quarter, resulting in
an significant positive impact to our operating results for that
quarter. However, due to the uncertainty and fluidity of the
Covid-19 pandemic, previous assumptions we have made for fiscal
2020 may not be applicable any longer and cbdMD is withdrawing the
fiscal 2020 financial guidance provided on December 18, 2019. We
expect to provide more detailed analysis once we see some level of
stability in the current environment.&#x201D;, said Martin
Sumichrast, Chairman and Co-CEO of cbdMD, Inc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#x201C;The COVID-19 pandemic has impacted us all, and as always,
our first priority is for the health and safety of our employees,
clients and the communities in which we operate.&#xA0;&#xA0;We are
actively working with this focus and have instituted several
changes and we continue to operate our business and deliver cbdMD
products to our clients.&#x201D; continued Mr.
Sumichrast.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
About cbdMD, Inc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
cbdMD, Inc. is a nationally recognized consumer cannabidiol (CBD)
brand whose current products include CBD tinctures, CBD gummies,
CBD topicals, CBD bath bombs, and CBD pet products. cbdMD is also a
proud partner of Bellator MMA, Life Time, Inc., and Supercross, and
has one of the largest rosters of professional sports athletes who
are part of "Team cbdMD." To learn more about cbdMD and our
comprehensive line of over 100 SKUs of U.S. produced,
THC-free</font><font style="font-size: 70%; vertical-align: top; color: #000000">*</font><font style="color: #000000">&#xA0;CBD
products, please visit&#xA0;</font><font style="text-decoration: underline; color: #0081F2">www.cbdmd.com</font><font style="color: #000000">,
follow cbdMD on&#xA0;</font><font style="text-decoration: underline; color: #0081F2">Instagram</font><font style="color: #000000">&#xA0;and&#xA0;</font><font style="text-decoration: underline; color: #0081F2">Facebook</font><font style="color: #000000">,
or visit one of the over 4,000 retail outlets that carry cbdMD
products.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Forward-Looking Statements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "believe," "may," "estimate," "continue," "anticipate,"
"intend," "should," "plan," "could," "target," "potential," "is
likely," "will," "expect" and similar expressions, as they relate
to us, are intended to identify forward-looking statements. cbdMD,
Inc. has based these forward-looking statements largely on our
current expectations and projections about future events and
financial trends that we believe may affect our financial
condition, results of operations, business strategy and financial
needs. Some or all of the results anticipated by these
forward-looking statements are unknown at this time, including the
ultimate impact of the Covid-19 pandemic on our results of
operations. Further information on cbdMD&#x2019;s risk factors is
contained in Annual Report on Form 10-K for the year ended
September 30, 2019, as amended, and its other filings with the
Securities and Exchange Commission. Any forward-looking statement
made by us herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. cbdMD, Inc. undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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Contacts</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
John Weston</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director of Investor Relations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline; color: #0081F2">
john.weston@cbdmd.com</font><font style="color: #0081F2">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
704-249-9515</font></div>
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