cbdMD (YCBD)
Market Price (10/6/2026): $0.424 | Market Cap: $4.5 MilSector: Health Care | Industry: Pharmaceuticals
cbdMD (YCBD)
Market Price (10/6/2026): $0.424Market Cap: $4.5 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and E-commerce & Digital Retail. Themes include Nutritional Supplements, Organic & Natural Products, Show more. | Weak multi-year price returns2Y Excs Rtn is -123%, 3Y Excs Rtn is -176% | Penny stockMkt Price is 0.4 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -14% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.4% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -67% High stock price volatilityVol 12M is 152% Key risksYCBD key risks include [1] ongoing financial struggles with significant revenue decline and a history of losses, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and E-commerce & Digital Retail. Themes include Nutritional Supplements, Organic & Natural Products, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -123%, 3Y Excs Rtn is -176% |
| Penny stockMkt Price is 0.4 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -14% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.4% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -67% |
| High stock price volatilityVol 12M is 152% |
| Key risksYCBD key risks include [1] ongoing financial struggles with significant revenue decline and a history of losses, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/1/2026
cbdMD (YCBD) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Declining Profitability.
cbdMD reported its fiscal third quarter 2026 results (ending June 30, 2026) on August 13, 2026, which showed a significant miss on analyst expectations. The company posted a net loss attributable to common shareholders of approximately $1.2 million, or $0.11 per share, notably missing the consensus estimate of ($0.03) by $0.08, representing a -266.67% surprise. Although net sales increased 20% year-over-year to $5.6 million, they still fell short of the consensus estimate of $5.69 million by 2.4%. The gross margin also declined to 54.7% from 61.5% in the prior year, attributed to a shift in wholesale mix and increased regulatory compliance costs. This poor financial performance and widening operating loss led to a 12.39% drop in the stock price on August 13, 2026.
2. Persistent Regulatory Uncertainty in the CBD Market.
Ongoing regulatory uncertainty surrounding hemp-derived products in the U.S. continues to pose a significant risk for cbdMD. The company itself initiated cost-reduction actions in July 2026, targeting $100,000–$150,000 in monthly savings, in preparation for pending U.S. hemp regulations. cbdMD has publicly supported the bipartisan Lawful Hemp Protection Act, introduced on July 21, 2026, which aims to establish a consistent federal framework for hemp-derived products and repeal a restrictive narrowing of the federal hemp definition, highlighting the industry's precarious regulatory environment. This macroeconomic headwind creates an unpredictable operating landscape, affecting investor confidence.
Show more
cbdMD (YCBD) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Declining Profitability.
cbdMD reported its fiscal third quarter 2026 results (ending June 30, 2026) on August 13, 2026, which showed a significant miss on analyst expectations. The company posted a net loss attributable to common shareholders of approximately $1.2 million, or $0.11 per share, notably missing the consensus estimate of ($0.03) by $0.08, representing a -266.67% surprise. Although net sales increased 20% year-over-year to $5.6 million, they still fell short of the consensus estimate of $5.69 million by 2.4%. The gross margin also declined to 54.7% from 61.5% in the prior year, attributed to a shift in wholesale mix and increased regulatory compliance costs. This poor financial performance and widening operating loss led to a 12.39% drop in the stock price on August 13, 2026.
2. Persistent Regulatory Uncertainty in the CBD Market.
Ongoing regulatory uncertainty surrounding hemp-derived products in the U.S. continues to pose a significant risk for cbdMD. The company itself initiated cost-reduction actions in July 2026, targeting $100,000–$150,000 in monthly savings, in preparation for pending U.S. hemp regulations. cbdMD has publicly supported the bipartisan Lawful Hemp Protection Act, introduced on July 21, 2026, which aims to establish a consistent federal framework for hemp-derived products and repeal a restrictive narrowing of the federal hemp definition, highlighting the industry's precarious regulatory environment. This macroeconomic headwind creates an unpredictable operating landscape, affecting investor confidence.
Show more
Updated on 10/1/2026
cbdMD (YCBD) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Declining Profitability.
cbdMD reported its fiscal third quarter 2026 results (ending June 30, 2026) on August 13, 2026, which showed a significant miss on analyst expectations. The company posted a net loss attributable to common shareholders of approximately $1.2 million, or $0.11 per share, notably missing the consensus estimate of ($0.03) by $0.08, representing a -266.67% surprise. Although net sales increased 20% year-over-year to $5.6 million, they still fell short of the consensus estimate of $5.69 million by 2.4%. The gross margin also declined to 54.7% from 61.5% in the prior year, attributed to a shift in wholesale mix and increased regulatory compliance costs. This poor financial performance and widening operating loss led to a 12.39% drop in the stock price on August 13, 2026.
2. Persistent Regulatory Uncertainty in the CBD Market.
Ongoing regulatory uncertainty surrounding hemp-derived products in the U.S. continues to pose a significant risk for cbdMD. The company itself initiated cost-reduction actions in July 2026, targeting $100,000–$150,000 in monthly savings, in preparation for pending U.S. hemp regulations. cbdMD has publicly supported the bipartisan Lawful Hemp Protection Act, introduced on July 21, 2026, which aims to establish a consistent federal framework for hemp-derived products and repeal a restrictive narrowing of the federal hemp definition, highlighting the industry's precarious regulatory environment. This macroeconomic headwind creates an unpredictable operating landscape, affecting investor confidence.
3. Continued Unprofitability, Cash Burn, and Shareholder Dilution.
cbdMD remains an unprofitable company, with earnings forecast to decline by an average of 21% to 40% per year for the foreseeable future. The company reported a net loss of $2.9 million over the trailing twelve months (fiscal Q4 2025 through fiscal Q3 2026). Concerns about the company's financial stability are further amplified by a reported cash burn of $2 million over nine months, leaving approximately $2.1 million cash on hand at the end of fiscal Q3 2026. Simply Wall St identified a major risk related to cbdMD having "less than 1 year of cash runway". Additionally, shareholders have experienced significant dilution, with total shares outstanding increasing by 25.7% over the past year, which negatively impacts per-share value and investor returns.
4. Analyst Downgrade.
In August 2026, Maxim downgraded cbdMD's stock rating from "Buy" to "Hold". This revision by a notable financial institution reflects a tempered outlook on the company's future performance and likely contributed to negative investor sentiment, further pressuring the stock price during the specified period.
Show less
cbdMD (YCBD) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Declining Profitability.
cbdMD reported its fiscal third quarter 2026 results (ending June 30, 2026) on August 13, 2026, which showed a significant miss on analyst expectations. The company posted a net loss attributable to common shareholders of approximately $1.2 million, or $0.11 per share, notably missing the consensus estimate of ($0.03) by $0.08, representing a -266.67% surprise. Although net sales increased 20% year-over-year to $5.6 million, they still fell short of the consensus estimate of $5.69 million by 2.4%. The gross margin also declined to 54.7% from 61.5% in the prior year, attributed to a shift in wholesale mix and increased regulatory compliance costs. This poor financial performance and widening operating loss led to a 12.39% drop in the stock price on August 13, 2026.
2. Persistent Regulatory Uncertainty in the CBD Market.
Ongoing regulatory uncertainty surrounding hemp-derived products in the U.S. continues to pose a significant risk for cbdMD. The company itself initiated cost-reduction actions in July 2026, targeting $100,000–$150,000 in monthly savings, in preparation for pending U.S. hemp regulations. cbdMD has publicly supported the bipartisan Lawful Hemp Protection Act, introduced on July 21, 2026, which aims to establish a consistent federal framework for hemp-derived products and repeal a restrictive narrowing of the federal hemp definition, highlighting the industry's precarious regulatory environment. This macroeconomic headwind creates an unpredictable operating landscape, affecting investor confidence.
3. Continued Unprofitability, Cash Burn, and Shareholder Dilution.
cbdMD remains an unprofitable company, with earnings forecast to decline by an average of 21% to 40% per year for the foreseeable future. The company reported a net loss of $2.9 million over the trailing twelve months (fiscal Q4 2025 through fiscal Q3 2026). Concerns about the company's financial stability are further amplified by a reported cash burn of $2 million over nine months, leaving approximately $2.1 million cash on hand at the end of fiscal Q3 2026. Simply Wall St identified a major risk related to cbdMD having "less than 1 year of cash runway". Additionally, shareholders have experienced significant dilution, with total shares outstanding increasing by 25.7% over the past year, which negatively impacts per-share value and investor returns.
4. Analyst Downgrade.
In August 2026, Maxim downgraded cbdMD's stock rating from "Buy" to "Hold". This revision by a notable financial institution reflects a tempered outlook on the company's future performance and likely contributed to negative investor sentiment, further pressuring the stock price during the specified period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -36.2% change in YCBD stock from 6/30/2026 to 10/5/2026 was primarily driven by a -38.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.67 | 0.43 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20 | 21 | 4.7% |
| P/S Multiple | 0.4 | 0.2 | -38.1% |
| Shares Outstanding (Mil) | 10 | 11 | -1.6% |
| Cumulative Contribution | -36.2% |
Market Drivers
6/30/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| YCBD | -36.2% | |
| Market (SPY) | 3.8% | 22.2% |
| Sector (XLV) | 5.5% | 8.4% |
Fundamental Drivers
The -42.1% change in YCBD stock from 3/31/2026 to 10/5/2026 was primarily driven by a -37.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.74 | 0.43 | -42.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19 | 21 | 9.6% |
| P/S Multiple | 0.3 | 0.2 | -37.7% |
| Shares Outstanding (Mil) | 9 | 11 | -15.2% |
| Cumulative Contribution | -42.1% |
Market Drivers
3/31/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| YCBD | -42.1% | |
| Market (SPY) | 19.4% | 24.4% |
| Sector (XLV) | 14.7% | 10.6% |
Fundamental Drivers
The -64.5% change in YCBD stock from 9/30/2025 to 10/5/2026 was primarily driven by a -45.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.21 | 0.43 | -64.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19 | 21 | 10.0% |
| P/S Multiple | 0.4 | 0.2 | -40.8% |
| Shares Outstanding (Mil) | 6 | 11 | -45.5% |
| Cumulative Contribution | -64.5% |
Market Drivers
9/30/2025 to 10/5/2026| Return | Correlation | |
|---|---|---|
| YCBD | -64.5% | |
| Market (SPY) | 17.3% | 5.8% |
| Sector (XLV) | 21.8% | 3.9% |
Fundamental Drivers
The -94.8% change in YCBD stock from 9/30/2023 to 10/5/2026 was primarily driven by a -97.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.28 | 0.43 | -94.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 21 | -20.4% |
| P/S Multiple | 0.1 | 0.2 | 132.7% |
| Shares Outstanding (Mil) | 0 | 11 | -97.2% |
| Cumulative Contribution | -94.8% |
Market Drivers
9/30/2023 to 10/5/2026| Return | Correlation | |
|---|---|---|
| YCBD | -94.8% | |
| Market (SPY) | 87.5% | 7.1% |
| Sector (XLV) | 36.1% | 3.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| YCBD Return | -63% | -79% | -90% | -64% | -55% | -66% | -100% |
| Peers Return | -6% | -46% | -59% | -26% | -33% | -36% | -93% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| YCBD Win Rate | 25% | 33% | 33% | 25% | 33% | 20% | |
| Peers Win Rate | 19% | 22% | 36% | 33% | 25% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| YCBD Max Drawdown | -84% | -82% | -96% | -69% | -90% | -67% | |
| Peers Max Drawdown | -83% | -51% | -74% | -59% | -71% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TLRY, CGC, SNDL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/5/2026 (YTD)
How Low Can It Go
| Event | YCBD | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.2% | -7.8% |
| % Gain to Breakeven | 25.3% | 8.5% |
| Time to Breakeven | 160 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.9% | -33.7% |
| % Gain to Breakeven | 99.5% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -47.7% | -19.2% |
| % Gain to Breakeven | 91.4% | 23.8% |
| Time to Breakeven | 54 days | 105 days |
In The Past
cbdMD's stock fell -20.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 25.3% gain to breakeven.
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Asset Allocation
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| Event | YCBD | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.2% | -7.8% |
| % Gain to Breakeven | 25.3% | 8.5% |
| Time to Breakeven | 160 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.9% | -33.7% |
| % Gain to Breakeven | 99.5% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -47.7% | -19.2% |
| % Gain to Breakeven | 91.4% | 23.8% |
| Time to Breakeven | 54 days | 105 days |
In The Past
cbdMD's stock fell -20.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 25.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About cbdMD (YCBD)
cbdMD, Inc. (symbol: YCBD) is a consumer hemp-based cannabidiol (CBD) company that specializes in the production and distribution of a diverse range of CBD products. The company operates under its primary brands, cbdMD, Paw CBD, and cbdMD Botanicals, catering to both human and pet wellness markets.
Its flagship cbdMD brand offers a comprehensive line of CBD products for human consumption, including tinctures, gummies, topicals, capsules, bath bombs, bath salts, and sleep aids designed to support various health and wellness needs. For the pet market, cbdMD provides veterinarian-formulated products like tinctures, chews, and topicals under its Paw CBD brand. The company also engages in a research partnership with the University of Mississippi to explore novel cannabinoids.
cbdMD distributes its products widely across the United States through a multi-channel approach. This includes direct sales via its own e-commerce website, presence on third-party e-commerce platforms, sales through wholesalers, and availability in various brick-and-mortar retail stores. This strategy aims to make its CBD offerings accessible to a broad base of consumers seeking hemp-based wellness solutions.
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Here are 1-2 brief analogies to describe cbdMD:
- The Procter & Gamble of CBD wellness products: Like Procter & Gamble owns and markets a portfolio of consumer brands across various categories, cbdMD owns and distributes multiple hemp-based CBD brands for human and pet wellness.
- Nature's Bounty for CBD supplements: Similar to how Nature's Bounty is a well-known producer of various dietary supplements, cbdMD specializes in producing and distributing a wide range of CBD-focused supplements and wellness products.
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- cbdMD Human CBD Products: A diverse line of cannabidiol products for human consumption and topical application, including tinctures, gummies, topicals, capsules, bath bombs, bath salts, and sleep aids.
- Paw CBD Pet Products: Veterinarian-formulated cannabidiol products designed for pets, featuring tinctures, chews, and topicals.
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cbdMD (YCBD) primarily sells to individuals. Based on its product offerings and brands, it serves the following categories of customers:
- Individuals seeking general wellness and health support: This category includes consumers who purchase CBD tinctures, gummies, topicals, capsules, bath bombs, bath salts, and sleep aids for their personal health and well-being.
- Pet owners: This category encompasses individuals who buy veterinarian-formulated CBD products, such as tinctures, chews, and topicals, for their pets under the Paw CBD brand name.
- Individuals interested in beauty and personal care products: While not explicitly detailed, the mention of "cbdMD Botanicals" suggests a customer base looking for CBD-infused products specifically for skincare, beauty, and personal care.
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Ronan Kennedy, Chief Executive Officer and Chief Financial Officer
Mr. Kennedy has served as Interim CEO since March 2023 and CFO since late 2020, and was appointed full-time CEO in March 2024. He joined the Board of Directors in December 2024. Prior to joining cbdMD, Mr. Kennedy spent 14 years in private equity, both on the investment team and as a C-level executive in private equity-backed investments. He also served as CFO of AMV Holdings, LLC, a vaping and e-cigarette retailer, manufacturer, and wholesaler, from 2015 through October 2020, where he was instrumental in growing the company from a nine-store regional chain to over 100 U.S. locations and a growing European footprint. He assisted AMV in expanding into the manufacturing and retailing of CBD products following the passing of the Farm Bill in late 2018.
Bradley Whitford, Chief Accounting Officer
Mr. Whitford has served as Chief Accounting Officer since March 2023 (or March 2024 according to an SEC filing). He has been with cbdMD since 2021, previously holding the role of Vice President of Finance. Before joining the company, he served as Corporate Accounting Manager – Global Close and Consolidations for Diversey, Inc., a hygiene, infection prevention, and cleaning solutions company, from 2019 to 2021.
Dr. Sibyl Swift, Chief Science Officer & Vice President of Regulatory Affairs
Dr. Swift joined cbdMD as a Regulatory Consultant in January 2021 and became Vice President for Scientific & Regulatory Affairs and co-chair of cbdMD Therapeutics, LLC, in March 2021. Her previous experience includes serving as the Associate Director for Research and Strategy at the FDA's Office of Dietary Supplement Programs and as the Senior Vice President for Scientific & Regulatory Affairs at the Natural Products Association.
Wade Brown, VP of Marketing
Mr. Brown is a seasoned marketing executive with a proven track record of success in regulated industries and high-growth companies. He has held leadership roles at Inc Authority (acquired by LegalZoom), First Tactical, and Kevin's Naturals, where he played a key role in driving strategic growth, optimizing acquisition channels, and leading marketing transformations that resulted in successful exits.
Zeb Booker, Chief Technology Officer
Mr. Booker is a seasoned technology and operations leader with over 15 years of experience in the manufacturing and CBD industries.
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The public company cbdMD (symbol: YCBD) faces several key risks to its business operations and financial viability.
- Going Concern and Financial Health: cbdMD has issued a "going concern" warning, indicating substantial doubt about its ability to continue operations for the next twelve months without achieving improved profitability or securing additional funding. The company has reported essentially flat quarterly revenue, negative net margins, and operating losses. For example, in the three months ended December 31, 2025, net sales were down modestly from the prior year, gross margin slipped to 59.8% from 66.5%, and it posted an operating loss of $286,288. The Altman Z-Score, a measure of financial distress, places the company in the distress zone, implying a potential risk of bankruptcy within the next two years. While the company is implementing cost-cutting measures and has secured additional capital through preferred stock and an equity line of credit, sustained profitability remains a critical challenge.
- Regulatory and Compliance Risks: The CBD industry operates under a complex and evolving regulatory landscape at both federal and state levels. A significant upcoming risk for cbdMD is the potential implementation of new federal limits on THC content in hemp-derived consumables, set to begin November 12, 2026. cbdMD anticipates that this change would likely have a material adverse impact if implemented as written, as a meaningful share of its revenue comes from low-dose THC products. Furthermore, the U.S. Food and Drug Administration (FDA) has maintained that CBD cannot be marketed as a dietary supplement or food additive, leading to ongoing compliance challenges, risks of enforcement actions, and potential consumer lawsuits related to product labeling and marketing claims, particularly regarding health benefits.
- Market Competition and Product Quality Control: The CBD market is highly competitive and rapidly expanding, leading to saturation and challenges in maintaining sales momentum. The industry also faces issues related to product quality control, with studies indicating that a significant portion of CBD products may be mislabeled regarding CBD content or potentially contaminated. Although cbdMD conducts research partnerships, the broader industry issues of inconsistent quality and misleading claims pose reputational and legal risks for all companies, including cbdMD, especially given the lack of federal testing requirements for hemp-derived CBD.
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The addressable markets for cbdMD's main products and services are significant, primarily within the United States and globally for both human and pet cannabidiol (CBD) products.
For their main human CBD products, which include tinctures, gummies, topicals, capsules, bath bombs, bath salts, and sleep aids, the market can be generally sized as follows:
* The U.S. CBD consumer health market was valued at approximately USD 8.99 billion in 2024 and is projected to reach around USD 34.66 billion by 2034, growing at a CAGR of 14.45% from 2025 to 2034.
* Another estimate indicates the U.S. CBD market was valued at USD 6.26 billion in 2024 and is likely to grow to USD 47.31 billion by 2032, with a CAGR of 37.72% from 2024 to 2032.
* The global CBD consumer health market size was estimated at USD 20.88 billion in 2024 and is predicted to reach around USD 77.48 billion by 2034, expanding at a CAGR of 14.01% from 2025 to 2034.
* The global cannabidiol market size was valued at USD 22.8 billion in 2023 and is anticipated to grow to USD 108 billion by 2032, at a CAGR of 17.9% from 2024 to 2032.
For their veterinarian-formulated CBD products under the Paw CBD brand, the addressable market is:
* The U.S. CBD pet market generated a revenue of USD 82.2 million in 2024 and is expected to reach USD 902.6 million by 2033, growing at a CAGR of 30.5% from 2025 to 2033.
* The global CBD pet market size was estimated at USD 331.0 million in 2024 and is projected to reach USD 3,939.1 million by 2033, growing at a CAGR of 32.69% from 2025 to 2033.
* North America dominated the CBD pet market share by 41% in 2024.
* Another source states the global CBD pet market size was valued at USD 329 million in 2024 and is projected to reach around USD 5476.42 million by 2034, with a CAGR of 32.5% between 2025 and 2034.
* The CBD pet products market in the United States is set to advance at a 31.5% CAGR, with a large addressable base of pet owners.
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For cbdMD (YCBD), several key drivers are expected to contribute to future revenue growth over the next two to three years:
- Acquisition of Bluebird Botanicals: The strategic acquisition of Bluebird Botanicals is anticipated to drive future revenue growth by adding incremental revenue, expanding the customer base, and bringing valuable intellectual property, including GRAS (Generally Recognized As Safe) status for full-spectrum CBD. Integration efforts are underway to unlock synergies and enhance earnings.
- Wholesale Business Expansion: cbdMD's wholesale business demonstrated significant growth, with a 17% year-over-year increase in the first quarter of fiscal year 2026. This growth is attributed to improved execution of the core cbdMD brand and ongoing progress with the Oasis beverage brand, indicating continued focus on expanding this channel.
- Growth of Herbal Oasis Beverage Brand: The Herbal Oasis brand, which offers hemp-derived THC seltzers, is identified as a significant driver of growth. This brand is tapping into a market projected to exceed $4 billion by 2028, and its expansion into new markets, such as Louisiana, is expected to contribute to revenue.
- Sequential Revenue Improvement in Core Business: Management is focused on continuing to drive sequential revenue improvement in its core business. This indicates ongoing efforts to optimize performance within existing product lines and the direct-to-consumer channel, which remains the company's largest revenue source.
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Share Issuance
- The number of cbdMD's shares outstanding increased by 941.35% in one year.
- As of December 9, 2022, there were 60,682,262 shares of common stock issued and outstanding.
- cbdMD registered 2,000,000 conversion shares in March 2026, for which no proceeds were received by the issuer.
Outbound Investments
- cbdMD strategically acquired Bluebird Botanicals in January 2026. This acquisition was structured as an equity transaction, involving restricted shares of cbdMD common stock issued at closing, with potential for additional earnout shares.
Capital Expenditures
- For the last 12 months (as of March 2026), cbdMD's capital expenditures were approximately -$184,587.
- Capital expenditures were approximately -$0.2 million in fiscal year 2024 and -$0.3 million in fiscal year 2023.
Peer Outperformance in Pharmaceuticals
YCBD has trailed 98% of its 61 Pharmaceuticals peers over 5Y. Among the peers that beat it are PFE and PRGO. Pharmaceuticals ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Pharmaceuticals constituents that YCBD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
19%
of 73 industry peers · -63.0% return
3Y
6%
of 68 industry peers · -94.2% return
5Y
2%
of 61 industry peers · -99.9% return
Pharmaceuticals peers with revenue growth within 4pp of YCBD's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| YCBD | cbdMD | -6.4% | -1.6x | -63.0% | -94.2% | -99.9% | — |
| PFE | Pfizer | -5.2% | 36.1x | 7.2% | 0.3% | -15.0% | +85pp |
| PRGO | Perrigo | -3.6% | -1.2x | -29.8% | -43.7% | -62.5% | +37pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Pharmaceuticals is YCBD's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 14.7% | 44.5% | 95.9% | CAH 430% · MCK 373% · COR 184% |
| Health Care Services | 20 | 20.9% | 37.4% | 12.4% | HIMS 303% · RDNT 151% · DGX 78% |
| Managed Health Care | 8 | 29.4% | -8.1% | 6.6% | OSCR 97% · HQY 44% · ELV 15% |
| Health Care Facilities | 24 | -1.3% | 5.7% | 0.6% | THC 310% · NHC 282% · ENSG 137% |
| Health Care Equipment | 50 | -7.3% | -0.8% | -15.1% | POCI 11050% · UFPT 393% · GKOS 259% |
| Pharmaceuticals ← | 62 | -8.2% | -7.2% | -31.0% | INDV 1108% · ETON 1073% · LQDA 920% |
| Health Care Supplies | 12 | 22.1% | -5.5% | -37.0% | LNTH 304% · HAE 57% · MMSI 21% |
| Life Sciences Tools & Services | 108 | -0.4% | -11.1% | -65.3% | SNWV 1818% · NTRA 283% · MEDP 222% |
| Health Care Technology | 21 | -31.5% | -57.4% | -78.2% | SPOK 80% · HSTM 14% · VEEV 0% |
| Biotechnology | 362 | -15.2% | -23.6% | -78.9% | CELZ 1214% · DNTH 1126% · ELVN 1113% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| cbdMD Earnings Notes | 12/16/2025 | |
| Can cbdMD Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.06 |
| Mkt Cap | 0.3 |
| Rev LTM | 605 |
| Op Inc LTM | -36 |
| FCF LTM | -43 |
| FCF 3Y Avg | -49 |
| CFO LTM | -36 |
| CFO 3Y Avg | -33 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | -0.5% |
| Rev Chg Q | 16.5% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | -28.8% |
| Op Inc Chg 3Y Avg | 27.1% |
| Op Mgn LTM | -10.0% |
| Op Mgn 3Y Avg | -13.5% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | -9.1% |
| CFO/Rev 3Y Avg | -7.1% |
| FCF/Rev LTM | -11.3% |
| FCF/Rev 3Y Avg | -9.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 19 | 19 | 24 | 35 | 44 |
| Total | 19 | 19 | 24 | 35 | 44 |
| $ Mil | 2018 | 2017 |
|---|---|---|
| Licensing Division | 2 | 0 |
| Entertainment Division | -0 | 0 |
| Professional Product Division | -1 | -2 |
| Total | 0 | -1 |
| $ Mil | 2018 | 2017 |
|---|---|---|
| Licensing Division | 8 | 3 |
| Entertainment Division | 4 | 1 |
| Professional Product Division | 3 | 3 |
| Total | 15 | 7 |
Price Behavior
Price Behavior
| Market Price | $0.43 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 11/17/2017 | |
| Distance from 52W High | -81.1% | |
| 50 Days | 200 Days | |
| DMA Price | $0.50 | $0.78 |
| DMA Trend | down | down |
| Distance from DMA | -13.8% | -45.1% |
| 3M | 1YR | |
| Volatility | 78.7% | 151.8% |
| Downside Capture | 312.15 | 138.86 |
| Upside Capture | -1.76 | -0.48 |
| Correlation (SPY) | 24.0% | 6.1% |
YCBD Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.23 | 1.39 | 1.70 | 1.47 | 0.68 | 0.67 |
| Up Beta | -1.39 | -0.02 | 1.62 | 1.24 | 1.91 | 0.60 |
| Down Beta | 5.65 | 1.44 | 3.06 | 1.87 | 0.49 | 1.03 |
| Up Capture | 67% | 142% | 46% | 58% | -7% | -2% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 20 | 30 | 54 | 104 | 328 |
| Down Capture | 205% | 259% | 256% | 208% | 125% | 105% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 22 | 34 | 71 | 142 | 407 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YCBD | |
|---|---|---|---|---|
| YCBD | -63.7% | 151.7% | -0.07 | - |
| Sector ETF (XLV) | 18.5% | 15.7% | 0.88 | 4.8% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 5.9% |
| Gold (GLD) | 7.0% | 29.6% | 0.23 | 4.2% |
| Commodities (DBC) | 45.9% | 20.9% | 1.71 | -3.5% |
| Real Estate (VNQ) | 1.6% | 13.6% | -0.14 | 7.5% |
| Bitcoin (BTCUSD) | -30.1% | 44.3% | -0.68 | 5.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YCBD | |
|---|---|---|---|---|
| YCBD | -74.6% | 131.3% | -0.50 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 4.8% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 11.0% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | 4.3% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | -0.2% |
| Real Estate (VNQ) | 0.9% | 18.8% | -0.06 | 8.3% |
| Bitcoin (BTCUSD) | 14.9% | 52.2% | 0.45 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YCBD | |
|---|---|---|---|---|
| YCBD | -54.4% | 120.9% | -0.23 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 11.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 15.8% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 4.0% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 6.2% |
| Real Estate (VNQ) | 4.1% | 20.7% | 0.16 | 14.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/25/2025 | -3.4% | 10.1% | 145.0% |
| 8/12/2021 | -6.3% | -8.6% | -2.3% |
| 5/12/2021 | -21.8% | -14.5% | -1.2% |
| 12/2/2020 | 0.3% | -3.1% | -5.9% |
| 10/14/2020 | 0.0% | 3.1% | 14.5% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 3 | 3 | 3 |
| Median Positive | 0.2% | 6.6% | 79.7% |
| Median Negative | -6.3% | -8.6% | -2.3% |
| Max Positive | 0.3% | 10.1% | 145.0% |
| Max Negative | -21.8% | -14.5% | -5.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/25/2025 | -3.4% | 10.1% | 145.0% |
| 8/12/2021 | -6.3% | -8.6% | -2.3% |
| 5/12/2021 | -21.8% | -14.5% | -1.2% |
| 12/2/2020 | 0.3% | -3.1% | -5.9% |
| 10/14/2020 | 0.0% | 3.1% | 14.5% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 3 | 3 | 3 |
| Median Positive | 0.2% | 6.6% | 79.7% |
| Median Negative | -6.3% | -8.6% | -2.3% |
| Max Positive | 0.3% | 10.1% | 145.0% |
| Max Negative | -21.8% | -14.5% | -5.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-Q |
| 09/30/2025 | 12/19/2025 | 10-K |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 12/18/2024 | 10-K |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-Q |
| 09/30/2023 | 12/22/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 12/15/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-Q |
| 09/30/2025 | 12/19/2025 | 10-K |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 12/18/2024 | 10-K |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-Q |
| 09/30/2023 | 12/22/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 12/15/2022 | 10-K |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-Q |
| 09/30/2021 | 12/17/2021 | 10-K |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 12/22/2020 | 10-K |
| 06/30/2020 | 08/12/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-Q |
| 09/30/2019 | 12/18/2019 | 10-K |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Crosnoe, Clark R | CRC Investment Fund LP | Sell | 12182025 | 2.31 | 461,725 | 1,068,247 | 836,135 | Form | |
| 2 | Crosnoe, Clark R | NM 2018 Trust | Sell | 12182025 | 2.34 | 69,875 | 163,815 | 133,338 | Form | |
| 3 | Crosnoe, Clark R | AMC Legacy Trust | Sell | 12182025 | 2.34 | 19,101 | 44,780 | 41,906 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Crosnoe, Clark R | CRC Investment Fund LP | Sell | 12182025 | 2.31 | 461,725 | 1,068,247 | 836,135 | Form | |
| 2 | Crosnoe, Clark R | NM 2018 Trust | Sell | 12182025 | 2.34 | 69,875 | 163,815 | 133,338 | Form | |
| 3 | Crosnoe, Clark R | AMC Legacy Trust | Sell | 12182025 | 2.34 | 19,101 | 44,780 | 41,906 | Form |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/5/2026