The **Nature's Way** for hemp-derived CBD wellness products.

Like **Johnson & Johnson**'s consumer health division, but entirely focused on CBD products.

• CBD Tinctures: Sublingual oils designed for general wellness and daily CBD intake.
• CBD Gummies: Edible chews offering a convenient and tasty way to consume pre-dosed CBD.
• CBD Capsules: Pre-measured softgels or capsules providing a consistent and discreet CBD dosage.
• CBD Topicals: Creams, balms, and lotions formulated with CBD for localized application and skin wellness.
• CBD for Pets: Specially formulated CBD oils, treats, and balms designed to support the well-being of cats and dogs.
• CBD for Sleep & Calm: Products often combining CBD with other ingredients like melatonin or calming botanicals to support relaxation and healthy sleep cycles.

cbdMD (symbol: YCBD) primarily sells its products directly to individuals (B2C) through its e-commerce platforms and various retail distribution channels. As such, it does not have "major customer companies" in the traditional B2B sense that would be disclosed in its financial filings.

Instead, the company serves the following categories of individual customers:

• General Wellness Consumers: Individuals seeking CBD products for overall health and well-being, stress management, sleep support, and general daily use. This is a broad category encompassing adults looking for natural supplements.
• Athletes and Active Individuals: Consumers looking for CBD products specifically formulated for post-workout recovery, pain relief, muscle soreness, and to support an active lifestyle. cbdMD has historically emphasized its products' benefits for sports and recovery.
• Pet Owners: Owners of dogs, cats, and other pets who purchase CBD products to support their animals' health, mobility, anxiety reduction, and overall well-being. cbdMD markets a significant portion of its product line under the "Paw CBD" brand specifically for pets.

T. Ronan Kennedy, Chief Executive Officer and Chief Financial Officer

Mr. Kennedy has served as Interim CEO since March 2023 and CFO since late 2020. Prior to joining cbdMD, Mr. Kennedy spent 14 years in private equity, where he was involved both on the investment team and as a C-level executive in private equity-backed investments. This indicates a pattern of managing companies backed by private equity firms. He holds a B.S. in Mechanical Engineering from Virginia Polytechnic Institute & State University and an M.B.A. from the Fuqua School of Business, Duke University.

Scott Stephen, Chairman of the Board

Mr. Stephen has over 30 years of business experience, including roles as Chief Operating Officer for an online marketing company and for Playboy Enterprises. He also served as President of Guaranteed Rate Insurance. He currently holds the position of Chief Growth Officer at Guaranteed Rate Inc., a residential mortgage company.

Bradley Whitford, Chief Accounting Officer

Mr. Whitford has served as Chief Accounting Officer since March 2023. He joined cbdMD in 2021 and previously held the role of Vice President of Finance. Before his tenure at cbdMD, he was the 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, PhD, Chief Science Officer and Vice President, Regulatory Affairs

Dr. Swift serves as the Chief Science Officer and Vice President of Regulatory Affairs. She also provides regulatory expertise and advocacy for the company.

William F. Raines, III, Independent Director

Mr. Raines brings over 35 years of business experience to the board. His past roles include Corporate Controller of Speedway Motorsports, Inc. and General Manager of SMI Properties, as well as CEO and CFO of Intermark Brands, the manufacturer of Blu, an e-cigarette. He is currently the CEO of DataTech Global, a technology company.

• Increased Competition from Mainstream CPG and Pharmaceutical Companies: As the CBD market matures and regulatory clarity slowly improves, large consumer packaged goods (CPG) companies, pharmaceutical giants, and established health & wellness brands, equipped with vast capital, superior marketing budgets, extensive distribution networks, and existing brand trust, pose a significant threat. They can swiftly enter the market, acquire smaller players, or launch their own CBD lines, quickly dominating shelf space and market share, potentially displacing existing CBD-focused companies like cbdMD.
• Broadened Legalization and Acceptance of THC-Containing Cannabis: The ongoing trend of state-by-state legalization of recreational and medical cannabis (which contains THC in varying amounts) presents an emerging threat to the CBD-only market. As consumers gain easier and legal access to products containing THC, either alone or in conjunction with CBD (e.g., full-spectrum cannabis products), there is a risk that they may shift demand away from pure CBD products. Consumers might perceive THC-inclusive products as more effective or desirable for certain applications, potentially cannibalizing the market for CBD-only offerings and shifting consumer preferences towards a broader range of cannabinoids available in licensed dispensaries.

cbdMD (symbol: YCBD) operates primarily within the cannabidiol (CBD) market, offering a range of products including tinctures, gummies, topicals, capsules, and pet products. These encompass both broad-spectrum and full-spectrum CBD, as well as Delta-9 THC products.

Global CBD Market

The global cannabidiol market demonstrates significant growth potential, with varying projections from different research firms:

• In 2024, the global CBD market was estimated at approximately USD 9.14 billion and is projected to reach USD 22.05 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.8% from 2025 to 2030.
• Another estimate valued the global cannabidiol market at USD 11.08 billion in 2024, with a projection to grow to USD 51.43 billion by 2033, exhibiting a CAGR of 18.6% during the forecast period (2025–2033).
• A more optimistic forecast placed the global cannabidiol market size at USD 11.16 billion in 2024, expecting it to reach USD 202.45 billion by 2032, at a substantial CAGR of 43.66% from 2024 to 2032.
• The global CBD consumer health market was accounted at USD 23.94 billion in 2025 and is forecasted to hit around USD 77.48 billion by 2034, representing a CAGR of 14.01% from 2025 to 2034.

U.S. CBD Market

The United States represents a substantial portion of the addressable market for cbdMD's products:

• The U.S. CBD market was valued at USD 6.26 billion in 2024 and is projected to reach USD 47.31 billion by 2032, with a CAGR of 37.72% from 2025 to 2032.
• Sales of CBD products in the United States were approximately $5.9 billion in 2022 and are predicted to increase to $47.22 billion by 2028.
• Another assessment indicated the U.S. cannabidiol market size was USD 2.2 billion in 2024, with an estimated growth to USD 20.3 billion by 2033, showing a CAGR of 27.8% from 2025 to 2033.
• The U.S. CBD market alone is expected to reach USD 78.74 billion by 2032.
• The U.S. CBD consumer health market size was evaluated at USD 8.99 billion in 2024 and is projected to be worth around USD 34.66 billion by 2034, growing at a CAGR of 14.45% from 2025 to 2034.

cbdMD (YCBD) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and product expansions.

Here are 5 expected drivers of future revenue growth for cbdMD:

1. Expansion of Hemp-Derived THC-Infused Beverages: cbdMD is actively focused on scaling its Herbal Oasis hemp-derived THC-infused social seltzer brand. This includes expanding distribution into new states such as Florida, Tennessee, and Minnesota, with plans for further reach. The company is also broadening its product offerings within this category, targeting the growing demand for alcohol alternatives and capitalizing on category tailwinds.
2. Launch and Growth of High-Potency Topical Products: The company recently introduced Inferno Freeze, a high-potency topical designed for athletes and fitness enthusiasts. This product features a full-spectrum formula with significant CBD, CBDa, and THC content, expanding cbdMD's topicals line and strategically targeting the high-performance topical segment.
3. Enhanced Direct-to-Consumer (DTC) Marketing and Customer Engagement: A key priority for management is to drive sustained direct-to-consumer growth. This involves leveraging a restructured marketing team to refine customer acquisition strategies and build brand communities, aiming to improve retention and expand their significant DTC sales channel.
4. Broader Wholesale Distribution Expansion: Beyond the Herbal Oasis brand, cbdMD is committed to expanding its overall wholesale distribution. This strategy focuses on increasing penetration within existing accounts and onboarding new retail partners, particularly in jurisdictions with supportive regulatory environments.
5. Product Diversification into New Wellness Categories: cbdMD's strategy includes diversifying its product portfolio beyond traditional CBD. Its broader offerings now encompass ingestibles, pet products, functional mushrooms under the ATRx brand, and other hemp-derived beverages, indicating a move to cater to a wider array of consumer wellness needs.

Share Repurchases

• cbdMD's 10-Year Share Buyback Ratio was 0.00%, indicating no share repurchases during that period.

Share Issuance

• In May 2023, cbdMD completed an underwritten public offering of 1,350,000 shares of common stock at $2.10 per share, generating gross proceeds of approximately $2.8 million for working capital.
• In July 2021, the company closed an underwritten public offering, selling 2,200,000 shares of its 8.0% Series A Cumulative Convertible Preferred Stock at $7.50 per share, raising $16.5 million in gross proceeds for working capital.
• In October 2025, cbdMD secured a $1.7 million private placement through the issuance of Series B Convertible Preferred Stock to institutional investors, with net proceeds of $1.5 million allocated for working capital and strategic initiatives.

Inbound Investments

• In October 2025, cbdMD received a $1.7 million private placement from institutional investors, including C/M Capital Master Fund, LP, through the issuance of Series B Convertible Preferred Stock.
• In February 2024, the company received $1,250,000 in gross proceeds from five institutional investors by issuing Senior Secured Original Issue Discount Convertible Promissory Notes, with proceeds intended for working capital and the rollout of ATRx Labs functional mushroom products.

Capital Expenditures

• Over the last 12 months, cbdMD reported capital expenditures of approximately -$191,368.
• The company's SEC filings for fiscal years 2024 and 2025 indicate no capital expenditures or capital resources that are material to investors were disclosed as off-balance sheet arrangements.