EU's Food Safety Authority Validates cbdMD's Hemp Extract Formulation
Together With The Recent UK Validation, Total Addressable Population Exceeds 500 Million
Charlotte, North Carolina--(Newsfile Corp. - April 19, 2022) - cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), (the "Company") announced today that it has received validation of its Novel Food Application from the European Union's Food Safety Authority ("FSA") for its hemp extract formulation. This validation represents a significant milestone and provides the Company an opportunity to expand its global footprint in an anticipated growing marketplace, that together with the UK, has a total addressable population in excess of 500 million people. According to a recent report by the Brightfield Group, the EU's CBD market is expected to grow to more than $2.3 billion by 2025, representing a five-year CAGR of over 33%.1
The Company's EU validation comes on the heels of the Company's recent announcement (cbdMD announced) that cbdMD had received validation from the UK's Food Standards Agency (FSA). cbdMD products that have received UK validation can be found on the FSA's list of products allowed to be sold. With these validations in place, customers in the UK and EU will be able to access many of the cbdMD's award winning products.
"cbdMD continues to be a leader in the CBD industry and our brand continues its global expansion, as we now sell in over 30 markets worldwide. Our customers know that with our brand they have access to safe, trustworthy products that they know have received the highest validation and testing. At cbdMD, our consumers are our number one priority, and we take great pride in providing the highest quality products to millions of people around the world," said Chairman & co-CEO of cbdMD, Inc., Martin Sumichrast.
About cbdMD, Inc.
cbdMD, Inc. is one of the leading and most highly trusted and recognized cannabidiol (CBD) brands with a comprehensive line of U.S.-produced, THC-free2 CBD products. The 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, CBD drink mixes and full spectrum CBD options. Our Paw CBD brand of pet products includes over 45 SKUs of veterinarian-formulated products including tinctures, chews and topical products in varying strengths, and our cbdMD Botanicals brand of beauty and skincare products features 15 SKUs, including facial oil and serum, toner, moisturizers, facial masks, exfoliants and body care. To learn more about cbdMD and their comprehensive line of U.S.-grown, THC-free2 CBD oil and full spectrum products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook or visit one of the 6,000 retail outlets that carry cbdMD products.
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 by the use of 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 and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to the expansion of the consumer market for CBD products, our ability to increase our market share, the availability of the Amazon platform for our CBD products, our ability to expand our business and significantly increase our revenues, our ability to effectively leverage our brand partnerships and sponsorships, our ability to effectively compete in our market, our ability to achieve our net sales guidance, and our ability to report profitable operations in the future. 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") 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.
1Brightfield Group market sizing and projections, along with recent reports can be found at www.brightfieldgroup.com.
2 THC-free is defined as below the level of detection using validated scientific methods.
Director of Investor Relations
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