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CHARLOTTE, N.C.--(BUSINESS WIRE)--cbdMD, Inc. (NYSE American: YCBD, YCBDpA), one of the nations leading and most highly trusted and recognized cannabidiol (CBD) brands, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2020. Commenting on todays results, Chairman and co-CEO Martin A. Sumichrast said, We believe cbdMD is now one of the most successful CBD companies in world, with two of the most recognized and valuable CBD brands, cbdMD and Paw CBD. We are committed to continuing to deliver on our financial goals. We have grown quarterly sales over 900% in eight fiscal quarters. We have remained focused on our core competency, which is e-commerce direct-to-consumer sales, which increased to $30.5 million, or 73% of total net sales in fiscal 2020, a 106% increase from the prior year. We have also maintained one of the strongest balance sheets in the CBD industry and we believe we have more than ample enough capital to execute on our 2021 strategy. In fact, we have recently more than doubled our liquidity, which now stands today at approximately $30 million in cash, with virtually no debt. To put this into context, we built two brands in two years with less cash than we have in the bank today. In addition, we dramatically reduced our non-GAAP adjusted loss from operations from over $10 million in the first half of fiscal 2020 to approximately $1.3 million in the second half of fiscal 2020. Earlier this year we set a goal of achieving positive adjusted operating income during calendar year 2020, a non-GAAP financial measure. We are presently confident we will reach this milestone in early fiscal 2021. However, based upon marketing opportunities that may arise during the year, achieving this goal may be extended later into the fiscal year. While we have not committed to any financial guidance, we do expect continued robust sales growth in fiscal 2021. Financial Highlights: Fiscal 2020: For the Quarter Ended September 30, 2020: cbdMD, Inc. will host a conference call at 4:15 p.m., Eastern Time, on Tuesday, December 22, 2020, to discuss the companys September 30, 2020 fourth quarter and fiscal year-end financial results and business progress. CONFERENCE CALL DETAILS Tuesday, December 22, 2020, 4:15 p.m. Eastern Time Domestic: 1-888-506-0062 International: 1-973-528-0011 Replay dial in Available through January 20, 2020 Domestic: 1-877-481-4010 International: 1-919-882-2331 Replay Passcode: 39191 Webcast/Webcast Replay link- available through December 23, 2020: https://www.webcaster4.com/Webcast/Page/2206/39191 About cbdMD, Inc. cbdMD, Inc. is one of the leading, most highly trusted, and most recognized cannabidiol (CBD) brands, whose current products include CBD tinctures, CBD capsules, CBD gummies, CBD topicals, CBD bath bombs and CBD pet products. cbdMD is also a proud partner of Bellator MMA and Life Time, Inc., 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, Non-THC1 CBD 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. 1 Non-THC is defined as below the level of detection using validated scientific analytical tools. Forward-Looking Statements 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. 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, 2020 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. Non-GAAP Financial Measures This press release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP). cbdMD, Inc. has included adjusted income (loss) from operations and adjusted gross profit because management uses these measures to assess operating performance, in order to highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The adjusted income (loss) from operations and the adjusted gross profit margin have not been prepared in accordance with GAAP. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income (loss) from operations and gross profit as indicators of our operating performance. Further, these non-GAAP financial measures, as presented by cbdMD, Inc., may not be comparable to similarly titled measures reported by other companies. cbdMD, Inc. has attached to this press release a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. CBDMD, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2020 AND 2019 2020 2019 Assets Current assets: Cash and cash equivalents $ 14,824,644 $ 4,689,966 Accounts receivable 911,482 1,425,697 Accounts receivable other - 160,137 Accounts receivable discontinued operations 447,134 1,080,000 Marketable securities 26,472 198,538 Investment other securities 250,000 600,000 Deposits 40,198 6,850 Merchant reserve - 519,569 Inventory 4,603,360 4,301,586 Inventory prepaid 288,178 903,458 Deferred issuance costs - 93,954 Prepaid software 174,308 206,587 Prepaid equipment deposits 40,197 868,589 Prepaid sponsorship expense 1,203,300 - Prepaid expenses and other current assets 902,979 688,104 Total current assets 23,712,252 15,743,035 Other assets: Property and equipment, net 3,183,487 1,715,557 Operating lease right-of-use assets 6,851,357 - Deposits for facilities 790,708 754,533 Intangible assets, net 21,635,000 21,635,000 Goodwill 54,669,997 54,669,997 Total other assets 87,130,549 78,775,087 Total assets $ 110,842,801 $ 94,518,122 CBDMD, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2020 AND 2019 (continued) 2020 2019 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 2,850,421 $ 3,021,271 Deferred revenue 45,141 - Accrued expenses 2,724,779 681,269 Operating leases short term liabilities 1,159,098 - Paycheck Protection Program Loan 854,000 - Note payable 55,639 - Customer deposit related party - 7,339 Total current liabilities 7,689,078 3,709,878 Long term liabilities Long term liabilities 264,367 363,960 Paycheck Protection Program loan 602,100 - Operating leases long term liabilities 6,010,208 - Contingent liability 16,200,000 50,600,000 Deferred tax liability 895,000 2,240,300 Total long-term liabilities 23,971,675 53,204,260 Total liabilities 31,660,753 56,914,138 cbdMD, Inc. shareholders' equity: Preferred stock, authorized 50,000,000 shares, $0.001 par value, 500,000 and 0 shares issued and outstanding, respectively 500 - Common stock, authorized 150,000,000 shares, $0.001 par value, 52,130,870 and 27,720,356 shares issued and outstanding, respectively 52,131 27,720 Additional paid in capital 126,517,784 97,186,524 Accumulated deficit (47,388,367 ) (59,610,260 ) Total cbdMD, Inc. shareholders' equity 79,182,048 37,603,984 Total liabilities and shareholders' equity $ 110,842,801 $ 94,518,122 CBDMD, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019 2020 2019 Sales $ 43,172,778 $ 28,023,848 Sales related party - 55,596 Total Gross Sales 43,172,778 28,079,444 Allowances (1,289,044 ) (4,427,893 ) Net sales 41,883,734 23,595,955 Net sales related party - 55,596 Total Net Sales 41,883,734 23,651,551 Costs of sales 15,514,727 9,136,677 Gross profit 26,369,006 14,514,873 Operating expenses excluding impairment losses 43,950,862 28,875,186 Impairment of intangible assets - 436,578 Operating expenses 43,950,862 29,311,764 Income (loss) from operations (17,581,856 ) (14,796,891 ) Realized and unrealized gain (loss) on marketable securities (172,066 ) (102,716 ) Impairment on investment other securities (760,000 ) (502,560 ) (Increase) decrease of contingent liability 29,780,000 (32,461,680 ) Interest income 39,877 75,071 Income (loss) before provision for income taxes 11,305,955 (47,788,776 ) Benefit from (provision for) income taxes 1,345,300 2,359,000 Net Income (loss) from continuing operations 12,651,255 (45,429,776 ) Net Income (loss) from discontinued operations, net of tax (Note 16) (48,983 ) (5,927,773 ) Net Income (loss) $ 12,602,272 $ (51,357,549 ) Net Income (loss) attributable to non-controlling interest from discontinued operations (Note 16) - (929,323 ) Preferred dividends 366,850 - Net Income (loss) attributable to common shareholders $ 12,235,422 $ (50,428,226 ) Net Income (Loss) per share Basic earnings (loss) per share $ 0.28 $ (2.82 ) Diluted earnings (loss) per share $ 0.28 $ - Weighted average number of shares basic 44,140,360 17,887,247 Weighted average number of shares diluted 45,171,674 - CBDMD, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019 2020 2019 Net Income (Loss) $ 12,602,272 $ (51,357,549) Comprehensive Income (Loss) 12,602,272 (51,357,549 ) Comprehensive Income (loss) attributable to non-controlling interest - (929,323 ) Preferred dividends (366,850 ) Comprehensive Income (Loss) attributable to cbdMD, Inc. common shareholders $ 12,235,422 $ (50,428,226 ) CBDMD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019 2020 2019 Cash flows from operating activities: Net income (loss) $ 12,602,272 $ (51,357,549 ) Adjustments to reconcile net loss to net cash used by operating activities: Stock based compensation 1,900,194 2,458,530 Restricted stock expense 138,000 230,000 Depreciation and amortization 720,755 289,574 Issuance of stock / warrants for services 338,400 289,750 Realized and unrealized (gain)/loss on marketable securities 172,066 2,439,996 Impairment on investment other securities 760,000 502,560 Inventory impairment 233,372 - Impairment on discontinued operations asset 45,783 3,398,438 Payment in-kind interest - (30,000 ) Loss on sale of property and equipment -discontinued operations - 39,013 Severance agreement 489,381 - Increase/(decrease) in contingent liability (29,780,000 ) 32,461,680 Intangible impairment - 436,578 Non-cash consideration received for services provided 132,657 (470,000 ) Non-cash lease expense 1,180,213 - Changes in operating assets and liabilities: Accounts receivable 514,352 60,155 Accounts receivable - related party - (462,137 ) Other accounts receivable - 2,737 Inventory (535,146 ) (3,123,437 ) Note receivable related party - 156,147 Deposits (938,112 ) (761,383 ) Merchant reserve 386,912 (93,316 ) Prepaid inventory 615,280 (903,458 ) Proceeds from sale of securities - 410,094 Prepaid rent - 180,000 Prepaid expenses and other current assets 645,796 (963,044 ) Accounts payable and accrued expenses 1,479,189 2,280,726 Accounts payable and accrued expenses related party - (7,502 ) Operating lease liability (1,045,285 ) - Deferred Revenue/customer deposits 37,802 (416,619 ) Collection on discontinued operations accounts receivable 587,083 - Deferred tax liability (1,345,300 ) (2,425,000 ) Cash used by operating activities (10,664,336 ) (15,377,467 ) Cash flows from investing activities: Net cash used for merger - (916,555 ) Purchase of other investment securities (250,000 ) - Purchase of intangible assets - (50,000 ) Purchase of property and equipment (1,320,095 ) (1,198,618 ) Cash used by investing activities (1,570,095 ) (2,133,850 ) CBDMD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019 (continued) Cash flows from financing activities: Proceeds from issuance of common stock 16,766,106 19,009,897 Proceeds from issuance of preferred stock 4,421,928 - Proceeds from Paycheck Protection Program loan 1,456,100 - Preferred dividend distribution (366,850 ) - Proceeds from Note payable 29,629 - Payments on Note payable related party - (764,300 ) Deferred issuance costs 62,197 (326,868 ) Cash provided by financing activities 22,369,110 17,918,729 Net increase in cash 10,134,678 407,413 Cash and cash equivalents, beginning of year 4,689,966 4,282,553 Cash and cash equivalents, end of year $ 14,824,644 $ 4,689,966 cbdMD, Inc. SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATION OF NON-GAAP ADJUSTED INCOME (LOSS) FROM OPERATIONS (Unaudited) Fiscal Year Ended September 30 Three Months Ended September 30 2020 2019 2020 2019 GAAP (loss) from operations $ (17,581,856 ) $ (14,796,891 ) $ (4,531,073 ) $ (5,286,154 ) Adjustments: Depreciation 720,754 289,574 221,360 17,453 Employee and director stock compensation (1) 1,985,803 2,688,529 537,943 1,136,158 Other non-cash stock compensation for services (2) 338,400 289,750 253,950 - Non-cash inventory adjustment (3) 2,207,000 - 1,663,000 - Write down of legacy accounts receivables (4) 102,000 - 102,000 - Accrual for severance 489,381 - 489,381 - Accrual / expenses for discretionary bonus 200,000 - 200,000 - Non-GAAP adjusted (loss) from operations $ (11,583,516 ) $ (11,529,036 ) $ (1,063,439 ) $ (4,132,543 ) (1) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period. (2) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period. (3) Amount represents an operating expense related to inventory loss related to issues tied to physical inventory issues, regulatory changes impacting labels and packaging, write-off of raw materials and a net realized valuation adjustment on non-core finished goods. (4) Write down of legacy accounts receivable. cbdMD, Inc. SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATION OF NON-GAAP ADJUSTED GROSS PROFIT MARGIN (Unaudited) Fiscal Year Ended September 30 Three Months Ended September 30 2020 2019 2020 2019 Total net sales $ 41,883,734 $ 23,651,551 $ 11,699,917 $ 9,544,137 Cost of sales 15,514,728 9,136,677 5,334,090 4,127,491 Gross profit $ 26,369,006 $ 14,514,873 $ 6,366,359 $ 5,416,646 Gross profit margin 63.0 % 61.4 % 54.4 % 56.8 % Adjustments: Non-cash inventory adjustment (1) 1,974,000 - 1,663,000 - Non-GAAP adjusted gross profit $ 28,343,539 $ 14,514,873 $ 8,029,359 $ 5,416,646 Non-GAAP adjusted gross profit margin 67.7 % 61.4 % 68.6 % 56.8 % (1) Amount represents an operating expense related to inventory loss related to issues tied to physical inventory issues, write-off of scrap material and a net realized valuation adjustment on non-core finished goods.

Answer: cbdMD Reports Fiscal September 30, 2020 Results Fiscal Year Net Sales Increased 77% To Record $41.9 Million e-Commerce Direct-to-Consumer Sales Jump 106% to $30.5 Million