August 12, 2020
CbdMD is reporting record sales in its latest earnings report, despite widespread shutdowns that have plagued the economy.
"Consumer demand was very strong and we see that pushing through into the current quarter," Marty Sumichrast, CEO & chairman of cbdMD, told Cheddar.
Much of cbdMD's growth, according to Sumichrast, is attributable to a massive surge in online sales, likely due in-part to stay-at-home orders. The company raked in $8.2 million in e-commerce revenue — a 77 percent increase year-over-year.
CbdMD's continued growth and expansion, particularly into pet products, has also led to its recent success, as customers have grown to trust the brand, Sumichrast said.
"When we started Paw-CBD, we had our veterinarians look at the ingredients and how to do it. We mixed CBD with proven ingredients in the veterinary market," he explained.
While CBD is still a fairly new market — for animals especially — and new information continues to surface surrounding uses and benefits, Sumichrast said growing sales indicate customer satisfaction.
"We can't make [medical] claims. You have to be very careful of that," he said. "Our consumers are buying it, and they're using it, and they're finding that it helps their pets for many things."
For Sumichrast and cbdMD, there is no ceiling to the company's potential as they plan to continue dominating in the evolving industry by broadly emphasizing the brand over specific products.
"There's a lot of competition out there with smaller companies and those companies are simply not going to be able to survive in the regulatory framework," Sumichrast noted.