CHARLOTTE, N.C.--(BUSINESS WIRE)--cbdMD, Inc. (NYSE American: YCBD, YCBD PR A), a leading cannabidiol (CBD) consumer brand, announced today that Michael Young, the Chairman of the Board of Better Choice Company, Inc. (OTCQB: BTTR) (“Better Choice”), an animal health and wellness company, has become an advisor to cbdMD, Inc.
Better Choice and cbdMD recently announced that subject to the negotiation and execution of definitive agreements, both parties intend to contribute certain CBD animal health related assets, including brands, CBD supply, logistics, service agreements, intellectual property, back office support and other assets with the mutual goal of expanding their respective hemp derived CBD pet brands, in exchange for 50% ownership in the to be formed JV. Both parties anticipate that they will leverage their sales teams, marketing capabilities, online presence, and distribution channels to maximize the economies of scale of the partnership.
“Mike understands how to rapidly grow and monetize businesses, especially in the CBD and cannabis industries. We are confident that Mike will provide valuable insight with respect to several cbdMD growth opportunities we are currently reviewing. In addition, we expect to announce shortly the next steps of our joint venture partnership Better Choice,” said Martin Sumichrast, Chairman and co-CEO of cbdMD, Inc.
Mr. Young is a founding partner of Cottingham Capital, an investment company based in Nashville, TN focused on real estate and technology investment. Mr. Young was the founding shareholder and board member of Nuuvera Inc., which in March 2018, was acquired by Aphria, Inc. for $425 million USD. Mr. Young also served on the board at ICC Labs, which was acquired for C$290 million by Aurora in September, 2018. Prior to 2017, he served as the Managing Director and Co-Head of Trading for GMP Securities, a Canadian investment bank.
About cbdMD, Inc.
cbdMD, Inc. is a nationally recognized consumer cannabidiol (CBD) brand whose current products include CBD tinctures, CBD gummies, CBD topicals, CBD bath bombs, and CBD pet products. cbdMD is also a proud partner of Bellator MMA, Life Time, Inc., and Supercross, 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, THC-free* CBD products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook, or visit one of the over 4,000 retail outlets that carry cbdMD products.
About Better Choice Company, Inc.
Better Choice Company, Inc ("BTTR") is a publicly traded animal health and wellness company founded on the belief that good health practices and nutrition contribute to, and promote, a higher quality of life. The company has built a portfolio of global animal wellness brands, including TruPet, TruGold and Elvis Presley's Hound Dog. BTTR's core product lines comprise ultra-premium, all-natural pet food, treats and supplements, with a special focus on freeze dried and dehydrated raw products. For more information, please visit https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. cbdMD, Inc. has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved, including but not limited to our ability to negotiate definitive terms of the joint venture, close the proposed joint venture, and in the event we close the joint venture, the realization of any expected benefits from such transaction. Further information on cbdMD’s risk factors is contained in Annual Report on Form 10-K for the year ended September 30, 2019, as amended, and its other filings with the Securities and Exchange Commission. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. cbdMD, Inc. undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, 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.