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CBD Giant’s Challenging Year: Q4 Net Sales Slide By 27% But Net Loss Narrows 67% YoY

By Jelena Martinovic
December 26, 7:05 PM
cbdMD reported a 27% year-over-year drop in net sales for the fourth quarter of 2023, totaling $5.7 million. The company attributed the decline to industry trends, reduced marketing spend, and lower wholesale pricing for its new high-strength products. For the full fiscal year 2023, net sales reached $24.2 million, down from $35.4 million in the previous year. Gross profit for the year was approximately $15 million, a decrease from $22.3 million in fiscal 2022. The company reported a net loss of about $23 million, compared to $70 million in 2022. Operating expenses fell to $24.2 million from $40 million in the prior year. cbdMD's working capital on September 30, 2023, was $3.4 million, down from $10.7 million on the same date in 2022. The company also launched its hempMD and ATRx brands in 2023, expanding its product channels into Amazon and other consumer products channels.

YCBD

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2 minute read

Toronto Cannabis Co. Trees Seeks Creditor Protection, Here’s What You Need To Know

By Jelena Martinovic
December 26, 7:00 PM
Trees Corporation, a Toronto-based company, has obtained creditor protection from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (CCAA). The company and its subsidiaries have been actively seeking additional financing and engaged a financial advisor to explore strategic options, including financing options. The company's directors determined that filing for creditor protection was in the best interest of the company. The initial order includes a stay of proceedings and the appointment of Ernst & Young as the monitor of the company. The board of directors and management will remain in place while the company undergoes the restructuring process.

TREE