{"url_path":"/sec/ycbd/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1644903/0001437749-26-017042-index.html","accession_number":"0001437749-26-017042","cik":"0001644903","ticker":"YCBD","issuer_name":"cbdMD, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1644903/0001437749-26-017042-index.html","primary_entity_key":"0001644903","primary_entity_name":"cbdMD, Inc."},"word_count":1847,"has_tables":true,"body_markdown":"ycbd20260331_10q.htm\n\n0001644903\ncbdMD, 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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n**(Mark One)**\n\n**☒ **\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n \n\n \nFor the quarterly period ended **March 31, 2026**\n\nor\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n \n\n \nFor the transition period from __________________ to _______________\n\n \n\nCommission file number **001-38299**\n\n \n\n \n\n**cbdMD, INC.**\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n**North Carolina**\n \n**47-3414576**\n\nState or Other Jurisdiction of Incorporation or Organization\n \nI.R.S. Employer Identification No.\n\n   \n\n \n\n**2101 Westinghouse Blvd., Suite A, Charlotte, NC** \n**28273**\n\nAddress of Principal Executive Offices\n \nZip Code\n\n \n\n**704-445-3060**\n\nRegistrant’s Telephone Number, Including Area Code\n\n \n\n \n\nFormer Name, Former Address and Former Fiscal Year, if Changed Since Last Report \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n**Title of each class**\n\n**Trading Symbol(s)**\n\n**Name of each exchange on which registered**\n\ncommon\n\nYCBD\n\nNYSE American\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.\n\n \n\nSee the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n  \nEmerging growth company\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\n \n\nAPPLICABLE ONLY TO CORPORATE ISSUERS\n\n \n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.\n\n \n\n10,497,919 shares of common stock are issued and outstanding as of May 13, 2026.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n \n\n**Page No**\n\n \n\n \n \n \n \n \n\n[**PART I-FINANCIAL INFORMATION**](#parti)\n\n \n\n \n \n\n[ITEM 1.](#parti)\n\n[Condensed Consolidated Financial Statements.](#parti)\n\n \n\n[5](#parti)\n\n \n\n \n \n \n \n \n\n[ITEM 2.](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#mda)\n\n \n\n[24](#mda)\n\n \n\n \n \n \n \n \n\n[ITEM 3.](#qqdmr)\n\n[Quantitative and Qualitative Disclosures About Market Risk.](#qqdmr)\n\n \n\n[32](#qqdmr)\n\n \n\n \n \n \n \n \n\n[ITEM 4.](#cp)\n\n[Controls and Procedures.](#cp)\n\n \n\n[32](#cp)\n\n \n\n \n \n\n[**PART II - OTHER INFORMATION**](#partii)\n\n \n\n \n \n \n \n \n\n[ITEM 1.](#legal)\n\n[Legal Proceedings.](#legal)\n\n \n\n[33](#legal)\n\n \n\n \n \n \n \n \n\n[ITEM 1A.](#risks)\n\n[Risk Factors.](#risks)\n\n \n\n[33](#risks)\n\n \n\n \n \n \n \n \n\n[ITEM 2.](#equitysales)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds.](#equitysales)\n\n \n\n[33](#equitysales)\n\n \n\n \n \n \n \n \n\n[ITEM 3.](#defaults)\n\n[Defaults Upon Senior Securities.](#defaults)\n\n \n\n[33](#defaults)\n\n \n\n \n \n \n \n \n\n[ITEM 4.](#msd)\n\n[Mine Safety Disclosures.](#msd)\n\n \n\n[33](#msd)\n\n \n\n \n \n \n \n \n\n[ITEM 5.](#oi)\n\n[Other Information.](#oi)\n\n \n\n[34](#oi)\n\n \n\n \n \n \n \n \n\n[ITEM 6.](#exhibits)\n\n[Exhibits.](#exhibits)\n\n \n\n[34](#exhibits)\n\n \n\n \n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n \n\n**OTHER PERTINENT INFORMATION**\n\n \n\nUnless the context otherwise indicates, when used in this report, the terms the “Company,” “cbdMD,” “we,” “us,” “our” and similar terms refer to cbdMD, Inc., a North Carolina corporation formerly known as Level Brands, Inc., and our subsidiaries CBD Industries LLC, a North Carolina limited liability company formerly known as cbdMD LLC, which we refer to as “CBDI,” Paw CBD, Inc., a North Carolina corporation which we refer to as “Paw CBD,” Proline Global, LLC, a North Carolina limited liability company which we refer to as “Proline,” cbdMD Therapeutics LLC, a North Carolina limited liability company which we refer to as “Therapeutics,” and BB Botanicals, a North Carolina limited liability company which we refer to as “Bluebird.” In addition, “fiscal 2025” refers to the fiscal year ended September 30, 2025, “fiscal 2026” refers to the fiscal year ending September 30, 2026, “first quarter of 2025” refers to the three months ended December 31, 2024 and “first quarter of 2026” refers to the three months ended December 31, 2025, “second quarter of 2025” refers to the three months ended March 31, 2025, “second quarter of 2026” refers to the three months ended March 31, 2026, “third quarter of 2025” refers to the three months ended June 30, 2025, and “third quarter of 2026” refers to the three months ended June 30, 2026.\n\n \n\nWe maintain a corporate website at www.cbdmd.com. The information contained on our corporate website and our various social media platforms is not part of this report.\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**\n\n \n\nThis Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, statements regarding our liquidity, capital resources and financial condition, path to profitability, ability to raise additional funds, impact of the implementation of the Act (defined below) on the Company’s results of operations and business, effect and advantages resulting from the equity line of credit (the “ELOC\"), expectations from the acquisition of Bluebird Botanicals (“Bluebird”), innovation and product portfolio improvements, expectations from the President’s Medicare reimbursement program, diversification of revenue and reduction in costs. Forward-looking statements are statements that are not historical facts and may include projections and estimates concerning the timing and success of specific products and services, our future production, revenues, income and capital spending and financing needs. These statements are generally identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of such terms and similar expressions.\n\n \n\nWe intend that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to the risks described below.\n\n \n\nMaterial risks associated with our overall business, including:\n\n \n\n \n\n●\n\nour history of losses, potential liquidity concerns, need to raise additional capital and our ability to continue as a going concern;\n\n \n\n●\n\nour current capitalization limits our ability to make strategic or accretive acquisitions or attract new investors;\n\n \n\n●\n\nour reliance on key digital marketing channels and our ability to effectively market to customers;\n\n \n\n●\n\nour ability to acquire new customers at a profitable rate;\n\n \n\n●\n\nour ability to bring new and compelling dietary ingredients to market;\n\n \n\n●\n\nour reliance on third party raw material suppliers and manufacturers;\n\n \n●\npotential impact of tariffs;\n\n \n●\nour reliance on key management personnel and our ability to attract and retain qualified employees;\n\n \n●\nour ability to execute our business strategy, including expanding distribution channels, cultivating additional brands, and pursuing strategic acquisitions;\n\n \n●\nour ability to maintain and grow relationships with distributors and retail partners and expand into new distribution channels;\n\n \n●\nour expectations regarding participation in the President's Medicare reimbursement program and similar government programs;\n\n \n●\nour ability to successfully integrate acquired businesses, including the Bluebird acquisition, and realize anticipated synergies and benefits therefrom; and\n\n \n●\n\nour reliance on third party compliance with our supplier verification program and testing protocols.\n\n \n\nMaterial risks associated with regulatory environment for dietary ingredients, including but not limited to CBD, including:\n\n \n\n \n\n●\n\nfederal laws and regulatory compliance, as well as FDA, FTC, DEA or USDA interpretation of existing regulations, pending federal executive orders, and law changes, including the Continuing Appropriations Act of 2026 (H.R. 5371) (the “Act”);\n\n \n\n●\n\nstate and local laws pertaining to regulated hemp products or dietary ingredients (such as industrial hemp), beverages and their derivatives;\n\n \n\n●\n\ncosts to us for compliance with laws and regulations and the risks of increased litigation;\n\n \n\n●\n\nacceptance of dietary ingredients, such as CBD or hemp-derived THC products; and\n\n \n●\nour ability to successfully adapt our product portfolio in response to changes in laws and regulations, including the potential impact of the Act.\n\n \n\nMaterial risks associated with the ownership of our securities, including:\n\n \n\n \n●\n\nthe risks for failing to maintain compliance with the continued listing standards of the NYSE American;\n\n \n●\nthe designations, rights and preferences of our Series B Convertible Preferred Stock (the “Series B Preferred Stock”) and Series C Convertible Preferred Stock (the “Series C Preferred Stock”);\n\n \n●\nthe risks for the potential dilution from the conversion of our Series B and C Convertible Preferred Stock and the potential adjustment of conversion rights of such securities;\n\n \n●\nour ability to access the ELOC with C/M Master Fund, LP, the conditions to drawing thereunder, and the impact of future sales of common stock on existing stockholders; and\n\n \n●\nthe risk of potential dilution from our ELOC.\n\n \n\nReaders should carefully review this report in its entirety, including the risks described in Part II, Item 1A of this report and in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 as filed with the Securities and Exchange Commission (the “SEC”) on December 19, 2025 (the “2025 10-K”), as amended on January 20, 2026, as well as our other filings with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statements are made. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason after the date of this Quarterly Report.\n\n \n\n4\n\n[Table of Contents](#toc)\n\n \n\n \n\n**PART 1**–**FINANCIAL INFORMATION**"}