cbdMD, Inc. (NYSE American: YCBD) is a U.S.-based cannabidiol (CBD) company, which maintains a wide-ranging product line of CBD-based consumer packaged goods. Shares of the CBD company shot up 30.20% during trading on Monday, November 29, 2021. Over the past three months, cbdMD has seen average daily volume of 212,760 shares. However, volume of 38.22 million shares or dollar volume of around $74.15 million, exchanged hands during trading on Monday.
Shares of cbdMD rallied after the company announced that it has entered into an exclusive multi-year agreement with Amify, a platform partner of Amazon.com, Inc. (NASDAQ: AMZN), to prepare for CBD products to be listed on the world’s largest online marketplace. Amify will serve as the company’s exclusive CBD partner to launch the cbdMD product line onto Amazon, as soon as the new product category is given the “green light” from the marketplace. This includes cbdMD’s line of CBD gummies, tinctures, capsules, topicals and its Paw CBD pet brand.
In preparation for the product listings, cbdMD has been working with Amplify to establish its Amazon seller accounts, Amazon store, launch strategies, and other back-end activities. In addition to marketing, advertising, content and strategy, Amify will help manage the company’s Amazon storefronts by overseeing inventory levels, maintaining customer service, returns, and more.
“As an industry, this is the moment we’ve all been waiting for, and we believe we are close. When a global retailer like Amazon is ready to accept your products, you get your strategy prepared and perfected so you’re ready to go to market as soon as possible. That’s exactly what this partnership represents. We are already one of the largest online CBD businesses in America, and this distribution channel will play into our strength. We are excited to be at the forefront of this category inclusion and we’re taking all the necessary steps to properly prepare for launch. Whenever that launch is, we’ll be ready,” said Chairman & Co-CEO Martin Sumichrast.
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