cbdMD Forms New Subsidiary cbdMD Therapeutics LLC
16 March 2021 - 2:45AM
Business Wire
Former FDA Official, Dr. Sibyl Swift As
Co-Chair of cbdMD Therapeutics
cbdMD, Inc. (NYSE American: YCBD, YCBDpA) (the “Company”), one
of the leading, and most highly trusted and recognized cannabidiol
(CBD) brands, announced today that it has formed cbdMD Therapeutics
LLC (“cbdMD Therapeutics”), a newly formed wholly-owned subsidiary
of the Company for the purposes of isolating and quantifying the
Company’s ongoing investments in science related to its existing
and future products, including research and development activities
for therapeutic applications.
The Company also announced that Dr. Sibyl Swift, former U.S.
Food and Drug Administration (FDA) official, who serves as a
regulatory consultant to the Company, and Lance Blundell, Esq. the
Company’s General Counsel, will serve as Co-Chairs of cbdMD
Therapeutics. The Company previously announced in February 2020
that Dr. Swift had been engaged as a regulatory consultant to
oversee the Company’s regulatory initiatives and prepare its
products for further certifications. From 2014 to 2020, Dr. Swift
served in various capacities at the FDA. Prior to joining the FDA,
from 2012 to 2014, Dr. Swift was a research biochemist within the
Department of Defense (DOD) at the Armed Forces Radiobiology
Research Institute (AFRRI) and an Adjunct Assistant Professor at
the Department of Military Emergency Medicine at the Uniformed
Services University of the Health Sciences (USUHS). In her role at
AFRRI, she explored potential countermeasures and investigational
new drugs (INDs) for their therapeutic potential and also potential
toxicity.
“As one of the leading consumer CBD brands in the world, I
believe cbdMD is in a unique position to explore the therapeutic
potential of CBD and the other lesser-known cannabinoids, support
scientific advancements through clinical trials, and perform
toxicity studies to demonstrate the safety of cannabinoids as novel
therapies. The Company has formed cbdMD Therapeutics with the
mission to provide its customers with therapeutic options to
replace opioids and other prescription pain killers and bring to
market novel therapies for conditions where people suffer from
pain, inflammation, sleeplessness or anxiety such as
osteoarthritis, fibromyalgia, insomnia, and anxiety disorders.
These novel therapies will be first identified through the core of
cbdMD’s current dietary supplement science and research to further
expand its brand’s use and acceptance by consumers worldwide. The
launch of the cbdMD Therapeutics signals to the marketplace that
cbdMD is committed to providing the necessary resources to ensure
the success of this mission,” said Dr. Swift.
“As we have recently seen with the $7.2 billion acquisition of
GW Pharmaceuticals by Jazz Pharmaceuticals, the pharmaceutical
industry is recognizing the value and future potential of
cannabinoid-based medicines, as well as providing further
validation that significantly researched and developed medical
cannabinoids may provide solutions to patients’ and their medical
needs,” added Martin Sumichrast, Chairman and Co-CEO of cbdMD,
Inc.
About cbdMD, Inc.
cbdMD, Inc. is one of the leading, most highly trusted, and most
recognized cannabidiol (CBD) brands, whose current products include
CBD tinctures, CBD capsules, CBD gummies, CBD topicals, CBD bath
bombs and CBD pet products. To learn more about cbdMD and our
comprehensive line of over 130 SKUs of U.S. produced, THC-free1 CBD
products, please visit www.cbdMD.com, follow cbdMD on Instagram and
Facebook, or visit one of the 6,000 retail outlets that carry cbdMD
and Paw CBD products.
1 THC-free is defined as below the level of detection using
validated scientific analytical tools.
Forward-Looking Statements
This press release contains certain forward-looking statements
that are based upon current expectations and involve certain risks
and uncertainties within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking statements can
be identified by the use of words such as ''should,'' ''may,''
''intends,'' ''anticipates,'' ''believes,'' ''estimates,''
''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and
''proposes.'' These forward-looking statements are not guarantees
of future performance and are subject to risks, uncertainties, and
other factors, some of which are beyond our control and difficult
to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
You are urged to carefully review and consider any cautionary
statements and other disclosures, including the statements made
under the heading "Risk Factors" in cbdMD, Inc.'s Annual Report on
Form 10-K for the fiscal year ended September 30, 2020 as filed
with the Securities and Exchange Commission (the "SEC") on December
22, 2020, Item 1A. Risk Factors, contained in our Quarterly Report
on Form 10-Q for the period ended December 31, 2020 as filed with
the SEC on February 9, 2021 and our other filings with the SEC. All
forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements, many of which are
generally outside the control of cbdMD, Inc. and are difficult to
predict. cbdMD, Inc. does not undertake any duty to update any
forward-looking statements 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210315005529/en/
PR: 5W Public Relations cbdMD@5wpr.com (212) 999-5585
Investors: cbdMD, Inc. John Weston Director of Investor
Relations John.Weston@cbdMD.com (704) 249-9515
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