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Company Overview - cbdMD was acquired in December 2018 and had FY23 net sales of $24 million[9] - The company reduced headcount from 180 to 48[21] - The company achieved $12 million in annual run-rate SG&A cost reductions in 1Q24 compared to 1Q23[20] Market Position and Brand Strength - 95% of cbdMD customers reported product effectiveness in 2023, a 6% increase from 89% in 2022[39, 40] - cbdMD is positioned within the top 10 brands in the US market for both gummies and tinctures categories[33] - The company's products have received several awards, including the 2023 Pet Innovation Award and 2024 Wholefoods Natural Choice Awards[30] Financial Performance - In Q1 2024, revenue was $538 million, gross profit was $355 million, and total SG&A was $465 million[97] - GAAP loss from operations in Q1 2024 was $110 million[97] Market Opportunities - The US CBD market is expected to double to $10 billion by 2028[65] - IBIS World predicts the CBD industry will grow at 28% in 2023 and 2024[67] - The global functional mushroom market was valued at $3171 billion in 2023 and is expected to grow at a CAGR of 112% from 2024 to 2030[70, 71]