CHARLOTT — Level Brands, Inc., a marketing and brand management company, plans to change its name to cbdMD Inc., according to a Securities and Exchange Commission filing on Friday.
The Charlotte-based company will seek approval for the name change at its annual shareholder meeting to be held on March 29. The shareholders meeting will also include the expansion of its board of directors to include three new board members, among other items.
Level Brands wants to change its name to cbdMD, the name change comes less than two months after the company acquired consumer cannabidiol brand cbdMD as part of its mergers with Cure Based Development LLC, which closed on Dec. 20.
Level Brands now owns and operates cbdMD, whose current products include CBD gummies, CBD tinctures, CBD topical, CBD bath bombs, CBD oils, and CBD pet products.
Other brands in the company’s portfolio include Loose Leaf Eyewear, an eyewear company based in New York; Sugar Down, a supplement that reduces after-meal sugar levels; and Damiva, a women’s health company. Level Brand focuses on consumer products marketing beauty, fashion and entertainment.
Martin Sumichrast, a board member since 2015, has served as chief executive officer and president since September 2016. Sumichrast also acts as managing director of Washington Capital LLC, a family owned business.
The company also released its quarterly results Thursday where it announced an increase in total net sales to $1.2 million, up 82 percent from the prior year. The press release can be found here.
The shareholders meeting will be held Friday, March 29, 2019, at 4521 Sharon Road, Suite 450, Charlotte, NC 28211 beginning at 1 p.m. local time. Other matters being voted on during the meeting can be found here.
Its stock is down 6 cents to $4.81 in Friday morning trading.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
