CbdMD (NYSEAMERICAN:YCBD) stock is surging higher on Monday thanks to a deal with Amify to bring its products to Amazon (NASDAQ:AMZN).
According to a news release, cbdMD signed a multi-year exclusive agreement with Amify. Amify is a platform partner with Amazon that will allow cbdMD to list its CBD products on the e-commerce website.
However, YCBD won’t see the fruits of the deal with Amify just yet. Amazon currently doesn’t allow CBD products to be sold via its platform. Even so, that’s expected to change with growing interest in the products.
CbdMD notes that Amazon allowing CBD products would let it list a large collection of its goods on the store. That includes its gummies, tinctures, gelcaps, and topicals, as well as other products.
Martin Sumichrast, chairman and CEO of cbdMD, said the following about the deal boosting YCBD stock today.
“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.”
YCBD stock is up 25.6% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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