secwatch.observer — SEC 8-K summary
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Issuer:     cbdMD, Inc. (YCBD)
CIK:        0001644903
Form:       8-K
Filed at:   2024-08-29T23:59:59+00:00
Accession:  0001437749-24-027959
Event type: other_material
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 3.02
LLM model:  deepseek-v4-flash:cloud@v2

cbdMD acquires 'CBD MD' trademark from Majik Medicine for cash/stock; settles litigation
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- Paid $100k cash on closing; will pay $50k annually for 4 years ($300k total) and issued 75k shares of common stock (50k more in year 2).
- Entered 5-year consulting agreement with Majik; 15% commission on net sales increase from new wholesale customer base of licensed practitioners.
- Amendment to existing convertible notes and security agreement allows pledge of new trademark as permitted lien and payments as permitted indebtedness.
- Majik appointed board member William Raines III as proxy for the initial shares for 12 months.
- Company expects mark enhances IP portfolio and removes TTAB procedural impediments, avoiding continued litigation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1644903/000143774924027959/0001437749-24-027959-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1644903/000143774924027959/ycbd20240823_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-027959

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