YCBD stock dropped nearly 3.5% on Thursday, as cbdMD (NYSEAMERICAN:YCBD) celebrates the second annual National CBD Day as official founder. It marks the third consecutive day in which cbdMD share prices fell, following on from a strong month of recovery in the aftermath of the CannTrust scandal, which dragged down share prices across the industry.
X-Games Medal Haul Boost
YCBD stock was buoyed earlier this week after the company’s sponsored team took home six medals at the 2019 X-Games in Minneapolis. The medal haul included Ryan “R-Willy” Williams, who won Gold in The Real Cost BMX Big Air event, making X Games History by being the first-ever to win 3 consecutive BMX Big Air events. YCBD stock climbed from a year low of $3.63 to $5.14 on Tuesday, August 6, following the end of the competition. However, YCBD shares remain adrift from a year high of $7.24.
Origins of National CBD Day
North Carolina-based cbdMD Inc founded National CBD Day in the US last year to raise awareness surrounding the benefits CBD brings to people across the globe every year. Studies indicate that the CBD market could reach $20 billion USD by 2024, and the industry was last year boosted by the passing of the 2018 Farm Act, which legalized the cultivation of industrial hemp in the US, essentially blowing the market wide open.
YCBD stock hit an all-time low of $2.88 in December 2018 but recovered strongly following the 2018 Farm Act until June this year when the CannTrust scandal dented the entire industry.
Caryn Dunayer, President of cbdMD, said the company was inspired to lobby for a National CBD Day due to lack of marketing and advertising available to hemp and CBD companies, which can be ostracized by media platforms and regulators because of their association with marijuana. National CBD Day takes places every year on August 8, as well as a National Hemp Day on February 4, which cbdMD also successfully lobbied for.
Featured image: DepositPhotos © yanlev