By Sheldon Baker11.13.23
Ronan Kennedy has served as interim CEO at cbdMD since March 2023 and CFO since late 2020. Prior to joining cbdMD, Kennedy spent 14 years in private equity, both on the investment team and as a C-level executive in PE-backed investments. Kennedy received a BS in mechanical engineering from Virginia Polytechnic Institute & State University and an MBA from the Fuqua School of Business, Duke University.
Area Code 420 (AC 420): What do you attribute to the success of your company?
Kennedy: We have an amazing brand that was driven by innovation from the beginning—be it how we marketed our products (founding national CBD day, and athletic sponsorships) to now investing in new, differentiated products including high strength CBD, NSF for Sport Delta 9, nootropics, and other forthcoming nutraceuticals. We also have a passionate team of thought leaders committed to providing consumers with the best hemp-derived products, focused on industry advocacy, legislation, research, and science.
AC 420: What is cbdMD’s competitive advantage?
Kennedy: Our amazing team. We also believe the investment in our quality, safety, and clinically studied efficacy data gives us a differentiated product customers can trust, plus having a medical advisor Dr. Lucille Vega, MD, and Sibyl Swift, PhD for regulatory expertise and advocacy. We have best-in-class natural wellness solutions and differentiated products including high-strength CBD products, unique ingredient partnerships, and NSF Certified for Sport certification, the largest range of products certified to NSF standards in the industry.
AC 420: The CBD industry (from a business standpoint) is going through many changes. What do you feel is the biggest challenge facing CBD executives today?
Kennedy: Access to distribution channels and advertising restrictions tied to the CBD category is one factor. Then there’s the regulatory landscape and the absence of federal clarity and a growing patchwork of state regulation creating confusion and commercial burden on companies from a compliance standpoint. It’s a highly fragmented industry with limited barriers to entry that lets thousands of brands operate without doing the right regulatory and safety work. Communicating benefits to the consumer base in line with legislation and education. And promulgation of alphabet compounds—tons of new cannabinoids entering the market that confuse customers and that can be dangerous, thus impacting trust.
AC 420: Any pending legislation that might impact your company?
Kennedy: We are seeing a patchwork of state regulation around various compounds including CBD with varying rules and limits making 50-state compliance challenging. The lack of regulatory clarity from Washington has let this happen. We continue to see ongoing proposals for regulation and anticipate some with respect to the New Farm Bill in 2023.
AC 420: As an organization gets larger there can be a tendency for the “institution” to dampen the “inspiration.” As interim CEO, how might you keep this from happening?
Kennedy: Our executive leadership team has been working on team spirit with all the changes going on in our organization. I think we are more focused than we ever have been on team bonding as well and this is resulting in such a strong operational team helping push us forward.
AC 420: Has AI, at this time, played a role in your product development?
Kennedy: No. We have superhumans still employed at cbdMD, so we rely on our internal team and development partners for all new product innovation and formulation developments. We are, however, starting to utilize AI services to help with product names, content, branding, and some ad creative.
AC 420: Talk about the new gummy and CBD+THC oil tincture products that were recently introduced.
Kennedy: We have had a successful line of hemp-derived Delta 9 Full Spectrum CBD products for over a year now and used the feedback from our customers to improve the offering and overhaul and improve our packaging. So far, we are getting great reviews. The new Delta 9 gummy line is the brand's first line designed to provide a specific strain-like experience and create a personalized morning-to-night routine that makes it easier than ever for consumers to incorporate these products into their daily lives. The new line also provides users with a gentler experience and a daily routine for energy and focus, stress relief, and calming effects, anytime, anywhere. Products included in the new Delta 9 gummy line:
AC 420: Where do you envision the most significant company growth occurring in the next few years?
Kennedy: More Delta 9 product offerings, non-cannabinoid-based products, other natural nutraceutical products, potential strategic acquisitions, and strategic retail partners.
About the Author: Sheldon Baker is a full-time freelance writer who covers health and wellness and other fun topics for Nutraceuticals World, Rodman Media, and other publications. He’s based in Northern California near Yosemite National Park, and enjoys exploring worldwide destinations, especially New York City, Mumbai, India, and Sydney, AU. He’s also happy to hang out at home with his wife and the many young foster children in their care. Follow him on Twitter @SCB3128 or send him an email at contact@the420areacode.com.
Area Code 420 (AC 420): What do you attribute to the success of your company?
Kennedy: We have an amazing brand that was driven by innovation from the beginning—be it how we marketed our products (founding national CBD day, and athletic sponsorships) to now investing in new, differentiated products including high strength CBD, NSF for Sport Delta 9, nootropics, and other forthcoming nutraceuticals. We also have a passionate team of thought leaders committed to providing consumers with the best hemp-derived products, focused on industry advocacy, legislation, research, and science.
AC 420: What is cbdMD’s competitive advantage?
Kennedy: Our amazing team. We also believe the investment in our quality, safety, and clinically studied efficacy data gives us a differentiated product customers can trust, plus having a medical advisor Dr. Lucille Vega, MD, and Sibyl Swift, PhD for regulatory expertise and advocacy. We have best-in-class natural wellness solutions and differentiated products including high-strength CBD products, unique ingredient partnerships, and NSF Certified for Sport certification, the largest range of products certified to NSF standards in the industry.
AC 420: The CBD industry (from a business standpoint) is going through many changes. What do you feel is the biggest challenge facing CBD executives today?
Kennedy: Access to distribution channels and advertising restrictions tied to the CBD category is one factor. Then there’s the regulatory landscape and the absence of federal clarity and a growing patchwork of state regulation creating confusion and commercial burden on companies from a compliance standpoint. It’s a highly fragmented industry with limited barriers to entry that lets thousands of brands operate without doing the right regulatory and safety work. Communicating benefits to the consumer base in line with legislation and education. And promulgation of alphabet compounds—tons of new cannabinoids entering the market that confuse customers and that can be dangerous, thus impacting trust.
AC 420: Any pending legislation that might impact your company?
Kennedy: We are seeing a patchwork of state regulation around various compounds including CBD with varying rules and limits making 50-state compliance challenging. The lack of regulatory clarity from Washington has let this happen. We continue to see ongoing proposals for regulation and anticipate some with respect to the New Farm Bill in 2023.
AC 420: As an organization gets larger there can be a tendency for the “institution” to dampen the “inspiration.” As interim CEO, how might you keep this from happening?
Kennedy: Our executive leadership team has been working on team spirit with all the changes going on in our organization. I think we are more focused than we ever have been on team bonding as well and this is resulting in such a strong operational team helping push us forward.
AC 420: Has AI, at this time, played a role in your product development?
Kennedy: No. We have superhumans still employed at cbdMD, so we rely on our internal team and development partners for all new product innovation and formulation developments. We are, however, starting to utilize AI services to help with product names, content, branding, and some ad creative.
AC 420: Talk about the new gummy and CBD+THC oil tincture products that were recently introduced.
Kennedy: We have had a successful line of hemp-derived Delta 9 Full Spectrum CBD products for over a year now and used the feedback from our customers to improve the offering and overhaul and improve our packaging. So far, we are getting great reviews. The new Delta 9 gummy line is the brand's first line designed to provide a specific strain-like experience and create a personalized morning-to-night routine that makes it easier than ever for consumers to incorporate these products into their daily lives. The new line also provides users with a gentler experience and a daily routine for energy and focus, stress relief, and calming effects, anytime, anywhere. Products included in the new Delta 9 gummy line:
- UPLIFT is a first-of-its-kind formulation that gives users an added boost of 25 mg of caffeine, paired with a juicy burst of watermelon flavor, for extra energy with the THC and CBD for a Sativa-style experience.
- ELEVATE features a bright lemon flavor in a balanced hybrid Sativa and Indica style blend to provide a boost of a better mood and steady chill.
- RELAX offers a soothing Indica-style experience perfect for chilling out any time in a fruity tropical punch flavor full of the Indica-style calming relaxation we all crave.
AC 420: Where do you envision the most significant company growth occurring in the next few years?
Kennedy: More Delta 9 product offerings, non-cannabinoid-based products, other natural nutraceutical products, potential strategic acquisitions, and strategic retail partners.
About the Author: Sheldon Baker is a full-time freelance writer who covers health and wellness and other fun topics for Nutraceuticals World, Rodman Media, and other publications. He’s based in Northern California near Yosemite National Park, and enjoys exploring worldwide destinations, especially New York City, Mumbai, India, and Sydney, AU. He’s also happy to hang out at home with his wife and the many young foster children in their care. Follow him on Twitter @SCB3128 or send him an email at contact@the420areacode.com.
