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Coronavirus Update: cbdMD Reports Overall Boost in Sales, Moderna's Government Award

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Good morning, it's Wednesday, August 12. Here's your daily coronavirus update. 

There are over 20.3 million cases of the virus worldwide, with over 742,000 deaths. 

According to Johns Hopkins, the U.S. has surpassed 5.1 million cases with over 164,000 deaths. 

According to the COVID-19 Tracking Project, there were 55,594 new cases reported Tuesday. 739,083 new tests were reported. And 1,326 deaths were reported yesterday. 

Moderna won an award of up to $1.5 billion from the U.S. government for 100 million doses of its as-yet-unapproved mRNA-1273 vaccine candidate for Covid-19, the disease caused by the coronavirus.

The contract includes incentive payments for timely delivery of the vaccine. The mRNA-1273 vaccine entered Phase 3 trials on July 27.

Under the agreement, the government will have an option to acquire 400 million additional doses. The deal follows an early development grant this year for $955 million from the Biomedical Advanced Research and Development Authority (BARDA) at the Department of Health and Human Services.

HHS Secretary Alex Azar said in a statement that "we are assembling a broad portfolio of vaccines to increase the odds that we will have at least one safe, effective vaccine as soon as the end of this year."

And finally, TheStreet's Katherine Ross spoke to cbdMD CEO Martin Sumichrast following CBDMD's earnings released before the bell. 

In the earnings release, Sumichrast said, "cbdMD reported its single biggest quarterly net sales in its history. Our decisions to concentrate on building brand equity for award-winning cbdMD and Paw CBD brands, as well as and focus on our e-commerce strength, has paid off."

cbdMD reported net sales of $10.6 million, a year-over-year quarterly increase of approximately 33%.

The company also reported record quarterly e-commerce, direct to consumer net sales of $8.2 million, which is an increase of 77% year-over-year and a sequential quarterly increase of approximately 21%.

Sumichrast told Ross that cbdMD, "[we] aim to be the Chewy of the CBD world."

He noted that there is a greater demand for CBD, and that there was an overall boost in sales this quarter. 

Some of the key products? Tinctures and gummies. 

Sumichrast also noted that education around CBD is a top priority for the company.  

He praised everyone working on orders throughout the company, but specifically the warehouses, saying that "they never missed a beat."

The stock trades around $3 a share, and is up 323% over the past three months.

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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