Benzinga | Feb 1, 2021 03:43PM EST

CbdMD To Donate Up To $500K From Sales To Portnoy's Barstool Fund

CbdMD Inc. (NYSE:YCBD) agreed to donate up to $500,000 from its online sales to The Barstool Fund, an initiative set up by Barstool Sports Founder Dave Portnoy to provide financial aid to small businesses.

What Happened: "As fellow entrepreneurs and small business owners, we know firsthand how difficult the COVID-19 pandemic has been for so many small business owners here in America," CbdMD co-CEO Marty Sumichrast said, praising Portnoy for helping businesses during "this time of need."

"Small businesses are the backbone of the American economy," Sumichrast said. "It's good for America when small businesses thrive, and we urge other business owners to help however you can, as soon as you can."

For the month of February, any topical purchased via CbdMD.com -- using the code BARSTOOLFUND -- will receive a 25% discount. CbdMD pledges to match the 25% discount in a cash donation to The Barstool Fund, up to $500,000.

See Also: Michigan Cannabis Business Donates $420,420 To Barstool Fund Through Sports Betting Match Promotion

Why It's Important: "This way, not only do our customers win, but so do small businesses that The Barstool Fund will aid," Sumichrast added.

CbdMD isn't the only contributor to The Barstool Fund in recent weeks. Billionaire investor Chamath Palihapitiya, who helped drive up the stock of GameStop (NYSE:GME) amid last week's short-selling drama, says he will donate his initial investment and profits to The Barstool Fund.

The Barstool Fund has made contributions to small-town restaurants and bars, including Caf? Fresco in Harrisburg, Pennsylvania and Breen's Cafe in Worcester, Massachusetts.

At publication time, the fund has raised over $33 million supporting 213 businesses.