cbdMD, a seller of consumer cannabidiol (CBD) products, said in a press release Wednesday it expects net sales to grow between 76 and 77 percent in fiscal 2020.

According to a press release announcing the preliminary financial results, cbdMD expects fiscal 2020 revenue in a range of $41.7 and $41.8 million, up from its 2019 net sales revenue of $23.7 million.

The company anticipates fourth-quarter net sales revenue in a range between $11.5 and $11.7 million, versus $9.54 million posted in the same period a year ago.

In the release, cbdMD CEO Martin Sumichrast said the company “continues to generate outstanding sales growth while reaffirming its commitment to reaching positive adjusted operating income during calendar 2020.”

The company, which sells products such as oils and topicals to gummies and pet products, has seen its direct to consumer (DTC) net sales channel grow between 71 percent and 72 percent in fiscal 2020, versus the 62.5 percent growth in fiscal 2019. Sumichrast expects further growth in 2021.

“As we look ahead into 2021, we expect the CBD industry to grow appreciably. We believe that this moment in time represents a singular investment opportunity. Nationally recognized brands, such as cbdMD and PawCBD, will likely capture significant market share as the industry consolidates,” Sumichrast added.

The CEO noted that regulation is likely to reduce competition and create barriers for more entrants into the CBD market.

“We believe that now is the time to capitalize on this opportunity. cbdMD has been a brand leader in marketing, product innovation and customer service and we expect to continue to gain more market share and achieve additional growth into 2021,” the executive said.

The company will report fourth-quarter earnings on Dec.16.

Shares of cbdMD (YCBD) were last trading 3 percent lower on Thursday near $2.19.