For those looking for technical and financial performance in the OTC space right now, CV Sciences Inc (OTCMKTS:CVSI) is an interesting case study. Helping to confirm that sense, the company just announced unaudited second quarter 2018 revenue and selected business highlights for the quarter ended June 30, 2018.
According to the release, “Second quarter 2018 revenue is expected to be $12.3 million, up 203% compared to the second quarter of 2017, and a 53% sequential increase over Q1 2018. The company increased retail store count to 1,968 natural and organic health food stores as of June 30, 2018, representing an 11.1% sequential increase over the Company’s retail store count for the first quarter of 2018.”
CV Sciences Inc (OTCMKTS:CVSI) frames itself as a life science company, focuses on developing and commercializing novel therapeutics utilizing synthetic Cannabidiol (CBD).
CVSI operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors, including nutraceutical, beauty care, specialty foods, and vape.
Following the CanX Acquisition in December 2015, CV Sciences commenced its preclinical drug development program during the second quarter of 2016. The Company’s drug development efforts include pursuing synthetic-based Cannabidiol drug candidates in areas that have the potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.
The company was formerly known as CannaVEST Corp. and changed its name to CV Sciences, Inc. in January 2016. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.
CV Sciences Inc is led by Michael J. Mona, JR. founder of CV Sciences, Mr. Mona possesses over 30 years of senior management experience in a range of industries including real estate/construction, industrial farming, chemical processing and consumer products. Mr. Mona is a recognized industry leader in hemp farming operations and chemical extraction and has established a global supply chain of hemp-derived products.
According to company materials, “CV Sciences, Inc. (CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.”
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Traders will note 66% during the past month in terms of shareholder gains in the stock. Furthermore, the stock has benefitted from a jump in recent trading volume to the tune of 82% over what the stock has registered over the longer term.
“Q2 2018 was a pivotal quarter for the Company, as it validates our continued momentum in driving growth and sales,” stated Joseph Dowling, Chief Executive Officer (CEO) of CV Sciences. “In Q1 of 2018, we reported our first quarter of profitability, and with these Q2 results we have demonstrated the strength of our products and the power of our brand recognition within the industry. Our PlusCBD™ product line is now positioned for mainstream acceptance and expanded distribution as the health and wellness markets continue to embrace CBD commercialization and standardization.”
Currently trading at a market capitalization of $238.1M, CVSI has a significant war chest ($3.9M) of cash on the books, which must be weighed relative to about $390K in total current liabilities. CVSI is pulling in trailing 12-month revenues of $25M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 114.4%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $CVSI stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CVSI, either long or short, and we have not been compensated for this article.