That parabolic firework you see over there? That’s the chart of CV Sciences Inc (OTCMKTS:CVSI). A rocket ship that has soared nearly 1,800% since last fall, CVSI has taken the lead as the speculative momo favorite in the CBD boom theme. The stock has hit another gear since credibly announcing that it has a plan and application in place to uplist onto the big boards.
To further foment that theme, the company just announced the appointment of Joseph Maroon, MD, FACS, to its Board of Directors. According to the release, “Dr. Maroon is a clinical professor and vice chairman of the Department of Neurological Surgery and the Heindl Scholar in Neuroscience at the University of Pittsburgh Medical Center (UPMC) and has held other positions at UPMC since 1998. He is a world-renowned neurosurgeon, and he brings his expertise in health, nutrition and wellness to expand the depth of medical and biotech leadership on the board. Dr. Maroon was previously a member of the Board of Directors and Chairman of the Scientific Committee of Mylan from 2005 to 2017.”
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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As noted above, this has been a bottle rocket. Traders will note a bit more than 110% tacked on to share pricing for the stock in the past month. What’s more, the stock has registered increased average transaction volume recently, with the past month seeing 68% beyond its prior sustained average level.
CV Sciences’ Chief Executive Officer, Joseph Dowling commented, “We are pleased to have the support of Dr. Maroon as we continue the expansion and distribution of our hemp cannabidiol (CBD) brand, PlusCBD Oil, and progress our drug development efforts. His extensive background as an expert in the field of health and wellness speaks volumes to his belief in the study of CBD as both a dietary supplement and pharmaceutical drug. Dr. Maroon’s vision in alternative medicine is clearly aligned with our Company, and we are delighted to be adding his talents to our Board of Directors. His appointment also satisfies the listing requirements for an independent board majority and advances our plans for a Nasdaq uplisting.”
Now commanding a market cap of $319M, CVSI has a significant war chest ($7.2M) of cash on the books, which compares with about $867K in total current liabilities. CVSI is pulling in trailing 12-month revenues of $33.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 202.5%. We will update the story again soon as developments 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.