About a month ago, we told you that CV Sciences Inc (OTCMKTS:CVSI) was heading into the big leagues and could display huge momentum. One look at this chart will show the prescience of this analysis. The stock has been launching into orbit ever since announcing that it was applying for an uplisting onto the Nasdaq.
The business here has been a leading growth story in the booming CBD products space. The company recent report card demonstrates the level of topline growth in play here, with record sales of $12,349,000, which represents an increase of 203% compared to Q2 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, the action has been straight to the upside of late, with nearly 240% during the past month in terms of shareholder gains in the listing. Furthermore, the stock has registered increased average transaction volume recently, with the past month seeing greater than 180% beyond its prior sustained average level.
“CV Sciences delivered strong financial results for the second quarter of 2018, including our second consecutive quarter of profitability. We also reported record key performance metrics that include triple-digit year-over-year revenue growth and double-digit sales growth on a sequential quarterly comparison. To date, we have been able to successfully execute our planned strategy of aggressively and consistently growing our sales distribution channels, further penetrate the market and increase our market share within the natural products industry. Our operating performance is driven by the strength of our market-leading PlusCBD product line, which today is #No. 1 in the hemp CBD product category in the natural products retail channel. In every aspect, we set new performance records and laid the groundwork for future expansion as the health and wellness markets continue to embrace CBD commercialization and standardization,” stated Joseph Dowling, Chief Executive Officer of CV Sciences.
Earning a current market cap value of $516.1M, CVSI has a significant war chest ($7.2M) of cash on the books, which must be weighed relative to 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.