CV Sciences Inc (OTCMKTS:CVSI) has done nothing but skyrocket over the last three months. The stock was a buck and a quarter at the start of the summer and now is sitting strong above $5.00. This company is the reason why traders stay hooked on microcap stocks. The key driver for the stock has been the continued ticking clock of the soaring legal cannabis market – specifically the radical explosion of the CBD market – plus dynamite fundamentals.
CVSI saw record sales in Q2 of $12,349,000 along with record gross profits of $9,060,000. Furthermore, the retail channels are expanding at a healthy clips with now close to 2,000 stores plus nice forward momentum for their drug, CVSI-007, which is a smokeless tobacco product. CEO Dowling touched on this in the Q2 presser: “Our drug development program is making steady progress in advancing our proprietary lead drug candidate – CVSI-007 – which addresses the multibillion dollar smokeless tobacco use and addiction market. We continue to make progress with our pre-clinical program as we advance toward filing an Investigational New Drug application in 2019. We are confident that our continued growth and profitability will allow us to initially pursue our drug development plans without the need for additional outside capital in the near term. We also filed our application for up-listing to the Nasdaq Capital Market which could significantly enhance shareholder value. In looking ahead, we expect to deliver a strong second half and believe we have the ability to continue this growth momentum in 2019 and beyond.” Combined, the first 6 months have been astounding for CVSI, with sales cooking at an increase of 160%. This growth is all organic and now the company has plenty of cash to help expand the foot print even further.
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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“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 Dowling again.
CV Sciences Inc (OTCMKTS:CVSI) is one of the stocks we have been covering steadily since last year, but if you missed the ramp up there is still plenty of upside left. The company has a market cap of $508.62M with a float of 80.69M. We will continue to cover this exciting stock as we see more ahead on the horizon. 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.