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Sunday, January 16, 2022

Why CV Sciences Inc (OTCMKTS:CVSI) May Continue to Weather the Bears

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One of the most compelling binary dramas in the cannabis and CBD sector continues to be that which surrounds CV Sciences Inc (OTCMKTS:CVSI). The stock continues to battle bears tethered to the Citron scandal from August, but has maintained its levels far better than Mr. Left must have assumed at the time the attack was launched. As we see it, this is a “weathering” dynamic that likely bodes well based on the market’s information processing dimension.

This is likely because the raw numbers have held up for the business at this point. Helping to make that point, the company just announced its financial results for Q3. The highlights include record sales of $13,600,000, an increase of 143% compared to Q3 2017; record gross profit of $9,945,000, an increase of 149% compared to Q3 2017; record GAAP net income of $3,295,000, an improvement of $3,885,000 compared to Q3 2017; and record adjusted EBITDA of $4,128,000, an improvement of $3,253,000 compared to Q3 2017.

CV Sciences Inc (OTCMKTS:CVSI) bills 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, CVSI just announced its Q3 data, pointing to record sales, with a triple-digit y/y growth rate. In all, we’ve witnessed sideways movement in the stock over most near-term timeframes as the consolidation continues. What’s more, the name has seen interest climb, with an increase in recent trading volume of 32% beyond its prior sustained average level.

“We are encouraged by our performance as we delivered another strong quarter, including our third consecutive quarter of profitability. This was led by initiatives that include accelerating our brand recognition and brand loyalty and growing sales distribution channels that have generated triple-digit year-over-year revenue growth and double-digit sales growth on a sequential quarterly comparison. The demand continues to respond strongly to our leading PlusCBD product line, #1 in the hemp CBD product category in the natural products retail channel and we believe this is just the beginning for the vast and nascent hemp CBD market. Most notably during the quarter, we earned the industry’s first self-affirmed Generally Recognized as Safe (GRAS) status for our Gold Formula product line, a move that shows our dedication to building consumer confidence, trust and safety of our products. In conjunction with that, our product innovation was on full display with the introduction of our new PlusCBD Oil Gummies in two flavors, Cherry Mango and Citrus Punch as additional factors for driving revenue,” stated Joseph Dowling, Chief Executive Officer of CV Sciences.

Currently trading at a market capitalization of $489.4M, CVSI has a significant war chest ($11M) of cash on the books, which must be weighed relative to about $3M in total current liabilities. CVSI is pulling in trailing 12-month revenues of $41.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 143.3%. As more color becomes clear on the name, we will review the situation and update our take. 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.

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