CV Sciences Inc (OTCMKTS:CVSI) is rallying again today – up more than 5% at the time of writing and more than 48% over the last seven days – and it would seem that a key driver might be the new Farm Bill that seems likely to pass. CVSI was once trading above $9 as their product sales exploded, but then a report about their patents cooled them off. They seemed to have weathered the storm and their sales keep saying all that needs to be said.
This month CV announced its financial results for the third quarter ended September 30, 2018. These included sales of $13,600,000, an increase of 143% compared to Q3 2017, gross profit of $9,945,000, an increase of 149% compared to Q3 2017, and achieved industry’s first hemp extract self-affirmed Generally Recognized as Safe status for its hemp-derived CBD gold extract product line.
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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“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.
CV Sciences Inc (OTCMKTS:CVSI) is a company that is well ahead of the competition when it comes to CBD product strength and sales. The CBD market is spinning out from cannabis into its own juggernaut and this might be one of the best. Plus, CVSI is now at a steep discount. The company has a market cap of $499.41M with a float of 82.34M. 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.