In the category of extremely tight consolidations coming to a head in an explosive growth market segment, CV Sciences Inc (OTCMKTS:CVSI) should be basically at the top of the list. The company is a growth play in the booming CBD space and has been narrowing in a sideways consolidation for the past 8 months, with a strong bid consistently coming up under the action.
To further flesh out the story, the company just announced the appointment of Douglas “Duffy” MacKay, N.D., as Senior Vice President of Scientific and Regulatory Affairs, effective March 18, 2019. According to the release, “Dr. MacKay will oversee the Company’s scientific and regulatory affairs department, ensuring CV Sciences continues to pioneer the development of hemp-based cannabidiol (CBD) products driven by rigorous science, innovation, and regulatory compliance.”
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 the appointment of Douglas “Duffy” MacKay, N.D., as Senior Vice President of Scientific and Regulatory Affairs, effective March 18, 2019.
That news was unequivocally positive for the stock. As it stands, CVSI is pushing higher, logging roughly 4% in gains over the past five days of trading activity. CVSI shares have been relatively flat over the past month of action, with very little net movement during that period. Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 0% beyond what we have been seeing over the larger time frame.
“Dr. MacKay is renowned in the fields of natural medicine, nutrition and public policy, and his background and leadership capabilities make him the ideal person to lead our scientific and regulatory team,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “CV Sciences is dedicated to accelerating CBD innovation, and imperative to that commitment is our ability to attract the world’s best talent. Employing people with the caliber of Dr. MacKay allows CV Sciences to not only strengthen our position as a provider of high-quality CBD products, but also improves the knowledge base and credibility of the overall industry through advanced understanding of research, product, and technology development, while ensuring regulatory compliance.”
Earning a current market cap value of $476.58M, CVSI has a significant war chest ($11M) of cash on the books, which compares with 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%. We will update the story again soon as further details emerge. 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.