With shares of CV Sciences Inc (OTCMKTS:CVSI) now potentially tracing out a bull flag consolidation following its recent symmetrical triangle bullish breakout, we would assume there are plenty of new eyes now surveying the stock. To further flesh out the story, the company just announced that it has appointed Deloitte & Touche LLP as the company’s new independent registered public accounting firm.
Naturally, this announcement comes on the heels of the company’s recent statement that, as of March 31, its PlusCBD Oil branded products have achieved a distribution footprint that includes a whopping 3,308 retail stores, which is up 48% from 2,238 retail stores as of the end of 2018.
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 that it has appointed Deloitte & Touche LLP as the company’s new independent registered public accounting firm.
The chart shows 2% during the past month in terms of shareholder gains in the listing. In addition, the name has benefitted from a jump in recent trading volume to the tune of 27% beyond what we have been seeing over the larger time frame.
“Following a thorough selection process, the Company’s Audit Committee has concluded that Deloitte is best positioned to meet the evolving needs of CV Sciences. We would like to thank Tanner LLC for the quality work and expertise they have provided over the last three years,” said Joseph Dowling, Chief Executive Officer of CV Sciences.
Earning a current market cap value of $550.49M, CVSI has a significant war chest ($12.9M) of cash on the books, which is balanced by about $4.4M in total current liabilities. One should also note that debt has been growing over recent quarters. CVSI is pulling in trailing 12-month revenues of $48.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 96.4%. 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.