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Wednesday, January 20, 2021

CV Sciences Inc (OTCMKTS:CVSI) Faces a Big Test

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Shares of CV Sciences Inc (OTCMKTS:CVSI) suffered an important technical breakdown on Wednesday, slipping beneath a key range support level. The big question that now lies ahead of this: Is the breakdown a false technical signal or is it the start of a more aggressive decline? This is quite interesting at this point because it comes as estimates for growth in CBD product sales have been marked higher by niche research firms like Brightfield Group, Grandview, and others.

To help add some interesting contrarian color to the story, the company just announced that it received the “NEXTY Consumer Choice Award” in the Supplement Category for the Company’s PlusCBD Oil Total Plant Complex Peppermint Spray. According to the release, “Bestowed each year at Natural Products Expo East and West, the NEXTY Awards recognize natural products that eclipse others within their category in terms of innovation, inspiration, and integrity. All product candidates are evaluated via a rigorous submission and two-tiered judging process, and the winning products are selected based on targeted consumer feedback from 1,000 consumers who sample and score the products.”

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 received the “NEXTY Consumer Choice Award” in the Supplement Category for the Company’s PlusCBD Oil Total Plant Complex Peppermint Spray.

“Consumers choose and trust PlusCBD Oil because of our quality, purity and consistency. We offer the highest quality line of gluten-free, non-GMO full spectrum hemp CBD products in the industry and we’ve built our reputation on product purity and fundamentally sound research practices,” said Joseph Dowling, Chief Executive Officer of CV Sciences.

“We are proud to be recognized by consumers as their favorite supplement, especially by those who are new to CBD.”

Earning a current market cap value of $289M, CVSI has a significant war chest ($15.7M) of cash on the books, which is balanced by about $11.8M 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 $59.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 36.5%. You can bet we will update this one again as new information comes into view. 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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