It would appear as though bounce action and a new mentality has started to dominate the action for shares of CV Sciences Inc (OTCMKTS:CVSI). The move has been aggressive off recent lows, with shares bounding higher to the tune of as much as 40% in the past few days. Helping to fuel that action, the company just announced further expansion of its industry-dominating PlusCBD Oil brand with Harris Teeter.
According to the release, “CV Sciences’ expansion in the Food, Drug and Mass (FDM) retailer channel broadens distribution and availability of the Company’s best-selling PlusCBD Oil Original and Extra Strength Balms, and PlusCBD Oil Roll-Ons to 150 Harris Teeter locations in North Carolina, South Carolina, Virginia, Florida and Maryland. This expansion brings CV Sciences’ PlusCBD Oil distribution to more than 5,400 retail locations throughout the U.S.”
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 further expansion of its industry-dominating PlusCBD Oil brand with Harris Teeter.
We’ve witnessed 20% tacked on to share pricing for the company in the past week. In addition, the company has benefitted from a jump in recent trading volume to the tune of a bit over 180% beyond what we have been seeing over the larger time frame.
“We are pleased to continue to grow distribution and availability of the PlusCBD Oil brand in the FDM channel through our distribution partnership with Harris Teeter,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “CV Sciences has made significant distribution gains this year as FDM retailers such as Harris Teeter enter the hemp CBD market with a focus on making high quality, safe and efficacious products available to their shoppers. We see considerable opportunities to expand distribution of PlusCBD™ Oil as consumers and retailer demand for our products continues to increase.”
Now commanding a market cap of $216M, CVSI has a significant war chest ($15.7M) of cash on the books, which compares with 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%. We will update the story again as soon as developments transpire. 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.