The attempt at some sort of bottoming pattern in shares of CV Sciences Inc (OTCMKTS:CVSI) continues to progress after a monumental pullback. But the company, even after this bear move, continues to sit in a relatively strong position in terms of sales in the booming CBD space. To help add further color to the story, the company just announced the appointment of Dr. Paul Blake to its Board of Directors effective October 21, 2019.
“We are very pleased to have Dr. Blake join our Board of Directors,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “His decades of experience leading pharmaceutical companies will be invaluable to us as we continue to strengthen our industry leadership position in CBD consumer products and drug development.”
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 Dr. Paul Blake to its Board of Directors effective October 21, 2019. According to the release, Dr. Blake brings with him deep expertise in clinical research, development, and medical affairs within the pharmaceutical industry. He currently serves as Chief Medical Officer at Heron Therapeutics Inc., a commercial-stage biotechnology company focused on improving the lives of patients suffering from pain or cancer by developing best-in-class treatments. At Heron, Dr. Blake is responsible for clinical research, medical affairs and drug safety.
We’ve witnessed 33% piled on for shareholders of the name during the trailing three weeks. In addition, the company has benefitted from a jump in recent trading volume to the tune of 22% beyond its prior sustained average level.
“I am excited to join CV Sciences’ Board of Directors and to contribute to the Company’s mission of providing the highest-quality CBD products to consumers and patients,” said Dr. Blake. “CV Sciences is a leading pioneer in the CBD space and is uniquely positioned to continue to bring innovative products and novel therapeutics utilizing CBD to market.”
Earning a current market cap value of $198M, 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%. 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.