The sense of a rebound underway in the cannabis and CBD stocks continues to grow, as CV Sciences Inc (OTCMKTS:CVSI) shares appear to be gaining a tailwind. The stock closed last week with a nice range break to the upside to set new multi-week highs. To help contextualize the action, the company just announced its title sponsorship of the Hemp Industries Association (HIA) annual conference and tradeshow, HIACON.
According to the release, this year’s conference will be held November 1st through November 4th in Charlotte, North Carolina, and marks a significant milestone for HIACON as the longest-standing hemp conference in its 26th year. “We are looking forward to joining HIACON as the title sponsor for our 4th consecutive year,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “Since 2014, CV Sciences has been dedicated to investing in hemp research and development to further the industry and the conference is the ideal platform to discuss the trends and opportunities occurring in this rapidly growing market.”
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 its title sponsorship of the Hemp Industries Association (HIA) annual conference and tradeshow, HIACON.
Recent action has seen 18% piled on for shareholders of the name during the trailing month. Furthermore, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 29% over what the stock has registered over the longer term.
According to the release, “HIACON will bring together exhibitors, speakers and educators who represent the HIA’s coalition partnerships in the farm business, sustainability, herbal and dietary supplements, as well as hemp companies, business services, and brands showcasing product innovation. Attendees are invited to visit the CV Sciences team at Booth 405. Visitors can learn more about CV Sciences and its industry-dominating PlusCBD™ Oil brand from experienced staff, who will be available to provide information to retailers and consumers interested in learning more about PlusCBD™ Oil hemp CBD products.”
Now commanding a market cap of $231M, CVSI has a significant war chest ($15.7M) of cash on the books, which must be weighed relative to 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%. This is an exciting story, and we look forward to a follow-up chapter as events 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.