CV Sciences Inc (OTCMKTS:CVSI) Plumbs the Depths

CV Sciences Inc (OTCMKTS:CVSI) Plumbs the Depths

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Shares of CV Sciences Inc (OTCMKTS:CVSI) continue to deep search the ocean floor with the goal of a bottom somewhere on the time horizon. But thus far, the pressure has not abated. To try to spark some fresh bids, the company just announced a new distribution partnership with Southeastern Grocers, Inc. (SEG) with an initial launch at 115 Winn-Dixie stores in Florida and 37 BI-LO stores in South Carolina. PlusCBD Oil products are available at these stores as of November 3, 2019.

According to the release, “CV Sciences’ new distribution partnership with SEG’s Winn-Dixie and BI-LO banners increases distribution and availability of a broad assortment of the Company’s best-selling PlusCBD™ Oil products, including ingestible dietary supplements. New distribution at select Winn-Dixie stores in Florida and BI-LO stores in South Carolina includes both topical products, such as PlusCBD™ Oil Extra Strength and Original Balm and PlusCBD™ Oil Roll-On, as well as PlusCBD™ Oil full spectrum hemp extract dietary supplements, including Gold Formula Softgels, Gold Formula Drops and Gummies, and Total Plant Complex Sprays.”

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 a new distribution partnership with Southeastern Grocers, Inc. (SEG) with an initial launch at 115 Winn-Dixie stores in Florida and 37 BI-LO stores in South Carolina. PlusCBD Oil products are available at these stores as of November 3, 2019.

The chart shows roughly flat action for share pricing for the company in the past week. Moreover, the stock has seen interest climb, with an increase in recent trading volume of 59% beyond its prior sustained average level.

“We are excited to further expand availability of our topicals and award-winning dietary supplements in the food, drug and mass retail channel through our new partnership with Southeastern Grocers, one of the largest supermarket companies in the U.S.,” added Dowling. “Following our initial launch, we anticipate additional distribution gains across the Winn-Dixie and BI-LO banners and new distribution with SEG’s other leading retail banners.”

Now commanding a market cap of $118M, CVSI has a significant war chest ($14.2M) of cash on the books, which must be weighed relative to about $12.1M 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 $58.6M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -7.3%. 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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