CV Sciences Inc (OTCMKTS: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.
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.
Recent action has seen 12% added to share values of the stock over the past week of action. Furthermore, the name has seen interest climb, with an increase in recent trading volume of 41% over the long-run average.
“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.”
Earning a current market cap value of $104M, CVSI has a significant war chest ($14.2M) of cash on the books, which is balanced by 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%. 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.