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CV Sciences Inc (OTCMKTS:CVSI) Beats Expectations Amid Skepticism

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CV Sciences Inc (OTCMKTS:CVSI) just announced its financial results for the year ended December 31, 2019, including revenue of $53.7 million for fiscal year 2019 and total retail distribution increasing to more than 5,500 stores as of December 31, 2019, a 148% increase from December 31, 2018 including new and/or expanded partnerships with national retail chains.

“During 2019, revenue grew by 11% to $53.7 million driven by our expansion into new sales channels and distributions gains that produced a 148% increase in retail locations, including a strong presence in multiple national retailers. It was a year of significant business development, including distribution and product offering expansions, our first entry into the national food, drug and mass channel and establishing the foundation and infrastructure in anticipation of long-term growth of the hemp-derived CBD market. This past year demonstrated great progress and promise for the hemp CBD industry and CV Sciences, although the industry also faced challenging external forces. In the face of near-term headwinds, including regulatory ambiguities, heightened competition aided by a lack of regulatory clarity, and occasional unfavorable media attention as the regulatory environment develops, CV Sciences managed to achieve the highest annual sales in our company history. We are focused on further strengthening our brand, product offerings and adding new categories as we monitor the ongoing development of the market and position ourselves for future opportunities,” stated Joseph Dowling.

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 financial results for the year ended December 31, 2019, including revenue of $53.7 million for fiscal year 2019 and total retail distribution increasing to more than 5,500 stores as of December 31, 2019, a 148% increase from December 31, 2018 including new and/or expanded partnerships with national retail chains.

The stock has suffered a bit of late, with shares of CVSI taking a hit in recent action, down about -7% over the past week. In addition, the stock has seen interest climb, with an increase in recent trading volume of 53% above its longer-run average levels.

“We continue to work with the FDA to support market development and ensure CV Sciences is leading the industry in quality and safety.  We are confident that FDA regulatory clarity will lead to a ‘flight to quality’ among both retailers and consumers and believe that CV Sciences is best positioned to secure long-term brand loyalty and trust due to our proven track record and relentless focus on quality, safety and regulatory compliance,” Mr. Dowling continued.

Earning a current market cap value of $64M, CVSI has a significant war chest ($9.6M) of cash on the books, which compares with about $13.2M 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 $53.7M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -34.4%. 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.

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