The reemergence of the cannabis, hemp, and cbd space has started to pass from industry insiders to the rest of the trading community in the past few weeks, helping to add fuel to fire in stocks like CV Sciences Inc (OTCMKTS:CVSI). However, it may still pay to take note of the fact that the company just announced that on May 19, 2020, it received its formal Notice of Issuance from the U.S. Patent and Trademark Office (USPTO) for its patent application 15/426,617.
According to the release, “the patent covers methods of treating smokeless tobacco addiction by administering pharmaceutical formulations containing CBD and nicotine. The communications between the USPTO and the Company conclude substantive examination of the patent application, resulting in formal issuance of the patent. CV Sciences has also filed corresponding patent applications that will allow the Company to seek similar patent protection in other key markets throughout the world.”
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 that on May 19, 2020, the Company received its formal Notice of Issuance from the U.S. Patent and Trademark Office (USPTO) for its patent application 15/426,617.
Traders will note 77% tacked on to share pricing for the listing in the past month. Furthermore, the name has seen interest climb, with an increase in recent trading volume of a bit over 260% beyond its prior sustained average level.
“USPTO’s patent issuance demonstrates that our proprietary technology, the first-of-its-kind treatment for smokeless tobacco addiction, is based on unique science backed by years of research and development,” said Joseph Dowling, Chief Executive Officer, CV Sciences. “This intellectual property positions CV Sciences to derive significant value from our development efforts with an important therapeutic drug that has the potential to transform healthcare given the public health, societal and economic damage caused by nicotine addiction. With this patent, our years of investment, research and hard work is now validated, and we are well positioned and proud to take the next steps towards bringing to market an innovative solution to address a huge unmet medical need and global health issue.”
Earning a current market cap value of $89M, CVSI has a significant war chest ($7.6M) of cash on the books, which must be weighed relative to about $12.5M in total current liabilities. CVSI is pulling in trailing 12-month revenues of $47.1M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -44.5%. 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.