CV Sciences Inc (OTCMKTS:CVSI) is up 63% over the last 30 days and investors are loving this CBD high-flyer. CVSI released Q2 financials with record sales over $12M – an increase over 200% – and record gross profits more than $9M with a parallel increase of 219%. The catalyst for this lift-off was CVSI’s retail store amount increased along with wider brand awareness. The company’s brand was available in 1,968 natural and organic health food stores at the end of 2Q 2018, which represents an 11.1% expansion compared to March 31, 2018 when there were 1,771 stores. Overall, this market is only going up as Forbes notes that the CBD market is estimated to reach $2.1 billion market in consumer sales by 2020.
“To date, we have been able to successfully execute our planned strategy of aggressively and consistently growing our sales distribution channels, further penetrate the market and increase our market share within the natural products industry. Our operating performance is driven by the strength of our market-leading PlusCBD™ product line, which today is #No. 1 in the hemp CBD product category in the natural products retail channel. In every aspect, we set new performance records and laid the groundwork for future expansion as the health and wellness markets continue to embrace CBD commercialization and standardization,” stated Joseph Dowling, Chief Executive Officer of CVSI.
CV Sciences Inc (OTCMKTS:CVSI) frames 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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CVSI is not just a one-trick pony. The company has a smokeless tobacco candidate – one that combines CBD and tobacco – and it might be an important growth driver in the future. On a global basis, smoking rates of traditional cigarettes are declining by roughly 1% per annum according to studies, while simultaneously regulations are tightening in many markets
CEO Dowling added, “CVSI-007, which addresses the multibillion-dollar smokeless tobacco use and addiction market. We continue to make progress with our pre-clinical program as we advance toward filing an Investigational New Drug application in 2019. We are confident that our continued growth and profitability will allow us to initially pursue our drug development plans without the need for additional outside capital in the near term. We also filed our application for up-listing to the Nasdaq Capital Market which could significantly enhance shareholder value. In looking ahead, we expect to deliver a strong second half and believe we have the ability to continue this growth momentum in 2019 and beyond.”
CV Sciences Inc (OTCMKTS:CVSI) has a market cap of 288.31M and a float of 80.27M. The company has a number of strong catalysts in its favor right now and the rest of this year could be even better. Investors are clearly encouraged as the last 3 months show a 333% increase. 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.