CVSI

CV Sciences Inc (OTCMKTS:CVSI) Shores Up Their Balance Sheet

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CV Sciences Inc (OTCMKTS:CVSI) is seeing a return to form after a brief slump at the beginning of the week. CVSI is up 30% over the last five days, but for the month the company is nearing a 250% increase in price. In fact, the company just announced that with their record profits and steady cash flow they have paid off all their remaining debt. The debt was not due until next May – a sum of about $850,000 – but they wrote the check now.

“The Company’s strong financial performance and resulting cash flow have allowed us to fully repay this Promissory Note in cash nearly nine months ahead of the original due date. By prepaying this debt, the Company avoids further payments associated with this Promissory Note and we are now completely free of debt other than ordinary course payables,” 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.

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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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Mr. Dowling added, “Our record Q2 2018 results reported on August 1, 2018 demonstrated the strong performance of our market-leading consumer products division, which generated $20.4 million of sales and $3.8 million of net income for the first six months of 2018.  By significantly deleveraging our balance sheet, we have the ability to maximize our key opportunities: to scale-up operations and take advantage of the rapidly expanding hemp CBD industry, and focus on our drug development division, which continues to make progress through the pre-clinical phase. We remain confident that our continued prosecution of our patent related to the Company’s drug candidate CVSI-007 should result in an issued patent with proprietary technology.”

As Dowling states, CVSI is soaring right now and even after a sell-off, the company has fought back and steadied the price. The loss in price was attributed to a short’s tweet about a possible pending patent fraud case. Yet, the catalysts for CVSI have always been revenue and sales growth-related. CVSI saw record sales in Q2 of $12,349,000 along with record gross profits of $9,060,000. Furthermore, the retail channels are expanding at a healthy clips with now close to 2,000 stores plus nice forward momentum for their drug, CVSI-007, which is a smokeless tobacco product. Of course, the industry is really starting to mature and a lot of consolidation is happening as well.

CV Sciences Inc (OTCMKTS:CVSI) is a stock that needs to be on everyone’s watchlist. The company has a chance to uplist in the future and could see investor interest skyrocket as October comes around.  The company has a market cap of $604.72M with a float of 80.66M. We will continue to cover this exciting stock as we see more ahead on the horizon. 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.