Stock Spotlight on CV Sciences Inc (OTCMKTS: CVSI)

CV Sciences Inc (OTCMKTS: CVSI) has formed a nice base along $0.03 since reversing off $0.0275 earlier this year. CVSI was trading for over $1 last year and has come down a long way since then. The Company used to own the #1 CBD brand on the market but struggled because of the Company’s significant convertible debt load which diluted the stock.  

Earlier this year the Company launched its new +PlusCBD™Reserve Collection Softgels to support stress relief and relaxation. The product will be available on +PlusCBD’s’ website on August 15, 2022. The +PlusCBD™ Reserve Collection Softgels is the newest iteration of CV Sciences’ top-selling Reserve Collection, the brand’s sole THC line. Reserve Softgels are specially formulated to provide a full spectrum of cannabinoids, fostering feelings of calm and relief when consumers require intense support. 

CV Sciences Inc (OTCMKTS: CVSI) CV Sciences, Inc. (OTCQB:CVSI) is a consumer wellness company specializing in hemp extracts and other proven, science-backed, natural ingredients and products, which are sold through a range of sales channels from B2B to B2C. The Company’s PlusCBD™ branded products are sold at select retail locations throughout the U.S. and are one of the top-selling brands of hemp extracts in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp extract supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. The Company also operates a drug development division focused on developing and commercializing CBD-based novel therapeutics

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Third Quarter 2022 and Recent Financial and Operating Highlights 

• Revenue of $3.8 million for third quarter of 2022, compared to $5.1 million for the third quarter of 2021; 
• Gross margin of 41.6% for third quarter of 2022, compared to 46.2% for the third quarter of 2021; 
• Total cash balance of $1.1 million at quarter end, compared to $1.4 million at year end; 
• Reduced operating expenses by 54.0% compared to the third quarter of 2021 resulting in best quarterly operating results since the second quarter of 2019; 
• Launched PlusCBDTM Reserve Collection softgels to support stress relief and relaxation; 
• Maintained number one position as top-selling hemp extract brand in the natural product retail sales channel, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry; 
• Extinguished entire outstanding convertible debt; 
• Received preliminary approval of proposed settlement of six shareholder derivative lawsuits; and 
• Continued to evaluate strategic review, including consideration of inbound and outbound merger, sale, acquisition or other options for the Company as a whole or for any business segments; 

“Our third quarter bottom line results met our expectations and we are encouraged by improvements we have made to reduce operating expense. In addition, we continue to receive very positive consumer response to several new product launches” said Joseph Dowling, Chief Executive Officer.  “Our recently launched Reserve Collection and Wellness Line of products are evidence of our strong pipeline, and demonstrate our ability to develop innovative products that address the need-states of our customers. Our flagship PlusCBDTM brand continues to gain market share in the natural product channel, and, with our portfolio of high-quality, proven products, and favorable regulatory momentum, we believe the Company is positioned for future growth.”   

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Currently trading at a $6 million market valuation CVSI has 152,634,789 shares outstanding and a float of 145,597,435. The Company’s financial position is improving with CVSI recently announcing Revenue of $3.8 million for third quarter of 2022, compared to $5.1 million for the third quarter of 2021. CVSI also had a cash balance of $1.1 million at quarter end, compared to $1.4 million at year end. We will be udpating on CVSI so subscribe now by entering your email below.