CV Sciences Inc(OTCMKTS:CVSI) has continued to trend lower in recent months. CVSI did make a spectacular move up to highs near $1 leading up to the election.
CVSI is another pot stock that was swept up in the pot stock boom that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the US and Canada with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8. Medical marijuana products in the U.S. alone are projected to generate an estimated $30-35 Billion in revenue by 2020.
CV Sciences Inc(OTCMKTS: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.
In December of last year CVSI acquired CanX and commenced its preclinical drug development program during the second quarter of 2016. CVSI drug development efforts include pursuing synthetic-based Cannabidiol drug candidates in areas that have potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.
In August the Company reported Q2 financial results. CEO Michael Mona, Jr. stated “During the second quarter, we continued to generate strong performance from our consumer products division, as the distribution of our branded consumer products increased to 705 retail locations as of June 30, 2016, compared to the 120 retail locations a year ago. We have seen a strong market acceptance and an increase in demand for our consumer products with sales of $2.5 million during the three months ended June 30, 2016, up from sales of $2.4 million for the same period last year. Given our established position as a market leader in CBD consumer products, we have pivoted our corporate strategy to include the development and commercialization.”
CVSI also reported on its preclinical drug development program during the second quarter of 2016. The Company’s drug development efforts include pursuing synthetic-based Cannabidiol (“CBD”) drug candidates in areas that have potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.
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Natural Products Sales Channel Expands. The Company expanded its education program and marketing efforts in partnership with broker relationships and physician educators to increase this sales channel, addressing the $35 billion U.S. Natural Products industry. As of June 30, 2016, the Company continued its expansion in the Natural Products sales channel with placement into 705 stores.
Company Rebranding Continues. In June 2016, CV Sciences announced that Financial Industry Regulatory Authority (“FINRA”) had approved a change in the trading symbol for the Company’s common stock to “CVSI.” The Company’s common stock formerly traded under the symbol “CANV.”
On May 8 CVSI announced it is pleased to highlight the World Health Organization (WHO) and its partners in the annual World No Tobacco Day on May 31, 2017. The day notably features the health and risks associated with tobacco use, and advocates for effective policies to reduce tobacco consumption. The theme for this year is, “Tobacco — a threat to development.”
According to WHO, approximately 6 million people die from tobacco use every year, a figure that is predicted to grow to more than 8 million a year by 2030 without intensified action. Tobacco use is a threat to any person, regardless of gender, age, race, cultural or educational background. It brings suffering, disease, and death, impoverishing families and national economies.
The U.S. Department of Defense program Quit Tobacco UCanQuit2.org, is currently in an educational campaign to help U.S. service members quit tobacco. Quit Tobacco is in support of World No Tobacco Day. The ucanquit2.org site focuses on the following reasons to quit smokeless tobaccor.
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Currently trading at a $19 million market valuation CVSI does have $1.4 million in the treasury and significant sales reporting $4,910,434 revenues for the 6 months ended June 10, 2016. CVSI is an exciting story developing in small caps; the Company operates a drug development as well as a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors that is doing big sales numbers. We will be updating on CVSI when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CVSI.
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Disclosure: we hold no position in CVSI either long or short and we have not been compensated for this article.