CV Sciences, Inc. (OTCQB: CVSI) stock price is well on its way of recovery from the drop it experienced several years ago, as well as from the last year’s incident. The company’s stock price has actually been performing rather good in the second half of March 2019, managing to break through several resistance levels, and it even reached the price of $6.25 only days ago. While the price did experience a rejection at this level, and it currently sees a correction, CVSI will undoubtedly make a new comeback, probably very soon.
Who is CVSI?
CV Sciences, Inc. is a life science company which creates and offers pharmaceuticals and consumer products. Its focus is on developing prescription drugs through the use of synthetic cannabidiol (CBD). CBD serves as an active pharmaceutical ingredient. Meanwhile, the company dedicates extreme care to development, manufacturing, marketing, and sale of CBD-based products.
The company’s initial drug candidate was a chewing gum that contained a combination of CBD and nicotine. CVSI believes that there is a real potential to use this product and help treat smokeless tobacco use and addiction.
At this time, the smokeless tobacco use and addiction market is estimated at around $2 billion. However, within only a few years, it is estimated that the market will grow double in size, which is why CVSI decided to start developing its product early and lay the ground for becoming the largest participant in this area.
Another one of the company’s products is PlusCBD Oil, which is the top-selling brand of hemp-derived CBD oil for consumer use. It has already developed a strong reputation on product safety, quality, and efficiency, allowing the firm to offer the largest and most diverse hemp-derived CBD oil supply in the US.
CVSI advances on its way to recovery
As mentioned, the company’s stock price is advancing on its way up, and even though there are roadblocks in front of it, the firm is successfully breaching through each one.
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It is worthy of mentioning that CVSI went through an incident in mid-2018 when Citron Research, the public face of short-seller Andrew Left, announced that CVSI might be on its way towards a financial fraud case. Citron’s evidence of this was a lack of acceptance of patents, which did not seem to bother the firm’s growth at all. And, while Left is known for such attacks on fast-growing stocks, the rumor still did its fair share of damage to CVSI stock price.
The stock dropped from over $9 to slightly below $3 at one point, although it quickly saw a correction, and it mostly fluctuated between $3 and $7 for the remaining months of 2018. As 2019 started, CVSI stock price reduced the size of the fluctuations, and it mostly remained between $4 and $6. Only days ago, however, the price surged past $6, and it almost reached $7, which can be taken as a big sign of recovery.
CV Sciences went through quite a few important changes in 2019, starting with the appointment of new Chief Accounting Officer in early January. The management restructures continued with the appointment of Dr. Douglas MacKay as Senior Vice President of Scientific and Regulatory Affairs on March 1st. Finally, the firm appointed Joerg Grasser as its new Chief Financial Officer.
Meanwhile, the company’s PlusCBD oil Gold Softgels got named “Top Pick” by ConsumerLab.com, while the firm itself became one of the first US-based Hemp Authority certified manufacturers. The changes were highly beneficial for CVSI, which is what led to the recovery of the company’s stock price. The price’s growth is slow, but it will likely start speeding up as it goes back up.
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At the moment, its value is at $5.71, while the firm’s market cap is just shy of $552 million. With the number one product on the market, new executive appointments, and the Citron scandal behind it, CVSI is on its way to reaching the old glory days, which might make this the last chance to purchase its stock before they skyrocket. We will be updating on CV Sciences when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CV Sciences.
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Disclosure: we hold no position in CV Sciences either long or short and we have not been compensated for this article.