CV Sciences Inc(OTCMKTS:CVSI) is the most exciting and certainly among the most profitable companies currently trading on the OTCBB thanks to its best-selling PlusCBD Oil™ The stock has seen a wild ride over the past year rising from pennies to highs of $9.20 a share in August before collapsing on the Citron Research short attack. With Andrew left behind us and CVSI reporting record revenues bulls are ready to take charge again.
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 focused on manufacturing, marketing and selling plant-based CBD products (PlusCBD Oil™) to a range of market sectors. CV Sciences, Inc. has offices and facilities in San Diego, California; and Las Vegas, Nevada.
CVSI is PlusCBD Oil™ is the #1 brand of hemp-derived CBD products in the natural channel according to SPINS scan data, and has achieved immense success since the launch of its brand of dietary supplements in 2014. This brand is currently being sold in over 2,093 locations nationwide and continues to grow its shelf presence in various retail outlets across the country.
The Company also has looking to up-list; earlier this year the Company submitted its application to list the Company’s common stock in the U.S. on the Nasdaq Capital Market. Acceptance for listing the Company’s shares is subject to approval based on several factors including satisfaction of minimum listing requirements for the Nasdaq Capital Market. The Company intends to satisfy all of the applicable listing requirements, however, there is no assurance that its application will be approved. During the Nasdaq review process, the Company’s common stock will continue to trade in the U.S. on the OTC under its current symbol, CVSI.
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In November CVSI reported financial results for the third quarter ended September 30, 2018. Sales for Q3 2018 were $13.6 million, demonstrating the Company’s continued organic expansion into all sales channels including the natural product retail, wholesale and direct-to-consumer channels. This is a 10% sequential quarterly increase from $12.3 million reported for Q2 2018. The Company’s natural product retail channel now includes 2,093 locations nationwide. CV Sciences continues developing new sales channels and is encouraged by the strength of its branded products as evidenced by SPINS® Scan data, which positions the Company as the #l selling hemp CBD product line in the natural products retail channel.
CEO Joseph Dowling stated:
“We are encouraged by our performance as we delivered another strong quarter, including our third consecutive quarter of profitability. This was led by initiatives that include accelerating our brand recognition and brand loyalty and growing sales distribution channels that have generated triple-digit year-over-year revenue growth and double-digit sales growth on a sequential quarterly comparison. The demand continues to respond strongly to our leading PlusCBD™ product line, #1 in the hemp CBD product category in the natural products retail channel and we believe this is just the beginning for the vast and nascent hemp CBD market. Most notably during the quarter, we earned the industry’s first self-affirmed Generally Recognized as Safe (GRAS) status for our Gold Formula product line, a move that shows our dedication to building consumer confidence, trust and safety of our products. In conjunction with that, our product innovation was on full display with the introduction of our new PlusCBD Oil™ Gummies in two flavors, Cherry Mango and Citrus Punch as additional factors for driving revenue. Our drug development program is making steady progress in advancing our proprietary lead drug candidate – CVSI-007 – which addresses the multibillion dollar smokeless tobacco use and addiction market. We continue to make progress with our pre-clinical program, anticipating 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. Given the industry’s robust growth momentum, we believe we have the right strategies in place and remain committed to achieve a strong 2018 finish.”
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Currently trading at a $420 million market valuation CVSI is one of the exciting stocks on the OTCBB making a spectacular move up in 2018 before collapsing on the Citron Research short attack. With that behind us and a new support level established at $4 CVSI looks ready to another leg up; CVSI has huge sales which have been growing rapidly reporting record sales of $34,020,000 for the 9 months ended September 30, 2018, an increase of 153% compared to the first nine months of 2017. CVSI has no debt, is making money and is looking to up-list to the NASDAQ, a move that would make them very attractive to Big Pharma and Big Consumer Brands. CVSI easily has one of the best products in the booming CBD space with PlusCBD Oil™, the #1 brand of hemp-derived CBD products on the market. Once CVSI up-lists they will be 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.