CV Sciences, Inc. Applauds the California Legislature for Passage of AB 45

Rhea-AI Summary

CV Sciences is pleased to announce the passage of California's AB 45, permitting the retail sale of hemp-derived extracts like CBD. This new law is expected to enhance the distribution of CV Sciences’ PlusCBD™ products within California, expanding access for consumers seeking health benefits. CEO Joseph Dowling expressed optimism that this legislation will serve as a responsible model for other states. With over 7,300 retail locations across the U.S., CV Sciences aims to leverage this opportunity to grow its market presence.

Positive

• Passage of California's AB 45 allows retail sale of hemp-derived extracts, enhancing CV Sciences' market opportunities.
• Expectations for significant retail expansion of PlusCBD™ products in California.
• AB 45 may serve as a model for responsible CBD legalization in other states.

Negative

• None.

SAN DIEGO, Oct. 07, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, applauds the California Legislature of its passage of AB 45, which yesterday was signed into law by Governor Gavin Newson. This new law will explicitly permit the retail sale of products containing hemp-derived extracts and cannabinoids, such as CBD. 

“As a California-based company, we are very pleased with the enactment of AB 45, which we believe will lead to significant retail expansion of CV Sciences’ PlusCBD™ products in our home state, while also serving as a model for responsible CBD legalization for other states,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “AB 45 will provide Californians with access to the health and wellness benefits of our safe and effective hemp-derived CBD. We look forward to working with our retail partners to rapidly expand our distribution footprint in California.”

About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing, and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 7,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD 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 CBD 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. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.

Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.

FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.

Media Contact
ICR
Cory Ziskind
646-277-1232
cory.ziskind@icrinc.com 

Investor Contact
ICR
Reed Anderson
646-277-1260
CVSciences@icrinc.com

FAQ

What does California's AB 45 mean for CV Sciences (CVSI)?

California's AB 45 allows the retail sale of hemp-derived extracts, potentially expanding CV Sciences' distribution and market presence.

How will AB 45 affect PlusCBD™ products in California?

The law is expected to significantly enhance the retail expansion of PlusCBD™ products in California, providing more access to consumers.

What is CV Sciences' market position in the U.S.?

CV Sciences is the top-selling brand of hemp-derived CBD in the natural products market, with over 7,300 retail locations nationwide.

Who is the CEO of CV Sciences and what are their views on AB 45?

CEO Joseph Dowling praised AB 45, highlighting its potential for retail expansion and its role in responsible CBD legalization.

What products does CV Sciences offer?

CV Sciences offers a range of hemp-derived CBD products, primarily marketed under the PlusCBD™ brand.