CV Sciences Receives Formal Notice of Patent Issuance from Japan Patent Office for Formulations Containing Cannabidiol (CBD) and Nicotine for Treating Smokeless Tobacco Addiction

Rhea-AI Summary

CV Sciences, Inc. (CVSI) announced the receipt of a formal patent grant from the Japan Patent Office for its innovative treatment method for smokeless tobacco addiction using a formulation containing CBD and nicotine. The patent covers a significant market, with global smoking cessation products projected to grow from $20 billion in 2021 to over $54 billion by 2031. The company aims to advance its drug candidate, CVSI-007, and seeks FDA approval for commercialization, highlighting the potential for improving healthcare outcomes for addiction treatment.

Positive

• Patent granted by Japan Patent Office for treatment of smokeless tobacco addiction.
• Growing market for smoking cessation products projected to reach $54 billion by 2031.
• CV Sciences' drug candidate, CVSI-007, has potential as the first FDA-approved treatment for smokeless tobacco addiction.

Negative

• None.

The Company is seeking strategic opportunities to advance the development of this program

SAN DIEGO, March 23, 2023 /PRNewswire/ -- CV Sciences, Inc. (OTCQB:CVSI) (the "Company", "CV Sciences", "our", "us" or "we"), a preeminent consumer wellness company specializing in hemp extracts and other proven, science-backed, natural ingredients and products, today announced that recently the Company received its formal Certificate of Grant from the Japan Patent Office (JPO) for its patent application 7216697.

The patent covers methods of treating smokeless tobacco addiction by administering pharmaceutical formulations containing CBD and nicotine. CV Sciences has also filed corresponding patent applications that provide similar patent protection in additional key markets, with patents already granted in the United States, Canada, Australia, Germany, Great Britain, France, Spain, Netherlands, and Italy.

The global market size for smoking cessation and nicotine de-addiction products was valued at $20 billion in 2021 with projections upwards of $54 billion by 2031. Such potential for growth opens a promising long-term value creation for CV Sciences, in addition to the Company's robust consumer product segment.

"The worldwide market for smokeless tobacco addiction is a multi-billion dollar sector, providing a life-changing treatment to people around the world," said Joseph Dowling, CEO of CV Sciences. "CV Sciences' developmental efforts surrounding CBD and nicotine have the potential to alter healthcare with a safe, natural method to reducing addiction to harmful substances. JPO's patent grant further validates our first-of-its-kind treatment and positions the company to meet the medical needs of millions of patients globally."

CV Sciences' initial drug candidate (CVSI-007) contains nicotine and CBD to support the cessation of smokeless tobacco use and addiction. With JPO's formal grant of the patent, the Company will further development efforts and continue to seek approval from the U.S. Food and Drug Administration (FDA) to commercialize the world's first and only FDA-approved treatment for smokeless tobacco addiction. The Company is seeking strategic opportunities to advance the development of this program.

About CV Sciences, Inc.

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 and B2C. Our +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.  We are traded on the OTC:QB, and our trading symbol is CVSI. 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.

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Mark Sinclair
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SOURCE CV Sciences, Inc.

FAQ

What recent patent has CV Sciences received?

CV Sciences received a patent from the Japan Patent Office for a treatment method using CBD and nicotine for smokeless tobacco addiction.

What is the market potential for CV Sciences' smoking cessation products?

The global market for smoking cessation products is projected to grow from $20 billion in 2021 to over $54 billion by 2031.

What is the significance of the patent for CVSI?

The patent validates CV Sciences' treatment approach and positions the company for potential FDA approval and commercial success.