CV SCIENCES INC - CVSI STOCK NEWS

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.

CV Sciences, Inc. (OTCQB:CVSI) has launched its new +PlusCBD™ Daily Balance THC-Free Gummies and Softgels, designed for consumers seeking the benefits of CBD without THC. Each gummy and softgel contains 25mg of 99.9% pure CBD isolate, is gluten-free, non-GMO, and third-party lab tested for safety. These products cater to a variety of users, including first responders and military personnel, who can benefit from exclusive discounts through the Daily Heroes program. With a focus on maintaining consumer wellness, the new line supports various wellness goals without the effects of THC.

CV Sciences, Inc. (OTCQB:CVSI) announced preliminary approval of a proposed settlement for a derivative lawsuit in Nevada, alleging breach of fiduciary duty. This lawsuit stemmed from events linked to a class action dismissed in July 2019. A settlement in principle was agreed upon in January 2022, with the U.S. District Court granting preliminary approval on February 7, 2023. A final hearing is scheduled for May 15, 2023. If approved, this settlement will resolve all claims without admitting wrongdoing by the company. Additionally, the settlement includes certain corporate reforms to be implemented within 60 days post-approval.

CV Sciences has announced the launch of a new 30-count bottle of its popular +PlusCBD™ Reserve Collection Softgels, set to be available from January 19, 2023. This product, which initially launched in August 2022 in a 60-count format, features a 10:1 ratio of CBD to THC, offering 12.5mg of CBD and 1.25mg of THC per softgel. The smaller bottle, priced at $37.99, aims to make the product more accessible for consumers, especially for those on a budget. CV Sciences emphasizes the product's benefits in addressing issues related to depression, stress, and anxiety, expanding its appeal to both experienced users and newcomers.

CV Sciences, Inc. (CVSI) reported third-quarter 2022 revenue of $3.8 million, down 27% from $5.1 million in Q3 2021. Gross margin decreased to 41.6% from 46.2% year-over-year. Operating loss improved to $0.9 million, significantly reduced from $3.0 million in the same quarter last year. Adjusted EBITDA was negative $1.2 million, an improvement from negative $2.7 million. The company launched new products and maintained its position as the top-selling hemp extract brand.

CV Sciences, Inc. (OTCQB:CVSI) will release its third-quarter financial results for the period ending September 30, 2022, on November 14, 2022, before the market opens. A conference call will be held the same day at 7:00 a.m. PT, accessible via phone or webcast. The company, known for its PlusCBD™ products, operates in both consumer product manufacturing and drug development. CV Sciences adheres to strict manufacturing practices and has achieved self-affirmed GRAS status for its products, supported by clinical research.

CV Sciences, Inc. (OTCQB: CVSI) announced preliminary approval of a proposed settlement regarding six shareholder derivative lawsuits related to allegations of misleading investors concerning patent protection for CVSI-007. The lawsuits arose from a tweet by Citron Research on August 20, 2018. The proposed settlement will involve payment of $275,000 in attorneys' fees, expected to be covered by insurance. The final approval is pending a court hearing on November 14, 2022. All claims will be resolved without admission of wrongdoing by the Company or defendants.

CV Sciences, Inc. (OTCQB:CVSI) announced the complete retirement of its convertible debt, strengthening its balance sheet and eliminating the dilutive impact on shareholders. CEO Joseph Dowling emphasized that this move will alleviate downward pressure on CVSI stock, allowing the company to focus on enhancing shareholder value and expanding its PlusCBD™ branded product line. This strategic decision was detailed in a Current Report on Form 8-K filed with the SEC on August 25, 2022. For more information, visit www.cvsciences.com.

CV Sciences reported its first-quarter 2022 financial results, recording revenue of $4.4 million, down 8% from $4.8 million in Q1 2021. The gross margin dropped to 26.0% compared to 32.4% in Q4 2021. However, the total cash balance increased to $2.4 million from $1.4 million at year-end 2021. The company launched several new OTC pain relief products and claimed $2.0 million in employee retention credits. Although sales volume increased 3%, it was offset by higher discounts, resulting in an operating loss reduction to $1.5 million.