CV SCIENCES INC - CVSI STOCK NEWS

CV Sciences, Inc. announced the launch of +PlusCBD™ Reserve Collection Extra Gummies on April 3, 2023. These gummies offer a potent blend of 25mg CBD and 5mg THC, aimed at enhancing wellness through improved sleep, recovery, and relaxation. The new formulation features organic ingredients, is gluten-free, soy-free, and vegan. With a focus on customizable wellness, the company positions these Extra Gummies as a higher THC alternative in their product range. CV Sciences emphasizes their commitment to high-quality manufacturing practices, third-party lab testing, and science-backed products, making them a top-selling brand in the hemp extract market.

CV Sciences reported revenue of $16.2 million for fiscal 2022, down from $20.0 million in 2021, reflecting a 19% decline primarily due to reduced retail sales and supply chain challenges. In Q4 2022, revenue rose 3% sequentially to $3.9 million, but was down 22% year-over-year. Gross margin decreased to 34.2% for the year compared to 43.0% in 2021. Operating expenses were cut by 54% to $12.4 million, resulting in a reduced operating loss of $6.8 million. The company generated positive cash flow of $0.2 million in Q4 2022, the best since Q2 2019. Initiatives for future growth include new product launches and cost efficiency improvements.

CV Sciences, Inc. (OTCQB:CVSI) announced it will release its financial results for the year and fourth quarter ended December 31, 2022, on March 29, 2023, before market open. A conference call with investors is scheduled for 7:00 a.m. PT the same day. The call can be accessed via telephone or through a webcast available on the Company's Investor Relations page. CV Sciences specializes in hemp extracts and other natural wellness products, with its PlusCBD™ brand being a top seller in the market, adhering to Good Manufacturing Practices (GMP). Investors can expect insights into the Company's financial performance and strategic direction during the call.

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.