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CV Sciences, Inc. (CVSI) is a consumer wellness company dedicated to improving health through the integration of science and nature. Specializing in hemp extracts and science-backed natural ingredients, CV Sciences offers a range of products such as hemp extracts, softgels, and plant-based foods. The company's commitment to consumer well-being is evident in its mission to make healthy people healthier. With a focus on research-supported, plant-based alternatives, CV Sciences aims to provide high-quality products that cater to the well-being of both humans and pets. The recent launch of +PlusCBD™ Pet wellness treats, including the Pet Hip and Joint Health Chews and Pet Calming Care Chews, showcases CV Sciences' dedication to innovation and safety, validated by the National Animal Supplement Council (NASC). These premium CBD-infused chews, designed to support pet health, are crafted using organic hemp-derived CBD and a blend of antioxidants, anti-inflammatory agents, and essential supplements. The safety, efficacy, and quality of each product are ensured through rigorous testing by independent laboratories, aligning with NASC's stringent standards.
CV Sciences' strategic acquisitions, such as Elevated Softgels, further enhance its operational capabilities, allowing for in-house manufacturing and new product development. By leveraging Elevated Softgels' manufacturing expertise, CV Sciences aims to streamline production, increase operational efficiency, and expand its product offerings. The company's financial performance reflects its resilience and growth trajectory, with sequential revenue increases, improved gross margins, and strategic investments driving long-term value creation. As CV Sciences continues to innovate and expand its product portfolio, it remains committed to delivering science-backed, plant-based solutions that promote holistic well-being.
CV Sciences (OTCQB:CVSI) will release its first quarter financial results on May 16, 2022, before market open. The company, known for manufacturing hemp CBD products, will hold a conference call at 7:00 a.m. PT (10:00 a.m. ET) to discuss the results. Investors can participate via phone or access a webcast available on their Investor Relations website.
CV Sciences operates in two segments: consumer products and drug development, with PlusCBD™ being a leading brand in the hemp-derived CBD market. The company adheres to Good Manufacturing Practices and supports product efficacy through clinical research.
CV Sciences reported a 2021 revenue of $20.0 million, down 18% from $24.4 million in 2020. The gross margin decreased to 43.0% from 45.1%, with a total cash balance of $1.4 million, down from $4.5 million. Despite these challenges, retail distribution grew to over 8,400 stores and operating losses reduced to $18.4 million. CV Sciences introduced several new products, including the clinical strength ProCBD™ line, aiming for future growth amid competitive pressures.
CV Sciences, a leading manufacturer of hemp CBD products, announced it will disclose its financial results for Q4 and full year 2021 on March 31, 2022, after market close. A conference call will take place at 1:30 p.m. PT (4:30 p.m. ET) on the same day, available via webcast on their Investor Relations website. Investors can listen live or access a replay through specific phone numbers provided. The company operates in two segments: consumer products for dietary supplements and drug development focused on CBD therapeutics, with products sold in over 8,400 retail locations across the U.S.
CV Sciences announces the launch of +PlusCBD Relief Softgels, delivering seven times more CBDA and CBD than the original formula. These softgels include Levagen®+ PEA, an alternative to ibuprofen, promoting a healthy inflammatory response and aiding in managing occasional soreness. CEO Joseph Dowling emphasizes the product's safety and effectiveness, contributing to the company's mission of innovative health solutions. +PlusCBD products are widely available, sold at over 8,400 retail locations in the U.S., reinforcing CV Sciences' position as a leading CBD brand.
CV Sciences has launched new +PlusCBD Relief Softgels, featuring seven times more CBDA and CBD than its original formula. The softgels contain Levagen®+ PEA, shown in studies as an alternative to ibuprofen, promoting a healthy inflammatory response. CEO Joseph Dowling emphasized the product's purity and effectiveness in enhancing health and wellness. These softgels are available on the company's website and will soon be at select retailers. CV Sciences operates in dietary supplements and drug development, with its products sold at over 8,400 retail locations.
CV Sciences has launched four new +PlusCBD™ Pain Relief topicals designed for targeted pain relief, featuring ingredients like camphor, menthol, and hemp-derived CBD. The new products include the Pain Relief Sport Recovery Stick, Pain Relief Penetrating Cream, Pain Relief Muscle Cream, and Pain Relief Arthritis Cream, each addressing specific types of discomfort. The company emphasizes a focus on consumer wellness and innovation, adhering to GMP guidelines. With products available in over 8,400 U.S. retail locations, CV Sciences aims to strengthen its position in the CBD market.
CV Sciences Announces Distribution Agreement with GNC
CV Sciences, Inc. (OTCQB: CVSI) has partnered with GNC to distribute its +PlusCBD™ products in 770 GNC locations across the U.S., starting early 2022. The product line includes various CBD items like Cherry Mango Gummies, Softgels, and Peppermint Liquid, reinforcing CV Sciences' commitment to quality and safety. This partnership reflects the favorable regulatory climate post-AB 45 in California and is a milestone in CV Sciences' distribution strategy.
CV Sciences, Inc. (OTCQB:CVSI) has appointed Haskell & White LLP as its new independent registered public accounting firm, following a thorough selection process by the Audit Committee. This decision aims to enhance cost efficiencies and better support the evolving needs of the company. Haskell & White replaces Deloitte & Touche LLP, who had provided services for the past two years. The appointment has been formally documented through a Form 8-K filed with the SEC, marking a significant change in the company's financial oversight structure.
CV Sciences, Inc. (OTCQB:CVSI) announced a securities purchase agreement with an institutional investor for the sale of convertible notes totaling $1.06 million, with potential additional offerings up to $4.24 million, totaling approximately $5.3 million. The initial offering is expected to close by November 17, 2021. The notes will carry a 6% original issue discount, mature in 6 months, and offer full ratchet antidilution protection. Proceeds, estimated at $1 million after fees, will support corporate purposes including product development and marketing.
CV Sciences reported third quarter 2021 revenue of $5.1 million, down 8% from $5.6 million in Q3 2020. The gross margin improved to 46.2%, up from 44.2% year-over-year. The total cash balance decreased to $1.7 million from $4.5 million at year-end. Retail distribution expanded to over 7,700 stores, a significant increase from 6,200 stores in the previous year. Notably, they obtained forgiveness for a $2.9 million PPP loan and received multiple awards for their CBD products. The company remains optimistic about growth, supported by favorable regulatory changes.
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