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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, 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.
CV Sciences (OTCQB:CVSI) will release its third-quarter financial results on November 15, 2021, before the stock market opens. A conference call with investors is scheduled for 7:00 a.m. PT that same day, available via webcast on the company's Investor Relations website. CV Sciences operates in two segments: consumer products, focusing on hemp-derived CBD supplements, and drug development for CBD-based therapeutics. PlusCBD™ products are sold in over 7,700 U.S. retail locations, making it a leading CBD brand.
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.
CV Sciences reported its financial results for Q2 2021, revealing revenue of $5.1 million, down from $5.4 million in Q2 2020. Despite this revenue decline, the company saw an improvement in gross margin to 44.7%, up from 43.0% year-over-year. The total cash balance decreased to $3.0 million from $4.5 million at year-end. The company expanded its retail presence to over 7,800 stores. Despite challenges from market competition and regulatory uncertainties, CV Sciences launched new products and reported a reduced operating loss of $3.5 million.
CV Sciences (OTCQB:CVSI) announced it will release its second-quarter financial results on August 12, 2021, after market close. A conference call for investors is scheduled the same day at 1:30 PM PT. The call will be accessible via the company's Investor Relations webpage and will be archived for 30 days. CV Sciences operates two divisions: a consumer product segment focused on CBD products and a drug development segment for CBD-based therapeutics. Its PlusCBD™ brand is recognized as a leader in the natural products market.
CV Sciences, Inc. (OTCQB:CVSI) announced that its CV™ Defense product received the 2021 Product of the Year: Immune Support Award from NutraIngredients-USA. This award recognizes innovation in nutrition and dietary supplements. CV™ Defense contains ingredients like PEA, reishi mushroom extract, vitamins A and D, selenium, and zinc, aimed at enhancing immune health. The award underscores the company's commitment to expanding its product portfolio beyond CBD, reflecting strong initial sales and consumer demand for effective wellness products.
CV Sciences announced progress in developing a CBD-based pharmaceutical for nicotine addiction in collaboration with UC San Diego. A preclinical study revealed that chronic CBD treatment significantly reduced withdrawal symptoms in nicotine-dependent rats. This research highlights CV Sciences' commitment to addressing the $2 billion smokeless tobacco addiction market, with potential FDA-approved treatment in development. The company has secured a patent for a proprietary CBD and nicotine formulation, further expanding its product development opportunities.
CV Sciences (CVSI) reported Q1 2021 revenue of $4.8 million, a 41% decrease from $8.3 million in Q1 2020, attributed to the ongoing COVID-19 pandemic and increased market competition. Despite this, the gross margin slightly improved to 48.7% from 48.5% year-over-year. The company’s cash balance rose to $5.7 million, up from $4.5 million at year-end. Retail distribution expanded to over 7,300 stores, up from 5,799 a year prior. New product launches, including ProCBD™ and PlusCBD™ Calm and Sleep gummies, were well received, indicating potential future growth.
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