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CV Sciences Inc (OTCMKTS:CVSI) Posts A Drop Of 45% In Q1 2020 Results: E-Commerce Sales Surges By 24% And Accounts For 24% Of The Total Net Revenues

CV Sciences Inc (OTCMKTS:CVSI) has posted revenues of $8.3 million in Q1 2020. It is a drop of 45% when compared to the same period last year. However, its e-commerce sales have surged by 15% when compared to the same period of 2019. E-commerce sales accounted for 24% of the overall net revenues.

Streamlines operations

CV Sciences has streamlined the operations in the past few months to move in the right direction of achieving robust growth during the global health crisis. The company maintains its distribution and production facilities amid coronavirus crisis and delivers high-quality hemp-based cannabidiol products to the customers.

Improves operational efficiency

Chief Executive Officer of CV Sciences, Joseph Dowling, said the company is confident of maintaining a positive outlook in the long term because it has taken proactive measures in the current challenging environment. It has mitigated the impact of coronavirus related effects with the help of its e-commerce arm. The company is on track to broaden its product line and maintain vertical categories. Joseph said the company implemented cost-cutting measures in the past several months to improve operational efficiency and boost earnings.

Preparing to tackle macroeconomic challenges

CV Sciences is also preparing to tackle the macroeconomic and other industry challenges. It is exploring significant opportunities for expanding the distribution and enters into new categories to realize growth. The company is also mobilizing sufficient financial resources to put the company on the growth path amid the challenges created by the coronavirus crisis and short term challenges that affect the CBD market. It is maintaining the lead in the hemp-derived cannabidiol market. The company has the right infrastructure to promote growth and derive rich dividends for the shareholders going forward.

Receives notice of allowance from USPTO

CV Sciences has received the notice of allowance from the US Patents and Trademarks Office for its patent that covers methods to treat smokeless tobacco addiction with the help of pharmaceutical formulations that comprise nicotine and CBD. According to Dowling, it’s IP, and proprietary technology provides significant opportunities for commercializing the cannabidiol based pharmaceutical drug. The market for smokeless tobacco addiction treatment expects to reach over $2 billion.

The retail store count of CV Sciences has surged to 5,799 stores across the nation as of March 31, 2020, when compared to 3,308 stores for the same period last year.

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USPTO Offers Notice Of Patent Allowance To CV Sciences Inc (OTCMKTS:CVSI) For Its Patent Application 15/426, 617: The Patent Allows Methods To Treat Smokeless Tobacco Addiction

According to an announcement on April 3, 2020, the US Patent and Trademark Office (USPTO) will be awarding notice of allowance to CV Sciences Inc (OTCMKTS:CVSI) for its patent application 15/426, 617.

Methods to treat smokeless tobacco addiction

The patent comprises methods to treat smokeless tobacco addiction by providing pharmaceutical formulations that comprise nicotine and CBD. USPTO will issue the patent on receiving the requisite fee from CV Sciences and after completing the administrative procedures. CV Sciences has applied for subsequent patents, which enables the company to get similar patent protection in vital areas across the world.

CEO of CV Sciences, Joseph Dowling, said the company is excited to receive notice of allowance from the USPTO for its proprietary technology to treat smokeless tobacco addiction. The IP allows the company to commercialize innovative cannabidiol based pharmaceutical drug to address unmet medical needs.

The market for smokeless tobacco addiction

The worldwide market for smokeless tobacco addiction is estimated at over $2 billion. CV Sciences expects to cash on this trend for long term growth. Also, CV Sciences is targeting the consumer segment for continuous growth. It will take steps to commercialize CVSI-007 and discussing with strategic partners.

The initial drug candidate of CV Sciences – CVSI-007 comprises CBD and nicotine to help users to quit tobacco smoking. It expects a formal patent soon from FDA and continues the development efforts of the first cure for smokeless tobacco addiction.

Misses revenue estimates

CV Sciences has reported revenues of $9.33 million in Q4 2019. It has missed the revenue estimates by 18.91%. However, the company ended the year 2019 on a positive note posting higher annual revenues in its history. It has built a strong foundation for long term growth and broadened retail distribution.

Strengthens leadership

CV Sciences strengthened its leadership and corporate governance in 2019. The company has appointed Joerg as a Chief Finance Officer in early 2019. He brings an invaluable accounting experience to the company. The company has appointed Dr. Duffy MacKay as SVP (Senior Vice President – Scientific and Regulatory Affairs) in Q1 2019. Shane Hart, the new SVP (Marketing and Communications), has made significant improvements by refreshing its flagship brand – PlusCBD Oil.

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CV Sciences Inc (OTCMKTS:CVSI) Communicates To Shareholders Through A Letter

CV Sciences Inc (OTCMKTS:CVSI) is pleased with its PlusCBD™ Oil brand and the way it has dominated the market. The company’s CEO, Joseph Dowling, today released a letter to the company’s shareholders in this regard. It was a week ago that the business guru unveiled its second quarter results. Dowling thanked all the stakeholders for the role they played to help the company report a high quarterly revenue. This was the highest peak since the company’s establishment. CV Sciences has achieved sequential revenue growth over14 consecutive quarters.

Dowling’s thoughts regarding the matter

Dowling attributes the consistent growth to the company’s product, the PlusCBD™ Oil brand. He adds that the company has also taken a notch higher its distribution activities, selling its wide range of products to more retail outlets. Every year, the company manages almost to double its retail outlets. That means higher sales of the product. CV Sciences continues enjoying increased selling opportunities.

The company’s CEO believes that the fundamentals that guide the company are appropriate. They are the reason they can serve the fast-expanding market for the hemp-based CBD products. The official applauds the company’s second quarter results and anticipates a brighter future.

Dowling and other leaders’ reservations and plans

However, the CEO expresses his dissatisfaction with certain aspects of the market reaction.

According to the official, the company has all along dedicated itself to giving timely quarterly updates. As a result, the company has been facing massive competition. Leaders in the company have expressed fears over a reduction in the quarterly revenues. They feel that something needs to be done to stop the choppy quarterly results that may be experienced over consecutive quarters.

The encouraging aspect is this company’s determination on not getting detracted at all. The company will continue taking advantage of the fast-growing market opportunities. It will also be hoping to expand its distributions activities further.

CV Sciences says it will continue investing in its brand to make it more accessible and also for profitability sake. The business giant says it will stop at nothing towards upholding the current growth trajectory. Strengthening the PlusCBD™ Oil brand remains the company’s topmost priority at the moment.

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CV Sciences Inc (OTCMKTS:CVSI) To Move Into A Distribution Partnership With Kroger

CV Sciences Inc (OTCMKTS:CVSI) wants to increase the competitive edge of its PlusCBD™ Oil brands. This is the reason it is moving into an expanded distribution partnership with Kroger. The company’s product has been a best seller for quite some time. However, there is still a need to work on distribution activities. The new collaboration seeks to ensure customers access the original versions of the products.

Details about the latest business deal

The  PlusCBD™ Oil brands comprise of leading products such as the PlusCBD™ Oil Roll-Ons and the Extra Strength Balms. CV Sciences encourages its customers to visit its stores to obtain the PlusCBD™ Oil Roll-Ons. The collaboration with Kroger is a major step towards boosting business for the two.

There are 400 Kroger stores where you can find the latest products. These stores are spread across Virginia, Utah, Texas, Montana, and Georgia. Conducting business with Kroger will see the business partners reap high profits from the PlusCBD™ Oil distribution.

The plans of the companies

An official working with CV Sciences confirms that the new collaboration is a progressive one. That is because the business giants will have a total of 22 states to market and sell their wide range of products. He adds that the products will be sold out in about 1,350 Kroger stores. He said that Kroger’s retail banners such as Pick ‘n Save, Mariano’s, QFC and Smiths were in great condition.

According to the official, these retail banners would help boost productivity by a significant margin. Others are Mariano’s, King Sooper, Kroger, Fred Meyer, Fry’s, and Dillons. In short, the decision to work with Kroger is expected to boost business by a significant margin.

The Chief Executive Officer of CV Sciences, Joseph Dowling, opines, “We are pleased to further grow our distribution with Kroger and increase the availability of PlusCBD™ Oil products to more Kroger shoppers across the U.S.”

Top executive says the future looks promising. If all moves according to plan, they may be expanding their activities to sell from more of Kroger retail outlets. However, they seek to pay close attention to safeguarding the quality of hemp CBD products.

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CV Sciences Inc. (OTCMKTS:CVSI) Record Q2 Revenue Strengthens Upward Momentum

CV Sciences Inc. (OTCMKTS:CVSI) uptrend in the market received a boost on the CBD focused company reporting stellar second quarter financial results. The company reporting record second-quarter revenue is a development expected to continue strengthening investor sentiments in the stock after one of the most excellent runs in recent years.

The stock is already up by more than 400% for the year in what is turning out to be a pivotal year for the stock. With the stock currently trading in a steep uptrend, it faces immediate resistance at the $2.80 level, above which it is expected to continue powering high to a new 52-week high.

Q2 Financial Results

For the three months ended June 30, 2018, CV Sciences generated a 203% increase in sales that came in at $12.3 million, which is also a 53% sequential increase from Q1. During the quarter, the company’s store count increased 11.1% to 1,968 natural organic and health food stores, seen as one of the catalysts behind the robust sales growth.

According to the Chief Executive Officer, Joseph Dowling, the second quarter performance validates the company’s momentum in driving growth and sales. The executive is also of the opinion that Q2 performance underscores the strength of CV Science product as well as brand recognition power.

“Our PlusCBD™ product line is now positioned for mainstream acceptance and expanded distribution as the health and wellness markets continue to embrace CBD commercialization and standardization,” said Mr. Dowling.

Retail Channel Expansion

Buoyed by the second quarter performance, CV Science is aggressively expanding its natural/organic health food store sales channel as it looks to accelerated sales growth. Retail channel expansion coupled with increased industry forecasts is a testament to the company’s growth.

The manufacture and distributor of hemp extract products is also looking for ways to expand its footprint in the CBD product market backed by its PlusCBD Oil hemp-based CBD product. The market opportunity at stake with the latest push is forecasted to be about $2.5 billion by 2022.

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CV Sciences Inc (OTCMKTS:CVSI) Announces Its Financial Results For The First Quarter 2018

CV Sciences Inc (OTCMKTS:CVSI) has today reported its 2018 first quarter financial results. It reported sales of about $8.1 million and this was a clear demonstration of its continued organic expansion into all sales channels ranging from natural product retail, direct-to-consumer channels and wholesale.

A breakdown of the performance

One of the officials has disclosed that it was the company’s 11% sequential quarterly increase from the $7.2 million in the fourth quarter. The Company’s natural product retail channel currently covers almost 1,771 locations spread out across the nation.

CV Sciences has plans underway to come up with new sales channels and feels very much encouraged by strength of its wide range of branded products as was brought out clearly by SPINS® Scan data. This data has placed the company at the topmost position among the various natural products in the diverse industry.

The CFO of CV Sciences Joseph Dowling says that they are off to a strong start in 2018 and hope to succeed at delivering a record financial performance on all the major metrics including a double-digit sales growth on a sequential quarterly comparison and a triple digit year-over-year revenue growth.

A focus into the future

The company’s operating performance is being given a major boost by the strong demand for products, the combination of core revenue growth, and a market currently in its infancy. The company’s management is focusing on laying down the groundwork to facilitate continued profitable growth.

Looking at matters from the perspective of the drug’s development face, the business giant has made steady progress in advancing CVSI-007 which is fundamentally its lead drug candidate. It is about addressing the addiction market as well as the multibillion dollar smokeless tobacco use.

Dowling sees the quarter as a major validation of the company’s capacity to generate cash flow a time when business dynamics tend to be shifting pretty fast.

CV Sciences Inc is pleased after it succeeded at settling the SEC matter. It is a transformative moment considering that the company has now resolved all the claims and matters linked to the body’s enforcement action. The Company did not admit any wrong doing and that left quite much to be speculated over.

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