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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) Enters Distribution Partnership With Southeastern Grocers

CV Sciences Inc. (OTCMKTS:CVSI) and Southeastern Grocers Inc. have announced a distribution partnership for PlusCBD Oil Topical Products as well as Dietary Supplements. The initial launch will be at the 115 Winn-Dixies in Florida and South Carolina’s 37 BI-LO stores. The PlusCBD Oil topical products have been available in the stores since November 3.

Distribution partnership to enhance the availability of CV Sciences CBD products

The new distribution agreement between CV Sciences and Southeastern Grocers enhances the distribution and availability of CV Sciences’ wide range of products. The broad range of products also includes ingestible dietary supplements besides PlusCBD Oil. The new distribution in BI-LO outlets in South Carolina and some Winn-Dixie outlets in Florida includes topical products such as PlusCBD Oil Roll-On, and PlusCBD Oil Extra Strength and Original Balm. There are also PlusCBD Oil full-spectrum hemp supplements such as Gold Formula Drops and Gummies, Gold Formula as well as Total Plant Complex Sprays.

CV Sciences CEO Joseph Dowling indicated that they are delighted to expand the distribution through the partnership with Southeastern Grocers. The agreement will enable the company to bring its topical products and dietary supplements to the mass food and retail channel. The CEO added that after the initial launch, they expect more distribution gains in Florida and Colorado.

CV Sciences receives an award for best supplements

In September, the company indicated that it had received the “NEXTY consumer Choice Award” in the dietary supplement category for its PlusCBD Oil Total Plant Complex Peppermint Spray. The award given annually at the Natural Products Expo East and West acknowledges innovative and inspirational natural products. Products that win the award are determined through consumer feedback that sample and ward scores to the products.

The Company’s PlusCBD Oil has best-selling CBD supplement in the Total US Natural Channel. The Extra Strength is ranked first in sales in the Total US MULO and Total US Natural Channel alongside CBD products in Topical Analgesics. The BD topicals market is growing fast, and according to Brightfield Group, the market will be worth $1.3 billion this year.

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CV Sciences Inc. (OTCMKTS:CVSI) To File Request For Continued Examination of Its 15/426,617 Patent Application

CV Sciences Inc. (OTCMKTS:CVSI) has announced that it plans to submit a Request of Continued Examination of its 15/426,617 patent application with the US Patent Trademark Office. The patent is titled Pharmaceutical Formulations Containing Cannabidiol and Nicotine For Treating Smokeless Tobacco Addiction.

Filing for an RCE

The intention to file for a Request of Continued Examination comes after the USPTO notified CV Sciences that the Patent Trial and Appeal Board declined their appeal to reverse the decision of the examiner to deny specific claims that were made in the company’s patent application.

The Chief Executive Officer of CV Sciences, Joseph Dowling, stated that the decision of USPTO was disappointing. It was important to note that it was not the end of the process. He added that the company plans to make the request continued examination. He said that they are confident in the protection of the company’s intellectual property regarding the formulation as well as the ability of CV Sciences to commercialize the invention.

Dowling indicated that they believe the innovation will offer a solution to the persistent epidemic in smokeless tobacco addiction. He added that the company would remain focused on the development of proprietary products that can enhance the quality of life of its customers.

PlusCBD Oil leading product in the CBD market

CV Sciences runs two different business segments which are consumer product divisions and the drug development division. The consumer division focuses on manufacturing, selling, and marketing of their CBD products to different markets. The drug development segment focuses on the development and commercialization of innovative CBD-based therapeutics, that utilize CBD.

The company’s PlusCBD oil is top-selling hemp-derived CBD product, and according to the CEO, consumers choose the product because of its quality, purity, and consistency. Dowling indicates that the company offers a premium product line of gluten-free and non-GMO full spectrum CBD products in the market. CV Science’s full-spectrum hemp extracts are produced, tested, and processed in the company’s state of the art facility, to ensure products conform to its standards.

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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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