CV Sciences (CVSI) stock price has been hinting that it is ready for growth, and the only thing standing in its way right now is a large resistance level at $6. The company’s stock has been relatively stable, and even stagnant in 2019, especially when compared to all the activity in late 2018. However, in mid-March, the firm finally saw its stock price surging, at least until it hit the current roadblock. If it can breach it, CVSI price might keep going up, and potentially even challenge some of its own old records.
SV Sciences is a live science firm that provides consumer products and specialty pharmaceuticals. The company’s focus and goal are to continue developing and commercializing proprietary prescription drugs. Their key ingredient is synthetic cannabidiol (CBD).
CV Sciences uses CBD as an active pharmaceutical ingredient for its products — many of which are now dominant in this industry. The company’s initial top product is a chewing gum that combines nicotine and CBD, which has become a popular way to treat smokeless tobacco use and addiction. The cessation of smokeless tobacco use is currently a massive, $2 billion-large market. However, the company expects it to grow in years to come, and likely double in size during that time.
Another CV Sciences top product is its PlusCBD Oil, which has become well-known for its quality, effectiveness, and safety. The oil has been proclaimed an industry-dominating brand, and it allowed the company to truly stand out.
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CVSI’s busy 2019
The company has been rather busy in the last several months. After spending most of the second half of 2018 in legal issues caused by fake reports by Citron Research — a company known for attempting to damage other firms’ stock and manipulate price — CV dedicated its efforts towards improving its business.
It focused on product development and expansion of its business, as well as on strengthening its team of executives. One example of this was the appointment of a new Chief Accounting Officer, Joerg Grasser. Meanwhile, the company’s founder, Michael Mona, Jr., decided to step down and retire, with Michael Mona III taking his place.
The company’s PlusCBD Oil gold softgels got named the ‘top pick’ by ConsumerLab.com, confirming yet again that CV Sciences is the number one provider of CBD-based products in the industry.
The company also recently got a new Senior Vice President of Scientific and Regulatory Affairs, Dr. Douglas MacKey. Soon after this appointment, the company’s stock started seeing another growth, as mentioned earlier. Additionally, the firm also promoted Joerg Grasset to the position of Chief Financial Officer.
The biggest announcement came only about a week ago when CV Sciences revealed new distribution expansion into food, drug, and mass channels. The company also realized that it would need a new auditor, which is why they appointed Deloitte & Touche LLP to that position.
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It appears that the firm is advancing nicely in 2019, despite legal difficulties in late 2018, when Citron Research attempted to disrupt the company’s image with false claims. Now, CVSI price continues to struggle against resistance level at $6. However, breaching it and turning it into a support level would open up numerous possibilities for the firm’s price, and give it a lot more room to grow. If that happens, the company is likely to see another spike up — one that will be extremely beneficial for its investors and shareholders. We will be updating on CV Sciences when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CV Sciences.
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Disclosure: we hold no position in CV Sciences either long or short and we have not been compensated for this article.