CV Sciences, Inc. (OTCQB: CVSI) stock price has seen a significant growth in the past several weeks, although the price’s upward momentum ended up being blocked by a large resistance level at $6. The price has been fluctuating between the support level at $4 and a resistance at $5.5 ever since December 2018. However, things changed in mid-March of this year, when a new surge broke the resistance at $5.5, allowing the price to go up towards $6.8. After nearing in on another major resistance at $7, the price saw a correction that took it below $6. However, it never left this barrier, and it has been sticking close to it for several weeks, now.
Who is CV Sciences Inc. and what does it do?
CV Sciences is a life science firm that focuses on consumer products and specialty pharmaceuticals. The company is the number one producer of synthetic cannabidiol (CBD) products. The company engages in the development, manufacturing, marketing, and sale of products that contain CBD, which is refined into various branded products.
Some of the CV Sciences’ most popular products include a chewing gum that combines nicotine and CBD and can be used for treating smokeless tobacco addiction. Not only that, but the company expects that this market, which is already $2 billion large, will more than double in size in the following few years.
Apart from the chewing gum, the company also produces a highly popular hemp-derived CBD Oil, which is currently the highest-quality top-selling brand, with an excellent reputation on product safety and efficiency.
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CV Sciences’ growth in 2019
While a large number of companies experienced significant drops in their stock price, and CVSI price is among that have fallen in mid-2018, the company’s stock has actually performed a lot better than other firms. In fact, the company’s stock is currently doing around six times better than it did a year ago.
Its major growth started in mid-May, with a massive spike up in mid-August, which has allowed CVSI price to surge all the way up to $9. This was when the firm expanded its’ retail store count of its PlusCBD Oil. However, the surge ended as abruptly as it had started, and the stock price dropped from $9 to $3. after which it saw a small recovery, which trapped the price between $4 and $5.5.
For the rest of August, CV Sciences had a lot on its plate — it applied to be listed on Nasdaq, it hired a world-renowned neurosurgeon, Dr. Joseph Maroon, who joined its board of directors, and it repaid its remaining debt. It also had to fend off a class action lawsuit filed by Block & Leviton LLP.
The issues were serious as they could damage the company’s reputation, so the firm spent the rest of the year trying to secure its position, ensure its investors, and fend off the constant lawsuits.
Things finally settled down with the start of 2019, and the company became the first US Hemp Authority certified manufacturers. Since then, it appointed its new Chief Accounting Officer, its founder retired, and its PlusCBD Oil became the top pick as per ConsumerLab.com.
Recently, the company saw more new appointments, where Dr. Douglas MacKay became the Senior Vice President of Scientific and Regulatory Affairs at CV Sciences, and Joerg Grasset became the new Chief Financial Officer. Finally, the new growth of the company’s stock price came with the announcement that CV Sciences will expand into new industries, including food, drug, and mass channels.
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All of this will have a major impact on the company’s stock price before the year ends, and it is possible that the price might try to reach the $10 mark once again. At the moment, the price is $5.50, which is a lot higher than the price the company’s stock had a year ago, and only a few months before its massive surge. Meanwhile, its market cap remains table at $531.6 million. 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.