CV Sciences Inc(OTCMKTS:CVSI) has been running up the charts in recent weeks as pot stocks heat up across the board leading up to November 8. CVSI was trading as low as $0.20 a month ago and has skyrocketed to recent highs near $0.50.
CVSI is CannaVEST Corp. CANV reincarnated. The Company operates in the red hot Marijuana industry that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including Oregon and California likely next.
CV Sciences Inc(OTCMKTS:CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.
In December of last year CVSI acquired CanX and commenced its preclinical drug development program during the second quarter of 2016. CVSI drug development efforts include pursuing synthetic-based Cannabidiol drug candidates in areas that have potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.
In August the Company reported Q2 financial results. CEO Michael Mona, Jr. stated “During the second quarter, we continued to generate strong performance from our consumer products division, as the distribution of our branded consumer products increased to 705 retail locations as of June 30, 2016, compared to the 120 retail locations a year ago. We have seen a strong market acceptance and an increase in demand for our consumer products with sales of $2.5 million during the three months ended June 30, 2016, up from sales of $2.4 million for the same period last year. Given our established position as a market leader in CBD consumer products, we have pivoted our corporate strategy to include the development and commercialization.”
CVSI also reported on its preclinical drug development program during the second quarter of 2016. The Company’s drug development efforts include pursuing synthetic-based Cannabidiol (“CBD”) drug candidates in areas that have potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.
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Natural Products Sales Channel Expands. The Company expanded its education program and marketing efforts in partnership with broker relationships and physician educators to increase this sales channel, addressing the $35 billion U.S. Natural Products industry. As of June 30, 2016, the Company continued its expansion in the Natural Products sales channel with placement into 705 stores.
Company Rebranding Continues. In June 2016, CV Sciences announced that Financial Industry Regulatory Authority (“FINRA”) had approved a change in the trading symbol for the Company’s common stock to “CVSI.” The Company’s common stock formerly traded under the symbol “CANV.”
On September 27 CVSI issued a letter today to its shareholders discussing recent events and highlights. Highlights of the letter include discussion of the following recent accomplishments:
Acquisition of CanX Inc. and focus on the development and commercialization of innovative medicines. Multi-billion market opportunity presented by initial drug candidate (CVSI-007), a proprietary chewing gum that combines synthetic CBD and nicotine to effectively treat smokeless tobacco addiction.
Review of drug development program and timeline of achievements and upcoming milestones. Update of the Company’s CBD Consumer Division, which has grown from 120 retail locations to now over 700 locations. Macro factors that continue to drive the market for natural CBD and hemp products.
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Currently trading at a $23 million market valuation CVSI does have $1.4 million in the treasury and significant sales reporting $4,910,434 revenues for the 6 months ended June 10, 2016. CVSI is an exciting story developing in small caps; the Company operates a drug development as well as a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors that is doing big sales numbers. We will be updating on CVSI when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CVSI.
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Disclosure: we hold no position in CVSI either long or short and we have not been compensated for this article.