Even though it is under fire from law firms and battling poor sentiment, CV Sciences Inc (OTCMKTS:CVSI) shares have started to surge back to the upside in recent action, crossing back above the stock’s 50-day moving average to close out last week. To help drive the story, the company recently announced that it has introduced PlusCBD Oil Gummies at the Natural Product Expo East 2018.
A look at the company’s press release from late September reveals additional details: “A new category of PlusCBD Oil products, PlusCBD Oil Gummies are offered in two tasty flavors, Cherry Mango and Citrus Punch. A line extension of our Gold Formula line with no artificial ingredients, each gummy contains 5 mg of CBD and a mere 1.5 g of sugar. Gluten free, vegan friendly, and non-GMO, these new products support healthy balance of the body and mind.”
CV Sciences Inc (OTCMKTS:CVSI) bills itself as a company that operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors.
CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada.
Moreover, CV Sciences, Inc. operates as a life science company. It operates through two segments, Specialty Pharmaceuticals and Consumer Products. The company focuses on developing and commercializing prescription drugs utilizing synthetic cannabidiol (CBD) as the active pharmaceutical ingredient. Its initial drug candidate is CVSI-007 that combines CBD and nicotine for the treatment of smokeless tobacco use and addiction.
The company also engages in the development, manufacture, marketing, and sale of consumer products containing plant-based CBD under the PlusCBD Oil name in various market sectors, including nutraceutical, beauty care, specialty foods, and vape.
CV Sciences, Inc. was founded in 2010 and is based in Las Vegas, Nevada.
CV Sciences Inc (OTCMKTS:CVSI) pulled in sales of $12.3M in its last reported quarterly financials, representing top line growth of 202.5%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($7.2M against $3M).
Shares of CVSI have powered higher over the past month, rallying roughly 52% in that time on strong overall action. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing 15% beyond what we have been seeing over the larger time frame.
The action has taken the stock back above its critical 50-day moving average. The most recent press from the company, as discussed above, is its announcement that it has introduced PlusCBD Oil Gummies at the Natural Product Expo East 2018.
“We are pleased to introduce PlusCBD Oil Gummies to our existing line of industry leading hemp extract products that include balms, sprays, drops, capsules, and softgels,” stated Joseph Dowling, Chief Executive Officer of CV Sciences. “We are committed to innovation of our PlusCBD Oil products, and as the demand for CBD infused products continues to grow, it is important to expand our wide variety of products to suit all customer preferences. We foresee PlusCBD Oil Gummies being a solid revenue driving category for our Company.”
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