CV Sciences Inc (CVSI)

[Det_Robert_Thorne]

Revenue declined 38.1%, $490K net operating loss

A few days ago, I wrote that we should expect to see flat to lower revenues in 3Q/14 due to an expected decline in KannaWay business (after the initial March-May rush and the termination of the HempMeds distribution agreement.

Turns out that with the release of the 3Q/14 10-Q this morning, the results were even worse than I expected.

Revenue for 3Q/14 was about $1.86M, which was down 38% from the $3M reported in 2Q/14, and Net Ordinary Income swung to a $490K operating loss.

Not pretty.

http://www.sec.gov/Archives/edgar/data/1510964/000101968714004259/cannavest_10q-093014.htm