LAS VEGAS, June 27, 2018 (GLOBE NEWSWIRE) -- CV Sciences, Inc., (CVSI) (the "Company," "CV Sciences," "our" or "we"), preeminent manufacturer and distributor of the industry-dominating brand of hemp extract products, PlusCBD Oil™, announced today that it has issued a letter to its shareholders, providing an update on the Company’s recent progress and upcoming objectives.
Highlights of the Letter Include:
- Summary of its record breaking and profitable first quarter of 2018 which included record revenue, gross profit, cash flow, adjusted EBITDA and net income.
Expansion of the Company’s footprint in the CBD product market with its PlusCBD Oil™ hemp-based CBD products rated #1 in the natural products retailer sales channel. This market opportunity is forecasted at $2.5 billion by 2022.
Updates on its drug development efforts, its proprietary patent-pending drug candidate (CVSI-007) to treat smokeless tobacco addiction, a $2 billion market opportunity.
Corporate developments that include deleveraging the Company’s balance sheet and positioning for future growth.
Details of CV Sciences’ upcoming annual general meeting (AGM) to be held on August 4, 2018 at the Company’s new San Diego headquarters.
Initiatives for 2018, focusing on operational efficiencies, sales growth, distribution channels, large drug development milestones that include investigational new drug application submission and clinical trials, and uplisting our stock to a major national exchange.
The Company’s Chief Executive Officer, Joseph Dowling, commented, “Our uplist initiative to a major national exchange is an important Company objective. The national exchanges require that a listed company’s stock price trade at certain levels for acceptance. We have included a proposal for shareholder vote at our AGM on August 4, 2018 for a reverse stock split, which has as its sole purpose clearing a pathway for the Company to “uplist” to a major national exchange. The Company will effectuate the reverse split only in connection with an application to uplist to a major exchange, and only if necessary.”
To read the Letter to Shareholders in full, please visit: https://ir.cvsciences.com
About CV Sciences, Inc.
CV Sciences, Inc. (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 San Diego, California and Las Vegas, Nevada. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.