CV Sciences Inc (CVSI)

[big_haze]

did anyone else read the recent filing noting references to clinical trials. I came into this stock a few weeks ago and am just wondering if there have been any discussions on the board about trials - up until this reference? I'm guessing they're referring to the Smokeless Tobacco CBD element in the pipeline.

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Item 3 of the Statement is hereby amended to add the following paragraphs:

On July 6, 2016, the disinterested members of the Board of Directors of the Issuer approved a grant of 6,000,000 performance-based stock options to purchase shares of Common Stock (the “July 2016 Option”) to the Reporting Person pursuant to a Stock Option Grant Notice, dated July 6, 2016. The stock options (a) are durational based, conditioned upon the Issuer’s achievement of certain milestones set forth below (the “Milestones”), (b) have an exercise price equal to the fair market value of the Issuer’s common stock at the time of grant, or $0.368, and (c) have a term of ten (10) years from the date of grant. The Milestones are as follows:

(i) 25% of the stock options vest the first time the Issuer completes development of a U.S. Food & Drug Administration (“FDA”) current good manufacturing practice grade batch of successfully synthetically formulated Cannabidiol (“CBD”) for use in drug development activities;

(ii) 25% of the stock options vest the first time the Issuer files an investigational new drug application with the FDA in connection with a development program utilizing CBD as the active pharmaceutical ingredient (a “CBD Drug Product”);

(iii) 25% of the stock options vest the first time the Issuer commences a Phase I clinical trial as authorized by the FDA for a CBD Drug Product; and

(iv) 25% of the stock options vest the first time the Issuer commences a Phase II clinical trial as authorized by the FDA for a CBD Drug Product.