I think both cvsi and CW can scale for the fdm channel. In fact I believe the difference in size between them is small potatoes compared to the opportunity for landing one big account. It was my position that CVSI would be better suited to land a huge account because they aren't competing with their retailer in online sales. Obviously the lack of FDA clarity has made this null and void. Hindsight is 20/20.
I agree CVSI is remiss in not being in the pet game already. I'm definitely disappointed in that and hope their announcement of the product also comes with a major distributor.
I also think CW has a better marketed and easier to market brand. Plus CBD is tough to differentiate and search engine optimize.
As for patented strains I don't see the fdm channel caring. People on here make a big deal, I don't believe the average consumer cares. Right now CBD is estimated as $1.1 billion in 2019, CW and CVSI combined for less than 15%, meaning 85% didn't care at all about the safety and science of the product whatsoever, or they assumed all products are safe. Either way I don't see patented seeds pushing it over the top. If that kind of tech interested anyone you would think it would be the natural stores, but CVSI actually outsold CW through that channel for 2019 so it's hard to see it as a factor.
Regarding inventory, it's great when no one else has it, it's awful when it's free demand. These companies are betting different ways. I've been on both ends in another industry. Saw a company grow exponentially when their gamble to load up paid off, and I've seen companies fire sale to keep themselves afloat when their inventory wasn't turning. I haven't looked at CW inventory turn but cost of money is generally considered 10%, so if they hold sonething for a year it cost them 10% of it's value to sit on it. Their costing should be more consistent by controlling that cost themselves so it takes away risk and reward from swings in hemp prices.
If the USDA and Congress raises the allowable THC level in hemp at all it will be bad for CW IMO. From what I understand it's really easy to grow great hemp that stays below 1%, hard to grow it that stays below .3%. farmers are asking that the number be raised. If it does hemp prices will be lower for a better product. So I'm sure CVSI will lobby one way and CW the other.
Personally I don't think CW is overvalued, I think CVSI is undervalued. And as big part of that has to do with OTC vs Toronto.
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