CV Sciences Inc (CVSI)

[GE_Jim]

SAN DIEGO, May 16, 2022 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced its financial results for the quarter ended March 31, 2022.

First Quarter 2022 and Recent Financial and Operating Highlights

Revenue of $4.4 million for first quarter of 2022, compared to $4.8 million for the first quarter of 2021; Gross margin of 26.0% for first quarter of 2022, compared to 32.4% for the fourth quarter of 2021; Total cash balance of $2.4 million at quarter end, compared to $1.4 million at year end; Launched four unique Over-the-Counter (OTC) pain relief topical products formulated to pinpoint sources of minor pain and aches using active ingredients including camphor and menthol along with premium hemp-derived CBD; Launched PlusCBDTM Relief softgels to our wellness line of CBD products joining our successful PlusCBDTM Sleep and Calm gummies; Continued to evaluate strategic review, including consideration of inbound and outbound merger, sale, acquisition or other options for the Company as a whole or for any business segments; Continued to implement strategic cost savings initiatives; Completed new lease agreement of approximately 6,000 square feet for the Company's main facility in San Diego; and Claimed refundable employee retention credit (ERC) under the CARES Act of $2.0 million.