Chillin: spot on with your comments about FDA and it's worth a re-listen to the call. Dowling did a very good job framing what was a disappointing financial quarter. But if you listen to everything else, as you did, we are being set up for success. When FDA issues an interim rule, and I believe they will regulate ingestibles like dietary supplements (and that regulatory apparatus already exists and is working well).
As to your other excellent question about the role of the board members, here's my take. First of all, as Mr. Dowling pointed out, the addition of 2 independent board members satisfies a Nasdaq uplisting requirement. We now have 5. And if the Nasdaq is concerned about Mona influence - and I have no idea if they do - the board is now minority (20%) Mona.
One of the new board members has significant experience in the natural foods space and she knows how to get products created, marketed and distributed. The new MD was clearly selected to oversee the drug development program. Most people on this board pooh-pooh the drug side, and think it costs too much money for little return. But clearly this is advancing and trials are expected to START in Q2. That means the company will file a CTA (clinical trial application) in Q1. They'll await feedback and then can start. And folks, a Phase 1 study may cost $1-1.5 MM to complete. CVSI has that in pocket! No need to partner until after a successful phase 1. After that, the drug is worth way more to a partner or an acquisition partner.
Look, yesterday sucked, but it is reality. I know Tomc and Dowling and Co. are doing everything in their power to develop and sell product. Duffy is setting up the regualtory mechanism for this company to hum once FDA rules.
I own a lot of shares and missed a chance to sell at least some of them at 6. But we will get there again. I still think we're a $4 stock now, and can get there quickly with some FDA or Nasdaq news.
Until then, I'm hanging in there. Best of luck to you.
All the best.
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