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CV Sciences, Inc. (CVSI)

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Previous Close0.6800
Open0.6350
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.5888 - 0.6700
52 Week Range0.2500 - 3.8900
Volume1,578,500
Avg. Volume870,598
Market Cap64.205M
Beta (5Y Monthly)1.54
PE Ratio (TTM)N/A
EPS (TTM)-0.1250
Earnings DateMay 08, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.89
  • GlobeNewswire

    CV Sciences, Inc. Reports Second Quarter 2020 Financial Results

    SAN DIEGO, Aug. 06, 2020 (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 June 30, 2020. Second Quarter 2020 and Recent Operating Highlights * Revenue of $5.4 million for the second quarter of 2020; * E-commerce sales of $2.0 million for the second quarter of 2020; * Gross margin of 43.0% for the second quarter of 2020; * Maintained strong total cash balance of $8.1 million at quarter end; * Received formal notice of patent issuance from USPTO for proprietary CBD and nicotine formulation and treatment of smokeless tobacco addiction; * Launched CV™ Acute, a clinically researched wide spectrum proprietary plant-based formula which supports immune system and respiratory health; * Launched Happy Lane™, a new THC-free CBD brand and product line for the convenience store channel; and * Announced publication of two research studies demonstrating the safety and health benefits of PlusCBD™ products.“We continue to effectively navigate the challenging industry and COVID-19 environment by controlling costs and accelerating new product and category development, while continuing to drive distribution growth for our PlusCBD™ brand. During the quarter, we expanded distribution of our topical products with a leading southeast supermarket retailer and two national supermarket retailers, driving further growth of our store count to 6,325 stores nationwide, up from 5,799 at the end of the first quarter. We remain highly confident in the long-term outlook for the hemp-derived CBD category and will continue to position ourselves for the future of CBD as the regulatory environment continues to develop,” stated Joseph Dowling, Chief Executive Officer of CV Sciences. “We are excited to expand our high-quality product development expertise into the immunity category with the recent launch of CV™ Acute, our first entry into the immunity category with additional products to follow. The immunity category for dietary supplements is a promising and growing category with strong consumer demand as consumers focus on their health and well-being during this pandemic. We are leveraging our years of product development expertise to deliver a superior solution for consumers. The product not only broadens our category exposure, but will also expand our distribution footprint. Additionally, earlier this week we announced the launch of our new Happy Lane™ product line, expanding our hemp-derived CBD portfolio that significantly broadens our channel opportunities, providing an attractive entry point to consumers. With these new and further planned product and brand launches, we see significant opportunity to broaden our national footprint and expand our market share in the CBD category. Beyond these recent new product and brand innovations, we continue to have a pipeline of new product innovation lined up for the 2nd half of 2020. We will continue to focus on expanding our distribution, products, categories and opportunity with a focus on driving growth and long-term shareholder value.”Operating Results - Second Quarter 2020 Compared to Second Quarter 2019 Sales for the second quarter of 2020 were $5.4 million, a decrease of 68% from $16.9 million in the second quarter of 2019. Second quarter sales were impacted by the current COVID-19 pandemic and increased market competition, which is largely due to the uncertain regulatory environment for CBD. The Company's retail store count increased to 6,325 stores nationwide as of June 30, 2020, up from 4,591 stores as of June 30, 2019.The Company recognized an operating loss of $4.7 million in the second quarter of 2020, compared to an operating income of $1.3 million in the prior year.The Company had negative adjusted EBITDA for the second quarter of 2020 of $3.2 million, compared to adjusted EBITDA of$3.6 million for the second quarter of 2019.Conference Call and Webcast The Company will host a conference call and webcast to discuss these results today at 4:30 pm EDT/1:30 pm PDT. The webcast of the conference call will be available on the Investor Relations section of the Company's web site at https://ir.cvsciences.com/news-events or directly http://public.viavid.com/index.php?id=140785. Investors interested in participating in the live call can also dial (888) 317-6003, passcode: 6531425 from the U.S. or international callers can dial (412) 317-6061, passcode: 6531425. A telephone replay will be available approximately two hours after the call concludes, and will be available through Thursday, August 13, 2020, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 10146370.About CV Sciences, Inc. CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry.  CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications.  With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov.  PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California.  Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.Forward Looking Statements 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 risk and uncertainties.Contact InformationInvestor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.com Media Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.com CV SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months ended June 30, Six Months ended June 30,  2020 2019 2020 2019 Product sales, net$5,396  $16,854  $13,666  $31,765  Cost of goods sold 3,074   4,903   7,336   9,255  Gross Profit 2,322   11,951   6,330   22,510                   Operating expenses:                Research and development746  1,688  2,255  3,030  Selling, general and administrative 6,233   9,009   14,052   27,604    6,979   10,697   16,307   30,634                   Operating Income (Loss)(4,657) 1,254  (9,977) (8,124)          Interest (income) expense, net4  (1) (6)  5  Income (loss) before income taxes(4,661) 1,255  (9,971) (8,129) Income tax expense (benefit)20  26  (138) 26  Net Income (Loss)$(4,681) $1,229  $(9,833) $(8,155)          Weighted average common shares outstanding        Basic99,863  98,633  99,771  98,557  Diluted99,863  120,929  99,771  98,557  Net loss per common share, basic and diluted        Basic$(0.05) $0.01  $(0.10) $(0.08) Diluted$(0.05) $0.01  $(0.10) $(0.08) CV SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data) June 30,  2020 December 31,  2019 Assets    Current assets:    Cash and cash equivalents$7,576  $9,107  Restricted cash501  501  Accounts receivable, net1,145  2,177  Inventory8,418  9,971  Prepaid expenses and other8,809  10,611  Total current assets26,449  32,367       Property & equipment, net3,039  3,615  Operating lease assets8,147  8,709  Intangibles, net3,748  3,766  Goodwill2,788  2,788  Other assets1,524  1,442  Total assets$45,695  $52,687       Liabilities and stockholders' equity    Current liabilities:    Accounts payable$743  $1,617  Accrued expenses10,132  10,856  Operating lease liability - current837  723  Total current liabilities11,712  13,196       Debt2,906  —  Operating lease liability8,826  9,517  Deferred tax liability263  421  Other liabilities—  406  Total liabilities23,707  23,540       Commitments and contingencies         Stockholders' equity    Preferred stock, par value $0.0001; 10,000 shares authorized; no shares issued and outstanding—  —  Common stock, par value $0.0001; 190,000 shares authorized, 99,886 and 99,416 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively10  10  Additional paid-in capital73,448  70,774  Accumulated deficit(51,470) (41,637) Total stockholders' equity21,988  29,147       Total liabilities and stockholders' equity$45,695  $52,687  CV SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in thousands) Six Months ended June 30,  2020 2019 OPERATING ACTIVITIES    Net loss$(9,833) $(8,155) Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:    Depreciation and amortization389  354  Stock-based compensation2,501  4,216  Stock-based compensation associated with founders employment settlement—  7,857  Deferred taxes(158) —  Non-cash lease expense562  251  Loss on sale of property and equipment176  —  Other99  32  Change in operating assets and liabilities:    Accounts receivable1,032  (1,380) Inventory1,738  (557) Prepaid expenses and other2,208  (622) Accounts payable and accrued expenses(2,818) 1,461  Net cash provided by (used in) operating activities(4,104) 3,457       INVESTING ACTIVITIES    Purchase of property and equipment(506) (504) Net cash flows used in investing activities(506) (504)      FINANCING ACTIVITIES    Proceeds from debt2,906  —  Repayment of unsecured debt—  (405) Proceeds from exercise of stock options173  254  Net cash flows provided by (used in) financing activities3,079  (151)      Net increase (decrease) in cash, cash equivalents and restricted cash(1,531) 2,802  Cash, cash equivalents and restricted cash, beginning of period9,608  12,935  Cash, cash equivalents and restricted cash, end of period$8,077  $15,737       Supplemental cash flow disclosures:    Interest paid$—  $9  Income taxes paid$18  $54  Supplemental disclosure of non-cash transactions:    Purchase of property and equipment in accounts payable and accrued expenses$327  $50  Sale of property and equipment in exchange for note receivable (recorded in prepaid expenses and other) and inventory$675  $—  CV SCIENCES, INC. NON-GAAP FINANCIAL MEASURES (UNAUDITED)We prepare our condensed consolidated financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as net income and loss per share and Adjusted EBITDA included in this press release are different from those otherwise presented under GAAP. We use non-GAAP measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. The non-GAAP financial measures exclude non-cash compensation expense for stock options and other non-recurring items. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition, we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results.Adjusted EBITDA is defined by us as EBITDA (net income (loss) plus depreciation expense, amortization expense, interest and income tax expense (benefit), further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. We use Adjusted EBITDA because we believe it more clearly highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since Adjusted EBITDA eliminates from our results specific financial items that have less bearing on our core operating performance.We use Adjusted EBITDA in communicating certain aspects of our results and performance, including in this press release, and believe that Adjusted EBITDA, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of Adjusted EBITDA is useful to investors in making period-to-period comparison of results because the adjustments to GAAP are not reflective of our core business performance.A reconciliation from our GAAP net loss to non-GAAP net income (loss) for the three and six months ended June 30, 2020 and 2019 is detailed below: Three Months ended  June 30, Six Months ended  June 30,  2020 2019 2020 2019                    (in thousands, except per share data) Net income (loss) - GAAP$(4,681) $1,229  $(9,833) $(8,155) Stock-based compensation (1)1,243  2,125  2,501  4,216  Stock-based compensation associated with founder employment settlement (2)—  —  —  7,857  Payroll expense associated with founder employment settlement (3)—  —  —  934  Net income (loss) - non-GAAP$(3,438) $3,354  $(7,332) $4,852           Diluted EPS - GAAP$(0.05) $0.01  $(0.10) $(0.08) Stock-based compensation (1)0.02  0.02  0.03  0.04  Stock-based compensation associated with founder employment settlement (2)—  —  —  0.07  Payroll expense associated with founder employment settlement (3)—  —  —  0.01  Diluted EPS - non-GAAP$(0.03) $0.03  $(0.07) $0.04           Shares used to calculate diluted EPS - GAAP99,863  120,929  99,771  98,557  Shares used to calculate diluted EPS - non-GAAP99,863  120,929  99,771  120,273  _____________(1) Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.(2) Represents stock-based compensation expense related to accelerated vesting of RSU's and the modification of certain stock options associated with the settlement agreements with our founder.(3) Represents accrued payroll and related benefits associated with the separation of our founder.A reconciliation from our net loss to Adjusted EBITDA, a non-GAAP measure, for the three months ended June 30, 2020 and 2019 is detailed below: Three Months ended June 30, 2020 Three Months ended June 30, 2019  Consumer Products Specialty Pharma Total Consumer Products Specialty Pharma Total               (in thousands) Net income (loss)$(4,034) $(647) $(4,681) $2,248  $(1,019) $1,229  Depreciation195  —  195  168  —  168  Amortization—  9  9  —  9  9  Interest expense (income)4  —  4  (1) —  (1) Income tax expense20  —  20  26  —  26  EBITDA(3,815) (638) (4,453) 2,441  (1,010) 1,431  Stock-based compensation (1)1,209  34  1,243  2,090  35  2,125  Adjusted EBITDA$(2,606) $(604) $(3,210) $4,531  $(975) $3,556  A reconciliation from our net loss to Adjusted EBITDA, a non-GAAP measure, for the six months ended June 30, 2020 and 2019 is detailed below: Six Months ended June 30, 2020 Six Months ended June 30, 2019  Consumer Products Specialty Pharma Total Consumer Products Specialty Pharma Total               (in thousands) Net loss$(7,973) $(1,860) $(9,833) $(6,483) $(1,672) $(8,155) Depreciation371  —  371  336  —  336  Amortization—  18  18  —  18  18  Interest expense (income)(6) —  (6) 5  —  5  Income tax expense (benefit)(138) —  (138) 26  —  26  EBITDA(7,746) (1,842) (9,588) (6,116) (1,654) (7,770) Stock-based compensation (1)2,467  34  2,501  4,137  79  4,216  Stock-based compensation associated with founder employment settlement (2)—  —  —  7,857  —  7,857  Payroll expense associated with founder employment settlement (3)—  —  —  934  —  934  Adjusted EBITDA$(5,279) $(1,808) $(7,087) $6,812  $(1,575) $5,237  ______________(1) Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.(2) Represents stock-based compensation expense related to accelerated vesting of RSU's and the modification of certain stock options associated with the settlement agreements with our founder.(3) Represents accrued payroll and related benefits associated with the separation of our founder.

  • CV Sciences, Inc. Announces Launch of Happy Lane™ CBD Product Line
    GlobeNewswire

    CV Sciences, Inc. Announces Launch of Happy Lane™ CBD Product Line

    THC-free Happy Lane™ expands CV Sciences’ sales channels and consumer access to safe and effective CBD Happy Lane™ CV Sciences, Inc. Announces Launch of Happy Lane™ CBD Product LineSAN DIEGO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent leader in hemp derived cannabidiol (CBD) products, today announced the launch of its new Happy Lane™ CBD product line.Happy Lane™ non-GMO, hemp derived CBD products are manufactured with 0.00% THC (“THC-free”) and formulated using CV Sciences’ rigorous standards for quality, verified by a third party laboratory for purity, strength and composition.Leveraging the success of the Company’s top selling PlusCBD™ product line, CV Sciences plans to make Happy Lane™ broadly available to U.S. consumers through new distribution channels, including the $650 billion convenience store channel.Happy Lane™ is now available at select natural products retailers nationwide in six product SKUs and multiple form factors, including softgels, liquids, roll-ons, chews and gummies. Happy Lane™ offers distinctive new flavors such as Berry Extraordinary, Cherry Jubilee and Peppermint Magic, with additional innovations in development.“We are thrilled to introduce Happy Lane™ to expand our sales channels and bring the highest quality CBD to fulfill CV Sciences’ mission to provide all consumers with access to high quality hemp derived CBD that has been verified to be safe and effective. Happy Lane™ allows us to expand our sales channels to bring the CV Sciences’ quality and scientific standards to a broader audience at value,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “With new retail distribution focused on value channels, we look forward to building long-term brand affinity with Happy Lane™ customers who did not previously have access to safe and effective CBD that is grown, extracted, manufactured, and lab verified by a trusted brand with a proven track record. Our initial launch of THC-free Happy Lane™ products are all available for less than $20, an entry point we believe provides access to new CBD customers.”About CV Sciences, Inc.CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural product retail market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP), and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.FORWARD-LOOKING DISCLAIMERThis 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.CONTACT INFORMATION: Investor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.comMedia Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/276af43a-f06d-440c-8a90-a4a6a856734c

  • CV Sciences, Inc. Announces Expansion with the Launch of CV™ Acute and New Immunity Product Line
    GlobeNewswire

    CV Sciences, Inc. Announces Expansion with the Launch of CV™ Acute and New Immunity Product Line

    Clinically researched wide spectrum proprietary plant-based formula supports immune system and respiratory health CV™ Acute CV™ AcuteSAN DIEGO, July 29, 2020 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent leader in hemp derived cannabidiol (CBD) products, today announced a strategic category expansion into condition specific dietary supplements with the launch of CV™ Acute, the first of several products to be launched under its new Immunity product line. This new non-CBD product line will open markets and sales channels for the Company, including major e-commerce retailers not currently accessible by CBD-based products. CV™ Acute (V871 SHL)1 is a clinically researched, wide-spectrum, proprietary plant-based formula to support immune system and respiratory health. CV™ Acute integrates a time tested Traditional Chinese Medicine (TCM) herbal formula with proprietary modern analytical chemistry and extraction techniques2. The formula is supported by global medical authorities and hundreds of published scientific studies that demonstrate overall immune system defense to everyday challenges with enhanced support for respiratory health.A World Health Organization (WHO) report cited the formula’s ability to be an effective therapy for respiratory and immune system challenges that can be safely combined with conventional and pharmaceutical treatments. A March 2020 study published in the International Journal of Biological Sciences highlighted in vitro evidence demonstrating that the formula had a preventive effect on SARS-COV2, the virus that causes COVID-19. While this data is preliminary and should be interpreted conservatively, the strong safety profile of CV™ Acute indicates that it is a prudent addition to an integrated approach to respiratory and immune challenges.Michael D. Lewis, MD, MPH, Colonel (Retired), U.S. Army, and CV Sciences Medical Advisor commented, “I was assigned to establish the Department of Defense Global Emerging Infections Surveillance Program in Southeast Asia in the early 2000's, helping manage both the SARS and Bird Flu outbreaks for the U.S. military. There I observed the tremendous value in combining traditional herbs with modern diagnosis and treatment.”Dr. Lewis continued, “TCM herbs have powerful anti-viral and anti-inflammatory activity without side-effects [often] associated with drugs. The herbs in CV™ Acute have been shown to be safe and effective alone or when added to modern medical treatment of viral and bacterial infections.”“Our launch of CV™ Acute represents a strategic category expansion, and a natural evolution of CV Sciences’ positioning as a leading health and wellness company,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “CV™ Acute is considered a valuable botanical formula to maintain immune and respiratory health at times when protection is needed the most - including the uncertain times of the 2020/2021 flu season. This is particularly important as many retailers have not been able to offer CBD products, which have also demonstrated immune system support.”Dowling continued, “We considered adding CBD to the formula, however our goal is to make CV™ Acute broadly available to consumers through all retail channels at an affordable price so they can have easy access to the immune and respiratory health benefits this formula has demonstrated to provide. We view PlusCBD™ as a companion product to CV™ Acute because PlusCBD™ provides maintenance for the immune and endocannabinoid systems, while CV™ Acute delivers high intensity immune support when needed.”CV™ Acute will be available soon at select retailers nationwide and through major e-commerce retailers in August 2020. Please visit www.cvsciences.com for more information.About CV Sciences, Inc.CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 5,700 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.FORWARD-LOOKING DISCLAIMERThis 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.CONTACT INFORMATION: Investor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.com Media Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.com 1 Research code for Traditional Chinese Medicine Formula Shuang Huang Lian (V87 SHL)2 Rapid resolution liquid chromatography analysis and studies on the stability of SHL preparations. J Pharm Biomed Anal (2011)A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51df40fe-a5f2-4795-a586-571055ab306e