The current rumor mill surrounding CV Sciences Inc (OTCMKTS:CVSI) is that the company is setting itself up for an uplisting to NASDAQ. This comes about after CVSI hired ICR, one of the top PR firms. So far, the stock has not had much of a reaction and has been range-bound since December trading between $4 and $6 a share. Could a NASDAQ listing be next and is a breakout in store for CVSI?
First up, a little background info for those that are not familiar with CVSI. CV Sciences, Inc. operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors; and a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD. The Company’s Plus CBD Oil™ 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.
The Company’s natural product retail channel includes more than 2,000 locations nationwide and the Company expects the passage of the 2018 Farm Bill to result in significantly increased distribution across food, drug, and mass (FDM) channel retailers, broadening exposure and availability of PlusCBD Oil to millions of U.S. consumers.
CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada.
Earlier this month, CVSI hired ICR to enhance the Company’s investor relations, media relations, and corporate communications program. ICR is one of the largest and most experienced independent communications and advisory firms in North America, maintaining offices in New York, Norwalk, Boston, Baltimore, San Francisco, San Diego, and Beijing. ICR also advises on capital markets transactions through ICR Capital, LLC. CVSI CEO Joseph Dowling said:
“CV Sciences experienced significant growth in 2018 and we are well positioned to continue to accelerate our growth in 2019 and beyond as we execute our business strategy, expand our retail and e-commerce distribution, and bring innovative branded CBD products to market. ICR’s capital markets and financial media expertise, combined with its significant experience in the nutritional supplement, cannabis, CPG and retail sectors will enhance our communications to all of our stakeholders, broaden exposure to institutional investors, and deepen the financial communities’ understanding of CV Sciences’ differentiated business model, growth strategy and market opportunity. We are excited to partner with ICR as we enter this next chapter of growth for our Company and the hemp-based CBD market.”
U.S. Hemp Authority™
CVSI’s brand PlusCBD Oil™ has been certified by the US Hemp Authority™ Guidance Program. CVSI is one of the first companies to meet the stringent self-regulatory standards and passing a third-party audit, the Company is now licensed to use the Certified Seal of the US Hemp Authority™ in its product labeling, marketing, and advertising of PlusCBD Oil™ products. This certification is a milestone indicative of the Company’s commitment to assuring that customers continue to receive the highest quality products from CV Sciences and that all PlusCBD Oil™ products are safe. Additionally, this certification should give law enforcement officials certainty that PlusCBD Oil products are not made from genetic strains of marijuana.
Currently trading with a market cap of $450 million, CVSI is one of the most exciting names among cannabis stocks. With over $13 million in sales and $3.2 million in profits for the quarter ending September 30, 2018, CVSI checks all the boxes for a NASDAQ uplisting. In our opinion, it’s not a matter of if, but when we will see CVSI trading on NASDAQ.
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Disclosure: We have no position in CVSI and have not been compensated for this article.