CV Sciences Inc (OTCMKTS:CVSI) Preparing To Fill An Untapped Market

When we last reviewed CV Sciences, Inc (OTCMKTS:CVSI) on May 2 2017, we mentioned that the Company had an upcoming meeting with the U.S. Food and Drug Administration (FDA) on June 15, 2017, to discuss its initial drug candidate (CVSI-007), a chewing gum that combines plant-based cannabidiol (CBD) and nicotine for the purpose of treading smokeless tobacco addiction. Since then, the Chief Financial Officer of the Company Joseph Dowling made a public presentation to the Company’s shareholders spelling out the details of its CVSI-007 drug, and the extraordinary opportunity that it represents.For those not familiar with CV Sciences, Inc. the company operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic cannabidiol (CBD); and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California. The company has pivoted into drug development focused on the development and commercialization of cannabis derived innovative medicines.In the presentation that was held on Jun 1, 2017, Dowling explained that the current United States Surgeon General considers addiction to smokeless tobacco an epidemic, and that there are an estimated 300 million smokeless tobacco users in the Unites States alone. He also expounded on how smokeless tobacco is so addictive and harmful that organizations in which the use of smokeless tobacco is popular, like the National Collegiate Athletic Association (NCAA), Major League Baseball (MLB), and the U.S. Military, are all placing restrictions on its use.The most essential part of the presentation was when Dowling outlined the business opportunity that CV Sciences Inc plans to capitalize on. In the same way that cigarette smoking creates a demand for pharmaceutical drugs that help cigarette smokers stop smoking, there exist a similar demand for a product that helps smokeless tobacco users “kick their habit.”. The difference however, is that at present, there is no product in the market that is specifically designed for the cessation of smokeless tobacco use. The Company’s CVSI-007 drug under development, is solely designed to fill this demand. Dowling went on to point out that current market demand for such a product is estimated to be about $2 Billion, and that the market is expected to double by the year 2020.On May 16, 2017, CV Sciences Inc announced the appointment of Stephen M. Schmitz, MD, MPH to its Board of Directors effective May 10, 2017. Dr. Schmitz is a board certified physician with nearly 20 years of experience in the pharmaceutical industry with extensive experience in drug safety, dietary supplement safety, clinical development and regulatory affairs. CV Sciences' President and CEO Michael J. Mona, Jr. commented:

"We are very pleased to have Dr. Schmitz join our Board and look forward to his contributions. His extensive medical background and proven track record in the pharmaceutical industry, including his safety and regulatory expertise, will be invaluable to us as we move our drug development program forward to commercialization."

CVSI stock has been hovering near a support level around $.27. Not much price movement has taken place since our last review. Financial reports ending March 31, 2017 continue to report an upward trend in revenues, and a strong balance sheet. Current market capitalization is $26.29 million, on 88.95 million shares outstanding as of June 7, 2017.The outcome of CV Sciences’ upcoming meeting with the U.S. Food and Drug Administration (FDA) has the potential to have a major impact on the company, be it positive or otherwise. For investors considering a position in CVSI, June 15, 2017 should be marked on the calendar to check on the stock price movement. We will be updating our subscribers as soon as we know more. For the latest updates on CVSI, sign up below!Disclosure: We have no position in CVSI and have not been compensated for this article.