CV Sciences, Inc. (OTCQB: CVSI) recently announced the company’s financial results for the first quarter of 2019 which ended on March 31st, 2019. It was revealed in its Q1 2019 results that the company has a new record from an 85% increase in year-over-year sales revenue.
The company managed to increase its retail footprint by over 1,000 stores in the last year to a total of 3,308 stores, which represents a 48% increase from the total of stores reported on December 31st, 2018. CV Sciences also managed to increase its cash balance to $13.6 million from an operations gain of $0.8 million in cash.
Joseph Dowling, Chief Executive Officer of CV Sciences, stated: “We continued to expand retail distribution of the PlusCBD Oil™ brand and drive sales growth during the first quarter. We generated 85% revenue growth over prior year, achieving another record quarter, with strong gross margin performance.
The PlusCBD Oil™ brand is now available in over 3,300 stores nationwide, including national food, drug and mass merchandiser accounts. As anticipated, since the passage of the 2018 Farm Bill, we have seen significant interest in the hemp-derived CBD category across retailers and channels, and we are in discussions with multiple retailers for new retail placements. We are making the investments across the organization to position ourselves to capitalize on the growing retailer and consumer demand.
The company’s trademarked cannabidiol (CBD) product, PlusCBD Oil™, gained significant traction in the CBD market. SPINS, the leader in syndicated data and insights for natural products, recognizes PlusCBD Oil™ as the top-selling hemp-derived CBD product available on the market.
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