CV Sciences Inc (OTCMKTS:CVSI) has announced its financial results for the fourth quarter and year ended December 31, 2017.
The company reported sales of $7.2 million and $20.7 million for the fourth quarter and full year respectively. This demonstrates the company’s organic growth and expansion of sales channels. Of the channels that have boosted the company’s sales include wholesale, natural product retails and direct-to-consumer.
The natural product retail channel currently has over 1,500 locations spread throughout the country. The company is now working on opening and developing new sales channels, a move that is highly motivated by the impressive performance of its branded products like SPINS® Scan data. These products have positioned the company as the leader in selling hemp product line in the natural products industry.
The company reported gross profit of $5.2 million for the fourth quarter and $14.5 million for the full year. This affirms the company’s ability and potential to increase sales while at the same time maintaining strong gross margins.
The company’s Adjusted EBITDA for the full year amounted to $2.1 million, which is an indication of strong operating leverage from the investment that the company is making in product development, inventory, systems, distribution and marketing.
While commenting on the results, CV Sciences CFO Joseph Dowling said that the company closed the year with a lot of momentum by reaching record highs for the fourth quarter as well as impressive results for the full year. He added that the company’s financial performance shows its ability to generate cash flow and grow its profits. Dowling noted that the company recorded new performance records in all aspects and established a strong foundation for continued growth of profits. He added that the company continues to make a lot of progress in drug development. CV Sciences is currently advancing the development of CVSI-007, the company’s proprietary lead drug candidate.
At the close of the financial year, the company had $2,013,000 in unrestricted cash and total cash amounting to $2,792,000. During the year, the company increased its cash position to$1,734,000. Additionally, shareholders cash amounted to around $16.4 million at the end of the year.
Generex Biotechnology Corporation (OTCMKTS:GNBT) Submits Pre-IND For Ii-Key-SARS-CoV-2 Vaccine To The FDA
Post Views: 121 Generex Biotechnology Corporation (OTCMKTS:GNBT) submitted a Pre-IND update to the FDA outlining its proposed Phase I/II clinical...
cbdMD Inc. (NYSEAMERICAN:YCBD) Protecting Its CBD Technologies Through Patents and expands Partnership With Bellator MMA
Post Views: 280 cbdMD Inc. (NYSEAMERICAN:YCBD) announced an extension of the exclusive Official CBD marketing partnership with ViacomCBS’s wholly-owned subsidiary...
CLS Holdings USA Inc (OTCMKTS:CLSH) Increases Revenues In June 2020 By 5.35%
Post Views: 181 CLS Holdings USA Inc (OTCMKTS:CLSH) posted a growth of 5.35% YoY to $1.102 million in June 2020....
Canopy Rivers Inc.’s (OTCMKTS:CNPOF) Portfolio Companies Expanding Their Reach In Canada And The US
Post Views: 234 Canopy Rivers Inc.’s (OTCMKTS:CNPOF) three portfolio companies recently announced plans to expand their product offering for recreational...
AgraFlora Organics International Inc. (OTCMKTS:AGFAF) Processes Around 1,000KG Of CBD Crude Oil From 10,000Kg Of Hemp
Post Views: 300 AgraFlora Organics International Inc. (OTCMKTS:AGFAF) Toronto-based Sustainable Growth Strategic Capital Corp subsidiary in partnership with MicroC45 produced...
Marimed Inc (OTCMKTS:MRMD) Retires $7.3 Million Short-term Debt: Robust Sales Of Adult-Use Programs Improves Cash Flow
Post Views: 167 Marimed Inc (OTCMKTS:MRMD) restructured its debt to provide financial flexibility at reduced interest rates. Marimed replaced the...