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CV Sciences, Inc. (OTCQB:CVSI), a supplier and manufacturer of hemp cannabidiol (CBD) products, announced its financial results for the quarter on Monday, Nov 15.
Third Quarter 2021 and Recent Financial and Operating Highlights:
- Revenue of $5.1 million for the third quarter of 2021, compared to $5.6 million for the third quarter of 2020;
- Gross margin of 46.2% for the third quarter of 2021, improved from 44.2% for the third quarter of 2020;
- Total cash balance of $1.7 million at quarter-end, compared to $4.5 million at year-end;
- Total retail distribution of more than 7,700 stores as of September 30, 2021, an increase from 6,200 stores as of September 30, 2020;
- Received top 3 awards from LA Weekly: best gummy for sleep, best gummy for anxiety and best overall CBD gummy;
- Launched PlusCBD™ Reserve, a new line of full-spectrum hemp extracts and its "Holiday Survival Kit" combining the firm’s top-rated sleep and calm gummies;
- Concluded re-design of its website PlusCBD™ ;
- Continued to implement strategic cost savings initiatives, including the lease termination of its Barnes Canyon facility; and Obtained forgiveness of a PPP loan of $2.9 million.
Operating Results - Third Quarter 2021 Compared to Third Quarter 2020
- Sales for the third quarter of 2021 were $5.1 million, a decrease of 8% from $5.6 million in the third quarter of 2020. Current quarter sales were impacted by increased market competition, which is largely due to the uncertain regulatory environment for CBD.
- CV's products were sold in more than 7,700 retail stores nationwide as of September 30, 2021, up from over 6,200 stores as of same time last year.
- Reduced its operating loss to $3 million in the third quarter of 2021, compared to an operating loss of $3.2 million in the third quarter of 2020.
- Had negative adjusted EBITDA for the third quarter of 2021 ($2.7 million), compared to negative adjusted EBITDA (of $2.6 million) in the third quarter of 2020.
“Third quarter results met our expectations and we are very encouraged by recent legislative actions including the passage of AB 45 in California, which creates a framework for responsible CBD legalization on a much broader scale,” said Joseph Dowling, CEO of CV Sciences.
“We delivered third-quarter revenue of $5.1 million, consistent with Q2, and continue to improve our cost structure versus a year ago as we continued to benefit from productivity initiatives... With our portfolio of high-quality, proven products, and favorable regulatory momentum, we believe the Company is positioned for growth in 2022,” concluded Dowling.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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