Cultivating and commercializing CBD-based novel therapeutics is seemingly the primary mission for every supplier and manufacturer of hemp cannabidiol (CBD) products. Clinical research and case studies have to accompany the mission to ensure only the products meeting the required compliance, standards, and specifications hit the market. CV Sciences, Inc (OTCMKTS: CVSI) will most likely brag about having it all in place to have the right products in the market. Some of them, including plant-based dietary supplements, are sold at more than 7,800 retail locations throughout the U.S.
However, in its Q2 2021 financial results, the preeminent supplier seems to have missed the mark in its revenue. It reported $5.1 million, which was slightly below the $5.4 million for Q2 2020. Nonetheless, the gross margin increased from 43.0% for Q2 2020 to 44.7% for Q2 2021. Additionally, the company’s total retail distribution stood at more than 7,800 stores, a good improvement from the 6,325 stores of the same period 2020.
“Second quarter execution was solid as we continued to focus on targeted…efficiency initiatives. As a result, we delivered sequential growth for the first time in two quarters as revenues increased 6% compared to the first quarter…,” CV Sciences’ CEO, Joseph Dowling, explained.
The Launch of the PlusCBD Sleep and Calm Gummies
The launch of the Company’s PlusCBD products was a critical operational highlight. In addition, it played a significant role in increasing the financial numbers. According to Dowling, the response from consumers and vital retail partners is encouraging. The products target individuals suffering from stress and those seeking to have improved sleep. Meanwhile, the company collaborates with different quarters and industry stakeholders to ensure they are filling scientific and regulatory gaps necessary for full FDA regulation of CBD.
CV Sciences Receives NutraIngredients-USA’s 2021 Product of the Year Award
The company’s Defense product received the honors the best and brightest in ingredients and finished products in the nutrition and dietary supplements industry. Hundreds of scientific studies are behind the Defense, which was created to fortify daily immune health.
The award validates the company’s strategic decision to offer the market the best product portfolio as the demand for diversified wellness products increases.