CV Sciences Inc (OTCMKTS:CVSI) reported revenues of $24.4 million in 2020. However, its sales dropped to $5.2 million (down 45% YoY) in Q4 2020. It is on the backdrop of intense competition and the impact of coronavirus.
Retail distribution surges to more than 7,300
CV Sciences retail distribution surged to more than 7,300 stores by the end of 2020 by adding 5,500 stores compared to the same period in the previous year.
CEO of CV Sciences, Joseph Dowling, said the company initiated several measures to drive growth despite coronavirus’s impact.
The key initiatives undertaken by CV Sciences in 2020 are the launch of more than 50 innovative or refreshed products and the unveiling of three new products. It achieved a growth of 32% YoY in retail distribution by expanding the B2B sales channels for distribution in more than 7,300 retail locations in the US.
Refreshes best-selling Plus CBD branded products
CV Sciences refreshed its best-selling and flagship Plus CBD products. It also unveiled more than 30 products that comprise maximum strength softgels and extra strength gummies.
In early 2021, CV Sciences introduced clinical strength cannabidiol products – ProCBD products, which can be accessed through health practitioners. The company created these new products with the advice of its Medical Advisory Board to satisfy patients needs.
Safety reviews and randomized clinical trials support ProCBD products. Its ingredients are distilled and decarboxylated hemp extracts. They are available in softgels, liquids, and roll-on formats.
Plant-based ProCBD products are gluten-free and vegan-friendly. Dowling said the ProCBD product is the only CBD product proven through several research studies. It has immense market potential for health needs through healthcare professionals.
Receives best of the industry awards
CV Sciences announced the receipt of the Best of the Industry Award from Nutritional Outlook in 2020. The company introduced CV Acute and CV Defense, the non-CBD immune-supporting products, in 2020.
Nutritional Outlook is a renowned multimedia resource for the producers of healthy foods/ beverages and dietary supplements.
Dowling said the company is excited to recognize its commitment to build consumer confidence in its quality products.