CV Sciences, a leading supplier of hemp-based CBD oil and pharmaceutical therapeutics, announced the release of its unaudited financial results for the quarter ending on June 30, 2018. The announcement comes a little more than a week after the company announced that it has applied to list its stock on the NASDAQ. Revenue for the quarter is expected to be $12.3 million, representing a 203% increase compared to the same period in the previous year and a 53% increase when compared to the last quarter. The company also reported record gross profit of $9,060,000 for the quarter.
Second Quarter 2018 Operating Highlights
- Increased Retail Channel Distribution to 1,968 Stores as of June 30, 2018, an 11% sequential increase over the Company’s retail store count for the first quarter of 2018
- Continued Progress in Drug Development Division including preclinical progress with CVSI-007, the Company’s patent-pending synthetic-based cannabidiol, which will be co-administered with nicotine to provide treatment options for smokeless tobacco use and addiction, currently a multibillion-dollar market with no currently FDA-approved drugs available to help patients.
First Six Months 2018 Financial Highlights
- Record Sales of $20,419,000, an increase of 160% compared to the first six months of 2017
- Record Gross Profit of $14,622,000, an increase of 177% compared to the first six months of 2017
- GAAP Net Income of $3,805,000, an improvement of $8,582,000 compared to the first six months of 2017
- Record Adjusted EBITDA of $5,628,000, an improvement of $6,099,000 compared to the first six months of 2017
- Cash Flow from Operations of $5,369,000, with a cash balance increase of $3,344,000 during Q2 2018
For a comparative analysis on revenues of all hemp-derived CBD companies, check out The CBD Report 2018.