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CV Sciences, Inc. Sells $13.6 Million Worth of CBD Products in Q3

CV Sciences, Inc. (OTCQB:CVSI) has announced this morning the company’s Q3 financials for 2018. Their hemp derived Cannbidiol (CBD) product brand +CBD Oil is one of the most popular in the United States. Their brand sells capsules, tinctures, sprays, topicals, gummy’s, and CBD oil in bulk from their website as well as in a number of retail stores.

Financial Highlights for Q3:

  • Record Sales of $13,600,000, an increase of 143% compared to Q3 2017
  • Record Gross Profit of $9,945,000, an increase of 149% compared to Q3 2017
  • Record GAAP Net Income of $3,295,000, an improvement of $3,885,000 compared to Q3 2017
  • Record Adjusted EBITDA of $4,128,000, an improvement of $3,253,000 compared to Q3 2017

First Nine Months of 2018 Financial Highlights

  • Record Sales of $34,020,000, an increase of 153% compared to the first nine months of 2017
  • Record Gross Profit of $24,567,000, an increase of 165% compared to the first nine months of 2017
  • GAAP Net Income of $7,100,000, an improvement of $12,467,000 compared to the first nine months of 2017
  • Record Adjusted EBITDA of $9,796,000, an improvement of $10,267,000 compared to the first nine months of 2017
  • Cash Flow from Operations of $9,926,000, with a cash balance increase of $3,800,000 during Q3 2018

Joseph Dowling, Chief Executive Officer of CV Sciences, gave this statement in the press release, “We are encouraged by our performance as we delivered another strong quarter, including our third consecutive quarter of profitability. This was led by initiatives that include accelerating our brand recognition and brand loyalty and growing sales distribution channels that have generated triple-digit year-over-year revenue growth and double-digit sales growth on a sequential quarterly comparison.”

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