Company’s Ongoing Strategic Efforts to Mainstream Hemp CBD Products Continue to Prove Successful in Capturing New independent Health Food Store Accounts
LAS VEGAS, July 17, 2018 (GLOBE NEWSWIRE) — CV Sciences, Inc. (OTCQB:CVSI), preeminent supplier and manufacturer of hemp-derived phytocannabinoids including cannabidiol (CBD) oil and developer of specialty pharmaceutical therapeutics, announced that its flagship brand, PlusCBD Oil,™ continues to expand its distribution in the natural, healthy, and organic industry. The Company today announced that its brand of #1 selling hemp CBD products (according to SPINS® scan data) are currently available in 1968 natural and organic health food stores as of June 30, 2018. This represents an 11.1% sequential increase over the Company’s retail store count as of March 31, 2018.
“We continue to expand distribution in the natural/organic health food store sales channel with an 11.1% increase in store count when compared to Q1 2018,” stated Joseph Dowling, Chief Executive Officer at CV Sciences. “Our retail channel expansion, along with increased industry forecasts of hemp CBD products, are positive indicators for Company growth.”
The hemp CBD product category is one of the fastest growing product categories according to several industry sources including The Brightfield Group who estimated 2017 sales at $174 million and forecasts the hemp CBD market to hit nearly $1.6 billion by 2021, for a total 5-year growth of 805%.
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
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