CV Sciences CEO 'disappointed' by market's reaction to Q2 results
CV Sciences released a letter to shareholders from CEO Joseph Dowling. The letter read in part, "Last week we issued our second quarter results, reporting the highest quarterly revenue in our company's history, continuing a streak of 14 consecutive quarters of sequential revenue growth. This consistent growth is a reflection of the strength of the PlusCBD Oil brand and our growing distribution across retail channels. Year to date, we have more than doubled the number of retail doors where PlusCBD Oil products are carried, and we continue to enjoy a strong pipeline of new distribution opportunities. The fundamentals of our business are strong and our opportunity grows daily as consumer demand for hemp-based CBD products continues to expand at a rapid rate. We are proud of our second quarter results, but like you, we are disappointed by the market's reaction. We pride ourselves on giving comprehensive quarterly updates, and our discussion of increased competition reflects what we see in our business today. But, as I noted on our second quarter conference call, incremental competition may lead to choppy quarter to quarter results. However, it does not detract from the rapidly growing market opportunity and expanding distribution, which along with our continued investments in our brand and industry leading quality, are the foundation of our long-term growth trajectory. We have worked hard this year to further strengthen our company and fully leverage the power of the PlusCBD Oil brand...CV Sciences pioneered the CBD consumer product industry, and as the regulatory framework emerges, our industry dominance and growth will continue and escalate. We ask that you trust in the long-term vision of this great company, the strong team we have built, and our proven track record of business performance, science-based R&D and regulatory leadership. We believe we are well-positioned to capitalize on the conservatively projected $20 billion plus CBD industry and we look forward to sharing news of future business development successes in the coming months."