CVSI stock is moving up sharply this morning after CV Sciences Inc (OTCQB:CVSI) announced an expanded distribution partnership with The Vitamin Shoppe.
CV Sciences Partnership with Vitamin Shoppe
While the cannabis industry has had a bit of a slump over the past months, it needs to be pointed out that the hemp CBD space has continued to grow. One of the biggest players in the hemp-based CBD industry is CV Sciences, and today, the company made another major announcement. The company announced that its famed PlusCBD Oil, which is a leader in the industry, is now going to be available in even more Vitamin Shoppe stores through a newly inked distribution agreement.
This is a major development considering the fact that The Vitamin Shoppe has a considerable presence in the country. The product will be made available in Vitamin Shoppe stores across 36 states in the United States and also in Puerto Rico.
The company has managed to forge a wide range of distribution partnerships, and the latest announcement about Vitamin Shoppe is actually an expansion of a pre-existing partnership. All the stores across the country will retail some of the best known PlusCBD Oil products like Gold Formula Softgels, PlusCBD Oil Extra Strength Balm Gold Formula Drops, and PlusCBD Oil Roll-On, among others.
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CVSI stock is up a whopping 10% thanks to the expanded partnership with The Vitamin Shoppe and is now trading at $2.07.
The company’s CEO, Joseph Dowling, stated, “Following a successful initial rollout to nearly 400 The Vitamin Shoppe locations, we are pleased to further expand our partnership to make PlusCBD™ products available to more customers of The Vitamin Shoppe.”
The passing of the Farm Bill in 2018 proved to be a huge boost to CV Sciences as it legalized the production and sales of hemp in the United States. The company’s revenues jumped to $48 million in 2018, and since then, it has grown steadily.
CV Sciences has made a big bet on CBD and has produced a wide range of products to cater to that particular market. Earlier in October, the company signed a distribution deal with Kroger subsidiary Harris Teeter, and that proved to be another major distribution deal.
CVSI stock has fallen over 55% since the beginning of this year. Will CV Sciences' expanded partnership with The Vitamin Shoppe help turn things around?
Featured image: Canva
