CVSI stock continues to recover for the second consecutive session after CV Sciences Inc (OTCQB:CVSI) entered into a partnership with department store chain Harris Teeter.
Over the past year or so, the hemp market has experienced impressive growth, and one of the most important companies in this space is CV Sciences Inc. The company is involved in the manufacturing and supplying of hemp-based CBD products. One of its most well-known products is PlusCBD Oil, which has gone on to become the most dominant brand in that particular space.
In a new development, CV Sciences has announced that it has entered into a partnership with department store chain Harris Teeter. The partnership will see PlusCBD Oil further expand its presence in the United States, and it goes without saying that this is an important development.
CVSI stock is up another 2% at $2.04, extending yesterday’s gain of a whopping 15%.
The partnership is going to help CV Sciences further expand its PlusCBD brand through the FDM (Food, Drugs, and Mass) channels. In addition to distribution, the products are also going to be more widely available to a larger group of potential customers. Joseph Dowling, who is the Chief Executive Officer at the company, spoke about the deal:
“CV Sciences has made significant distribution gains this year as FDM retailers such as Harris Teeter enter the hemp CBD market with a focus on making high quality, safe and efficacious products available to their shoppers. We see considerable opportunities to expand distribution of PlusCBD Oil.”
These are excellent developments, and so investors may want to keep an eye on CVSI stock.
Since the United States passed the Farm Bill in December last year, CV Sciences has grown at a breakneck pace. In Q2 2019, it generated revenues of $16.9 million, but there is a lot of uncertainty about the FDA’s views about CBD products, which is why CVSI stock has taken a bit of a beating in recent months.
Featured image: Canva