Hemp penny stocks began rebounding at the end of last week, but there was one stock, in particular, that rebounded stronger than its peers. CV Sciences Inc. (OTCQB:CVSI) was at the top of the list of hemp stocks, reporting a +133% growth in 2018. This morning, an analyst on Seeking Alpha released news that CV Sciences missed its projected revenue by -$0.7 million. Will it affect the price of CVSI today? Let's find out!
CV Sciences Full 2018 Earnings
CV Sciences brought in a record revenue of $48.2 million in full 2018—an increase of +133% over 2017. The Las Vegas-based hemp company recorded a net income of $10 million. As of December 31st, 2018, CV Sciences had 2,238 retail and distribution stores. For the year, the hemp company generated $12.6 million in cash from its production and distribution operations.
Joseph Dowling, CEO of CV Sciences, states that the passing of the 2018 Farm Bill was likely the cause of the spike in demand for CBD products. Dowling claims the hemp-based company is seeing "significant new interest from nearly all channels of distribution." In 2019, the hemp penny stock plans on positioning its company to capitalize on the incremental growth opportunity in the North American hemp space with its drug development program.
Looking Ahead to 2019
CV Sciences states that it will continue to focus its efforts on its proprietary lead drug candidate, CVSI 007, which is geared toward the smokeless tobacco use and addition market. The hemp company will also focus on the CBD market, which could potentially reach $16 billion in sales by the year 2025.
CVSI Stock Movement
CV Sciences saw the most growth this week among all of the hemp penny stocks. CVSI closed yesterday's market just below even at $4.99 a share, down -$0.01 (-0.20%). Despite its 133% growth in 2018, investors seem unimpressed by its projected revenue miss. At the time of writing, the hemp penny stock is trading at $4.51 a share, down -$0.48 (-9.61%).
Featured Image: Canva