Cv Sciences, Inc. (CVSI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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CVSI Quarterly Reports

Cv Sciences, Inc.

CIK: 1510964 Ticker: CVSI

Exhibit 99.1

CV Sciences, Inc. Reports First Quarter 2022 Financial Results

San Diego, CA - May 16, 2022 (GLOBE NEWSWIRE) - CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced its financial results for the quarter ended March 31, 2022.

First Quarter 2022 and Recent Financial and Operating Highlights
Revenue of $4.4 million for first quarter of 2022, compared to $4.8 million for the first quarter of 2021;
Gross margin of 26.0% for first quarter of 2022, compared to 32.4% for the fourth quarter of 2021;
Total cash balance of $2.4 million at quarter end, compared to $1.4 million at year end;
Launched four unique Over-the-Counter (OTC) pain relief topical products formulated to pinpoint sources of minor pain and aches using active ingredients including camphor and menthol along with premium hemp-derived CBD;
Launched PlusCBDTM Relief softgels to our wellness line of CBD products joining our successful PlusCBDTM Sleep and Calm gummies;
Continued to evaluate strategic review, including consideration of inbound and outbound merger, sale, acquisition or other options for the Company as a whole or for any business segments;
Continued to implement strategic cost savings initiatives;
Completed new lease agreement of approximately 6,000 square feet for the Company's main facility in San Diego; and
Claimed refundable employee retention credit (ERC) under the CARES Act of $2.0 million.

“First quarter results met our expectations and we are encouraged by improvements in the retail channel including an increase in units shipped on a year over year basis, and a very strong consumer response to several new product launches during Q1” said Joseph Dowling, Chief Executive Officer. “Our new OTC products, along with our Reserve Collection and our Wellness Line of products are evidence of our strong pipeline, and demonstrate our ability to develop innovative products that address the need states of our customers. Our flagship brand PlusCBDTM continues to gain market share in the natural product channel, and, with our portfolio of high-quality, proven products, and favorable regulatory momentum, we believe the Company is positioned for growth in 2022.”

The following information was filed by Cv Sciences, Inc. (CVSI) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Cv Sciences, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside this 10-Q Quarterly Report

Condensed Balance Sheets (Unaudited)
Condensed Balance Sheets (Unaudited) (Parenthetical)
Condensed Statements Of Cash Flows (Unaudited)
Condensed Statements Of Operations (Unaudited)
Condensed Statements Of Stockholders??? Equity (Unaudited)
Balance Sheet Details
Balance Sheet Details (Tables)
Balance Sheet Details - Accrued Expenses (Details)
Balance Sheet Details - Intangibles, Net (Details)
Balance Sheet Details - Inventory (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Convertible Notes
Convertible Notes (Tables)
Convertible Notes - Narrative (Details)
Convertible Notes - Schedule Of Convertible Notes (Details)
Debt - Narrative (Details)
Income Taxes
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Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Antidilutive Shares (Details)
Organization And Business
Organization And Business (Policies)
Organization And Business (Tables)
Organization And Business - Cash, Cash Equivalents And Restricted Cash (Details)
Organization And Business - Narrative (Details)
Organization And Business - Revenue (Details)
Related Parties
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Segment Information
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Segment Information (Tables)
Stock-Based Compensation
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Stock-Based Compensation - Based Compensation (Details)
Stock-Based Compensation - Narrative (Details)
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Cv Sciences, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CVSI
CIK: 1510964
Form Type: 10-Q Quarterly Report
Accession Number: 0001510964-22-000043
Submitted to the SEC: Mon May 16 2022 4:22:36 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Pharmaceutical Preparations

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