The hemp extracts maker said its B2B sales fell during the quarter due to patchwork state laws around CBD.
CV Sciences Inc. (OTCQB: CVSI) reported third-quarter revenue of $3.9 million, down 5% from the year-ago period, according to the company Thursday.
The San Diego-based hemp extracts maker said the decline was mostly due to a 9% drop in business-to-business sales, which it said were impacted by the “patchwork of state regulations for CBD.” Gross margin improved to 46% from 45.1% a year earlier.
Core business revenue “remained stable around the $4 million range during the third quarter 2024 despite a challenging environment,” CEO Joseph Dowling said in a statement.
CV Sciences launched several new products in the quarter, including a line of cannabinoid-free supplements called +PlusHLTH. It also introduced additional pet chews for hip, joint and calming care. The company said it maintained its position as the top-selling hemp extract brand in the natural product retail channel, based on SPINS data, which analyzes information from point-of-sale systems across conventional, e-commerce and natural products channels.
The operating loss narrowed to $341,000 from $437,000 a year ago primarily due to higher margins and lower costs. Adjusted EBITDA loss improved to $75,000 from $361,000. Cash and equivalents totaled $979,000 as of Sept. 30.
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