Las Vegas, NV— The number of stores carrying CV Sciences' flagship hemp CBD brand PlusCBD Oil has grown 11.1% in the past quarter, the company announced, as it seeks to upgrade to the Nasdaq making its stock more attractive.
"Our retail channel expansion, along with increased industry forecasts of hemp CBD products, are positive indicators for company growth, said CEO Joseph Dowling.
As of June 30, 1968 natural and organic health food stores were carrying Plus CBD Oil, which is the leading hemp CBD product, according to SPINS.
The Brightfield Group forecasts the hemp CBD market to hit nearly $1.6 billion by 2021, a total 5-year growth of 805%.
“We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” Dowling said. “An up-list will open the investment opportunity to a larger pool of investors and help create greater shareholder value. We have made significant progress in strengthening our financial performance and liquidity, positioning the Company for future growth and profitability. A listing on the Nasdaq Capital Market is a natural progression for the Company and our shareholders.”
The Company’s Board of Directors has approved a reverse stock split of all outstanding shares of the Company’s common stock at a ratio of not less than 1-for-2 and not greater than 1-for-10 for the purpose of meeting the Nasdaq minimum bid price requirement, if needed.
