CV Sciences’ Q1 Sales Tumble, And COVID-19’s Only Part Of The Problem
Executive Summary
Store closures in the natural product channel did no favors for CV Sciences in March, but the 45% decrease in its first-quarter sales reflects pressures that were weighing on its consumer business before the pandemic struck. The PlusCBD product manufacturer remains confident about its long-term prospects in what it expects to be a more sensibly regulated marketplace versus the status quo.
You may also be interested in...
Without US CBD Guidance, Low-Quality Supplements, State Rules Hurt Industry
Responsible CBD supplement marketers are disadvantaged against bad actors with products taking up shelf space in “disloyal” retailers as federal regulatory limbo drags on, says nutritional science expert Duffy McKay. Patchwork of state regulations on CBD also create challenges.
Cannabis Market News: CV Sciences Diversifies Portfolio; CBDistillery’s CBN Entry; More
CV Sciences aims to offset COVID-19 impacts with its new Happy Lane CBD product line, targeted to the value retail channel, as well as CV Acute, its first immunity-support product that contains no CBD, a departure for the firm as it seeks new growth opportunities. More cannabis news in brief.
COVID Who? CBD Leader Charlotte’s Web Maintains FY 2020 Guidance Of Growth Up To 20%
Charlotte’s Web is strengthening its DTC lead while growing its brick-and-mortar retail business, accelerating its pet product distribution and working to close its Abacus Health acquisition announced in March. The Boulder, CO-based CBD product manufacturer posted a 1% decline in net sales for the first quarter, but expects a rapid escalation in the second half of the year.