CV Sciences’ Q1 Sales Tumble, And COVID-19’s Only Part Of The Problem
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.
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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.
Duffy MacKay, senior VP of scientific and regulatory affairs at CV Sciences, offers his predictions regarding the FDA’s likely course in regulating CBD’s use in dietary supplements – action that is sorely needed as the market continues to crowd with CBD products “with who-knows-what in them.”
The agency announces that it cannot conclude cannabidiol is GRAS, potentially heading off GRAS notifications and making NDI notifications a likelier future for CBD use in the supplement sector if any “lawful pathway” is to be found. In addition to a barrage of warning letters to marketers of CBD products, the FDA issued a stark warning to consumers about potential hazards.