SAN DIEGO, July 10, 2019 (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 through its industry-dominating brand, PlusCBD™ Oil, today announced the commencement of its domestic hemp sourcing initiative, including a commitment to more than 500 acres of U.S.-based hemp production for 2019.
The Company has completed supply agreements with hemp farmers in Wisconsin, Illinois, Indiana and Kentucky to meet growing retailer and consumer demand for PlusCBD™ Oil products, as well as increased interest in U.S. grown hemp CBD following the passage of the 2018 Farm Bill. This new supply of domestically produced hemp-based CBD will be extracted in the U.S. through CV Sciences' supply chain partners and refined at the Company's San Diego production facilities, broadening the Company's global supply chain and raw material supply while reducing transportation and logistics costs.
Recently announced on June 12, 2019, CV Sciences expanded retail distribution of various PlusCBD™ Oil topical products in 945 Kroger stores across many of its retail banners, including Kroger, Dillons, Fry's, Fred Meyer, King Sooper, Mariano's, Pick 'n Save, QFC and Smiths locations in 17 U.S. states. CV Sciences also announced recent distribution gains that include availability of PlusCBD™ Oil Extra Strength Balm in an initial launch at CVS Pharmacy stores.
With the addition of 945 Kroger locations and new distribution into other leading Food, Drug and Mass (FDM) retailers, as of June 12, 2019, PlusCBD™ Oil branded products are available in 4,591 retail stores, up from 3,308 retail stores as of March 31, 2019, an increase of 38.7% over the prior two months.
"Our product innovation and distribution initiatives continue to increase rapidly through our expansion into the FDM channel. In order to meet this demand and support the growth of the newly legal and rapidly growing U.S. hemp industry, we are proud to partner with U.S. farmers to further support the hemp CBD industry we have pioneered," said Joseph Dowling, Chief Executive Officer.
"We believe establishing and building the U.S. hemp industry will ensure a global supply chain of the highest quality hemp, while also driving job creation and economic development for rural communities – a primary goal of the 2018 Farm Bill."
– Joseph Dowling, CEO of CV Sciences
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors; and a drug development division focused on developing and commercializing novel therapeutics utilizing CBD. The Company's PlusCBD™ Oil is the top-selling brand of hemp-based CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry.
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