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CVSI - CV Sciences Inc News Story

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Last Trade - 02/12/21

Sector
Healthcare
Size
Micro Cap
Market Cap £13.5m
Enterprise Value £13.9m
Revenue £15.6m
Position in Universe 6623rd / 7292

CV Sciences, Inc. Announces Closing of Committed Equity Financing Transaction

Tue 8th December, 2020 12:00pm
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SAN DIEGO, Dec. 08, 2020 (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, today
announced that it has entered into a Common Stock Purchase Agreement with
Tumim Stone Capital, LLC (the “Investor”).

Pursuant to the Stock Purchase Agreement, the Company has the right, subject
to certain conditions, to issue and sell to the Investor from time to time up
to $10 million of the Company’s Common Stock registered under the
Company’s Form S-3 Registration Statement dated April 21, 2020, as
supplemented by a prospectus supplement to be filed by the Company with the
Securities and Exchange Commission.   The Common Stock Purchase Agreement
provides, among other things, that the Company may direct, every three trading
days, the Investor to purchase a number of shares not to exceed an amount
determined based upon the trading volume and stock price of the Company’s
shares.   The specific terms of the financing are set forth in the full text
of the Common Stock Purchase Agreement, which will be filed in its entirety
with the Company’s Current Report on Form 8-K reporting the transaction. The
Company remains on track to achieve cashflow break-even by mid 2021. The
Company expects to use net proceeds from the financing over time for general
corporate purposes which may include, without limitation, funding of product
development, sales and marketing activities, increasing the Company’s
working capital and investment in its products and intellectual property in
order to accelerate growth.

The information contained in this press release shall not constitute an offer
to sell or the solicitation of an offer to buy the shares of the Company’s
Common Stock discussed herein, nor shall there be any offer, solicitation or
sale of the shares in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.

About CV Sciences, Inc.
CV, or Curriculum Vitae, is Latin for "course of life", and science is the
pursuit of truth. CV Sciences: our name is our mission -- improving quality of
life through nature and science.

CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a
consumer product division focused on manufacturing, marketing and selling
plant-based dietary supplements and CBD products to a range of market sectors;
and a drug development division focused on developing and commercializing
CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at
more than 6,200 retail locations throughout the U.S. and it is the top-selling
brand of hemp-derived CBD in the natural products market, according to SPINS,
the leading provider of syndicated data and insights for the natural, organic
and specialty products industry. CV Sciences follows all guidelines for Good
Manufacturing Practices (GMP) and the Company’s products are processed,
produced, and tested throughout the manufacturing process to confirm strict
compliance with company standards and specifications. With a commitment to
science, PlusCBD™ product benefits in healthy people are supported by human
clinical research data, in addition to three published clinical case studies
available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to
invest in the scientific evidence necessary to receive self-affirmed Generally
Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and
facilities in San Diego, California. Additional information is available from
OTCMarkets.com or by visiting www.cvsciences.com.

Forward Looking Statements 
This press release may contain certain forward-looking statements and
information, as defined within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is
subject to the Safe Harbor created by those sections. This material contains
statements about expected future events and/or financial results that are
forward-looking in nature and subject to risks and uncertainties. Such
forward-looking statements by definition involve risk and uncertainties.

Contact Information
Investor Contact:
ICR
Scott Van Winkle
617-956-6736
scott.vanwinkle@icrinc.com

Media Contact:
ICR
Cory Ziskind
646-277-1232
cory.ziskind@icrinc.com

(https://www.globenewswire.com/NewsRoom/AttachmentNg/cda334c6-52de-4df0-b0a2-55a02b8a5d52)



GlobeNewswire, Inc. 2020
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