CV Sciences third-quarter revenue dips as B2B sales slump | Where to buy Skittles Moonrock online

CV Sciences Inc. (OTCQB: CVSI) reported third-quarter revenue of $3.9 million, down 5% from the year-ago period, according to the company Thursday.

The San Diego-based hemp extracts maker said the decline was mostly due to a 9% drop in business-to-business sales, which it said were impacted by the “patchwork of state regulations for CBD.” Gross margin improved to 46% from 45.1% a year earlier.

Core business revenue “remained stable around the $4 million range during the third quarter 2024 despite a challenging environment,” CEO Joseph Dowling said in a statement.

CV Sciences launched several new products in the quarter, including a line of cannabinoid-free supplements called +PlusHLTH. It also introduced additional pet chews for hip, joint and calming care. The company said it maintained its position as the top-selling hemp extract brand in the natural product retail channel, based on SPINS data, which analyzes information from point-of-sale systems across conventional, e-commerce and natural products channels.

The operating loss narrowed to $341,000 from $437,000 a year ago primarily due to higher margins and lower costs. Adjusted EBITDA loss improved to $75,000 from $361,000. Cash and equivalents totaled $979,000 as of Sept. 30.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.