Venture Market News for August 1, 2018
- CV Sciences, Inc. Reports Second Quarter 2018 Financial ResultsPress Release | 08/01/2018
Growth and Profitability Driven by Key Financial Performance Metrics, including Record GAAP Net Income of $3.2 Million
Management to Host Second Quarter 2018 Financial Results Conference Call on August 1, 2018 at 4:15pm ET
LAS VEGAS, Aug. 01, 2018 (GLOBE NEWSWIRE) — CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our” or “we”) announced today its financial results for the second quarter ended June 30, 2018.
Second Quarter 2018 Financial and Operating Highlights
Record Sales of $12,349,000, an increase of 203% compared to Q2 2017
Record Gross Profit of $9,060,000, an increase of 219% compared to Q2 2017
Record GAAP Net Income of $3,186,000, an improvement of $4,178,000 compared to Q2 2017
Record Adjusted EBITDA $3,806,000, an improvement of $4,087,000 compared to Q2 2017
Increased Retail Channel Distribution to 1,968 Stores as of June 30, 2018, an 11% sequential increase over the Company’s retail store count for the first quarter of 2018
Continued Progress in Drug Development Division including preclinical progress with CVSI-007, the Company’s patent-pending synthetic-based cannabidiol, which will be co-administered with nicotine to provide treatment options for smokeless tobacco use and addiction, currently a multibillion-dollar market with no currently FDA-approved drugs available to help patients.
- Medical Marijuana, Inc. Portfolio Company Kannalife Sciences Finalizes Share Exchange Agreement with TYG Solutions
SAN DIEGO, Aug. 1, 2018 /PRNewswire/ — Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced today that its portfolio company Kannalife Sciences, Inc. (“Kannalife”), a bio-pharmaceutical and phyto-medical company, has completed a share exchange offer with TYG Solutions Corp. (OTC: TYYG). The closing of this transaction marks an important step in making Kannalife the only publicly traded company in the cannabinoid therapeutics space with an exclusive license to a U.S. government patent from the National Institutes of Health (“NIH”).
- Electrovaya Announces Follow-on Purchase Orders for a total of US$1.3 million (C$1.7 million)
TORONTO, Aug. 01, 2018 (GLOBE NEWSWIRE) — Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL) (OTCQX:EFLVF), announces follow-on purchase orders from two current customers totalling about US$1.3 million (~C$1.7 million) for its ELivate line of forklift battery systems and energy storage modules.
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