CV Sciences, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CV Sciences, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

CV Sciences, Inc. (CVSI) filed a Annual Report (10-K) with the SEC on March 29, 2024. CV Sciences, Inc. filed its 2023 Form 10-K on March 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Pharmaceutical Preparations (SIC 2834). CV Sciences, Inc. was formerly known as CannaVest Corp. and Foreclosure Solutions, Inc. The company's business address is 9530 Padgett Street, Suite 107, San Diego, CA 92126.

Why It Matters

For investors and stakeholders tracking CV Sciences, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CV Sciences' financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. Understanding the details within this filing is essential for evaluating the company's market position within the pharmaceutical preparations sector and its compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — CV Sciences, Inc. shows moderate risk based on this filing. The company operates in the pharmaceutical preparations industry, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand CV Sciences' performance and potential challenges in the pharmaceutical sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (As of date)
• 92 — Public Document Count (Number of documents in the filing)
• 2834 — SIC Code (Standard Industrial Classification for Pharmaceutical Preparations)

Key Players & Entities

• CV Sciences, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-29 (date) — Filing date
• 0000950170-24-038736 (other) — Accession number
• 2834 (other) — Standard Industrial Classification
• CannaVest Corp. (company) — Former company name
• Foreclosure Solutions, Inc. (company) — Former company name
• 9530 Padgett Street, Suite 107, San Diego, CA 92126 (address) — Business address

FAQ

Risk Factors

• Regulatory Compliance [high — regulatory]: The company operates in a highly regulated industry, requiring adherence to various federal, state, and local laws and regulations concerning its products and operations.
• Market and Competition [medium — market]: The company faces intense competition from other companies in the pharmaceutical preparations market, which can impact pricing and market share.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could adversely affect the company's ability to produce and deliver its products.
• Liquidity and Capital Resources [medium — financial]: The company's ability to fund its operations and growth initiatives depends on its access to capital and its overall financial condition.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.

Key Financial Figures

• $0.0001 — ction 12(g) of the Act: Common Stock, $0.0001 par value per share Indicate by check
• $2 billion — ent market is estimated at greater than $2 billion. We believe this product candidate will
• $20,000 — ncluded monetary penalties ranging from $20,000 to $85,000. The FTC announced another s
• $85,000 — etary penalties ranging from $20,000 to $85,000. The FTC announced another such enforce
• $30,000 — 2021, ordering consumer redress of over $30,000. The FDA has also issued warning letter

Filing Documents

• cvsi-20231231.htm (10-K) — 2249KB
• cvsi-ex2_4.htm (EX-2.4) — 399KB
• cvsi-ex19_1.htm (EX-19.1) — 85KB
• cvsi-ex21_1.htm (EX-21.1) — 6KB
• cvsi-ex23_1.htm (EX-23.1) — 4KB
• cvsi-ex31_1.htm (EX-31.1) — 11KB
• cvsi-ex31_2.htm (EX-31.2) — 12KB
• cvsi-ex32_1.htm (EX-32.1) — 7KB
• cvsi-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-038736.txt (&nbsp;) — 10858KB
• cvsi-20231231.xsd (EX-101.SCH) — 1632KB
• cvsi-20231231_htm.xml (XML) — 1701KB

BUSINESS

BUSINESS 1 Item 1A.

RISK FACTORS

RISK FACTORS 9 Item 1B. UNRESOLVED STAFF COMMENTS 9 Item 1C. CYBERSECURITY 9 Item 2.

PROPERTIES

PROPERTIES 9 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 10 Item 4. MINE SAFETY DISCLOSURES 10 PART II Item 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 11 Item 6. [RESERVED] 11 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 22 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 22 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 22 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 22 Item 9B. OTHER INFORMATION 23 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 23 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 24 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 24 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 24 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 24 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 24 PART IV Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 25 Item 16. FORM 10-K SUMMARY 25

SIGNATURES

SIGNATURES 30 i Table of Contents WHERE YOU CAN FIND MORE INFORMATION We file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with the Securities and Exchange Commission (the "SEC"). Our SEC filings are available to the public on the SEC's Internet site at http://www.sec.gov. In addition, on our Internet website, http://www.cvsciences.com, we post the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. The contents of our website are not incorporated in or otherwise to be regarded as part of this Annual Report on Form 10-K (this "Annual Report"). When we use the terms "CV Sciences," the "Company," "we," "our" and "us" we mean CV Sciences, Inc., a Delaware corporation, taken as a whole, as well as any predecessor entities, unless the context otherwise indicates.

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report, the other reports, statements, and information that the Company has previously filed with or furnished to, or that we may subsequently file with or furnish to, the SEC and public announcements that we have previously made or may subsequently make include, may include, or may incorporate by reference certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. To the extent that any statements made in this Annual Report contain information that is not historical, these statements are forward-looking. Forward-looking statements can be identified by the use of words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, marketability of our products; legal and regulatory risks associated with the industries in which we operate, our operation in foreign countries, and the OTC Markets; our ability to successfully integrate acquired businesses into our own; our ability to raise additional capital to finance our activities; the future trading of our common stock; our ability to operate as a public company; our ability to protect our proprietary information; general economic and business conditions; the volatility of our operating results and financial condition; the volatility of our stock price; our ability to attract or retain qualified senior management personnel; the risk that our results co

BUSINESS

ITEM 1. BUSINESS Overview CV Sciences, Inc. ("CV Sciences," the "Company," "we," "our" or "us") is a consumer wellness company specializing in hemp extracts and other proven, science-backed, natural ingredients and products, which are sold through a range of sales channels from business-to-business ("B2B") to business-to-consumer ("B2C"). Our +PlusCBD branded products are sold at select retail locations throughout the U.S. and are the top-selling brands of hemp extracts in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. We follow all guidelines for Good Manufacturing Practices ("GMP") and our products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company and regulatory 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 extract supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe ("GRAS") status. On December 7, 2023, we acquired Cultured Foods Sp. z.o.o., a limited liability company organized under the laws of Poland ("Cultured Foods"). Cultured Foods is a leading European manufacturer and distributor of plant-based protein products. Our plant-based food products are sold under the Culture Foods brand. Our primary offices and facilities are located in San Diego, California, and Warsaw, Poland. We also operate a drug development program focused on developing and commercializing cannabidiol ("CBD")-based novel therapeutics. Our common stock is traded on the OTC:QB market, under the trading symbol CVSI. Current Operations We currently manufacture and distribute more than 50 products and intend to continue to add new

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View this 10-K filing on SEC EDGAR