CV Sciences, a San Diego-based CBD manufacturer, reported revenue of $12.6 million for the third quarter ended Sept. 30, down more than 7% from the same period a year ago.
Profit for the quarter was $8.4 million, down 15% from the prior year.
The results fell well short of analyst expectations even as the company piled up new retail outlets last quarter for its CBD products. Its topical balms and roll-ons are now available in more than 5,400 retail locations throughout the U.S., including CVS Pharmacy and Kroger Co.
CV Sciences CEO Joseph Dowling blamed the results on the CBD industry being “flooded” with new products, driving down sales and profits.
Dowling also attributed the slipping results to “the uncertain regulatory environment for CBD resulting in state-by-state ambiguities that are impacting retailer activities.”
CV Sciences trades on over-the-counter markets under the ticker symbol CVSI.
For more details on the company’s quarterly results, click here.
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