(This story has been updated to provide commentary from company executives on the results.)
CV Sciences, a CBD specialist based in Las Vegas, reported revenue of $14.9 million for its first quarter ended March 31, up 85% from the same period a year ago.
Net loss for the quarter was $9.4 million, compared with net income of $600,000 the prior year as the company expanded retail operations and recorded higher payroll and compensation expenses.
CV Sciences’ topical CBD products have been included in the mainstream retail wave, appearing in roughly 800 CVS stores at the end of the first quarter.
However, “CVS shipments did not contribute significantly to Q1 revenue,” CFO Joerg Grasser said on a conference call to discuss the results.
The company likely won’t see strong results from the agreement for a quarter or two, according to CEO Joseph Dowling, because there is often a lag between launch and results.
Convenience stores also remain a target for the company, as an “interesting opportunity, and we are pursuing it aggressively,” Dowling said.
CV Sciences continues to pursue a listing on the Nasdaq, but for now trades on over-the-counter markets under the ticker symbol CVSI.
To read more about CV Sciences’ latest earnings report, click here.