World News: 17:00 GMT Wednesday 12th June 2019. [CV Sciences, Inc. via Globe Newswire via SPi World News]
LAS VEGAS, June 12, 2019 (GLOBE NEWSWIRE) -- (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp CBD products, is pleased to announce further expansion of its industry-dominating brand with The Kroger Co. (NYSE:KR).
The Company’s expanded retail distribution includes the launch of CV Sciences’ new PlusCBD Oil™ Roll-Ons in 945 Kroger stores across many of its retail banners, including Kroger, Dillons, Fry’s, Fred Meyer, King Sooper, Mariano’s, Pick ‘n Save, QFC and Smiths locations in 17 U.S. states. PlusCBD™ Oil Roll-On, available in 200mg CBD and Extra Strength 500mg formulations, is infused with concentrated CBD from agricultural hemp plant parts, warming camphor and cooling menthol. Made with its Gold Formula concentrated full spectrum hemp extract, the Roll-Ons offer high intensity support in an easy-to-use application. The Company’s best-selling PlusCBD™ Oil Extra Strength and Original Balms are also available at the participating Kroger locations. To meet consumer expectations of clean ingredients, all PlusCBD™ Oil topical products contain no phthalates, sulfates or parabens and are made without artificial dyes or scents.
As discussed on the Company’s first quarter 2019 earnings call on May 8, 2019, CV Sciences’ recent distribution gains include availability of PlusCBD™ Oil Extra Strength Balm in an initial launch at CVS Pharmacy stores. With the addition of 945 Kroger locations and new distribution into other leading Food, Drug and Mass (FDM) retailers, as of June 12, 2019, PlusCBD™ Oil branded products are available in 4,591 retail stores, up from 3,308 retail stores as of March 31, 2019, an increase of 38.7% over the prior two months.
“We are delighted to partner with Kroger and launch our new Roll-On topical as we continue our rapid expansion into the FDM channel,” said Joseph Dowling, Chief Executive Officer. “Kroger, CVS Pharmacy, and other leading national retailers are keenly aware of the increased consumer demand for hemp-based CBD products and they are partnering with CV Sciences because of our unwavering commitment to safety and quality. We are at the beginning of what we believe will be broad acceptance of CBD products across national FDM accounts and we look forward to our continued growth as we expand store count and SKUs with our retail partners.”
PlusCBD™ Oil Extra Strength Balm ranks #1 in sales in both the Total U.S. Natural Channel and Total U.S. MULO (Multi Outlet) over the last 52 weeks* among CBD products within Topical Analgesics, according to SPINS and IRI data, respectively. Brightfield Group, a leading predictive analytics and market research firm for the CBD market, expects $1.3 billion in sales of CBD topicals in 2019, with a compound annual growth rate of 169% from 2018 – 2022.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics utilizing CBD. The Company’s PlusCBD™ Oil is the top-selling brand of hemp-derived CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
Investor Contact: ICR Scott Van Winkle 617-956-6736
Media Contact: ICR Cory Ziskind 646-277-1232
*SPINS and IRI MULO scan data, 13 quad weeks ending April 21, 2019
Globe Newswire: 17:00 GMT Wednesday 12th June 2019
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