CVSI - Earnings call transcript Q4 2018

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Operator

Greetings, and welcome to the CV Sciences' Full Year 2018 Conference Call. At this time, all participants are in a listen-only mode and this conference is being recorded. With us today with prepared remarks is CV Sciences' Chief Executive Officer, Joseph Dowling.

Following the formal presentation, management will take questions from the analyst community.

Before I turn the call over to management, I would like to remind you that during this call management's prepared remarks may contain forward-looking statements, which are subject to risk and uncertainties. additional during make Q&A may management forward-looking the statements session. And risk statements and are forward-looking and subject These materially. to uncertainties, differ actual results used forward-looking will, the intend, When to CV expressions call, could, as relate this estimate, such, are, enable, a as words they expect, project, should, anticipate, potential, Sciences, and statement. similar believe, in those uncertainties this actual results cause Investors that forward-looking all may at are Sciences statements differ that anticipated from cautioned time. CV involve risk and by to

more fully with are in CV and In Commission, filings risks addition, be described Sciences’ public www.sec.gov. the Exchange other Securities U.S. reviewed which can at

Finally, through wish Chief financials to over the Sciences’ provide run an please who release may developments of on non-GAAP XX-K from Joseph company's on already the XXXX. Executive overview filed this call, summary for the I the reconciliation XX-Q expenses company the the year turn on comparable Please may have business CV like at the now call XXth, its which in look GAAP the to provides to done would management afternoon, not to Dowling, Sciences' then of and will results and results. of note, its a Mr. financial its full full press documents Officer, so, a who call. Participants measures call, announcing non-GAAP company its financial certain will those activities this and as today's This to performance issued Sciences most financial GAAP March CV measures. excludes to of CV financial a the refer SEC with the measures results. refer

Thank the open Q&A from you, remarks, up we analyst will Following sir. these for community.

proceed. now may You

Joseph Dowling

prior million was and four growth, Thank report XXXX pleasure you today. consecutive XXXX very significant quarters, adjusted is EBITDA Sciences, as XXX% you net our and prior year in It Good company significantly our our revenue products. million with We year reported the my self-affirmed competitive increased and to generated to call we which became financial CV to introductions, income on industry to distribution retail million the of $X.X $XX results. everyone, a strong for the $XX thank our company credibility further in you positioning only Generally our to strengthened as a joining net afternoon, in expanded year. from we for profitable increased new much. to Safe enhanced and compared Recognized achieve the product loss status,

legal grown the of growing clarifying the expanded market have The has and its such for XXXX opportunity. We are hemp-based us. on favorable and ahead CBD Farm significant, as CBD. passage The December year, market our have opportunity consumer market the capitalize well-positioned extracts been last changes the we regulatory in hemp to as has significantly awareness Bill of over framework

As has the for a we to its perhaps enter FDA Congress, and potentially expedite additional regulatory opportunities, as hemp-based work regulatory with XXXX, the industry, industry signaled and extracts. framework to our assist intention recently

our growing this consumer establish continue sensible to supportive trade a and leading regulatory intend the fully We will of of category. and oversight partner product to responsible hemp industry, other its with that have associations and pharmaceutical be to companies, framework, We FDA to achieve potential. allow product industry

enhance new distribution our drug, The the continued accelerated also framework to Farm Bill passage brand our potential on quality this the industry focus store safety development As activities of established, and loyalty. merchandise leadership and food convenience our for mass is further and retailers. regulatory and business will expanded has

products on and well enhanced both development, benefit demand for market supports safest regulation Hemp-based ensures positioned capitalize an consumers. the at of are and of and to that CBD and important the stage are We market CBD growing hemp-based we highest the quality

turn Let strong am finish to I our XXXX. to and quarter another financial a pleased to report me very record results.

to of rising to and oil Rising over over channels hemp-based increase of our sold XX% year revenue new digit fourth and to XX% generated consumer our fourth near with contributed interest in across stores compared $XX.X million nationwide, the a triple demand increase demand We was QX of quarter growth prior compared ended driven CBD retail by consumer During a launches during XXXX. branded products $X.X and X,XXX third CBD, we to XXXX. fourth in XXXX. the X% further a product XX million and the quarter, for growth our the distribution plus the growth expansion This and each in the quarter growth distribution quarter footprint. QX

the one plus natural number data in be hemp-based brand the CBD spins. the continues line product according CBD products to selling retail to aggregator channel Our

accessibility. Our fourth three public on disruption or These within retail level QX impacted state where issued overcame health comments during those strong four states quarter some CBD policy statements short-term growth conditions in XXXX. states or sales cautionary hemp-based directors

rigorous, in commitment products, regulatory nature but evolving we efforts to the matter FDAs short-term and let reflection Again, as and CV in regulatory has for a differing market for the quality safety our regulatory level few landscape. period of basis to provide on will process states causing a The industry. We a the our expand a at believe framework quarter, fully FDA, through this is short-term a regulations Sciences first disruption standards. level network the level CBD oversight led we state CBD of state hemp-based the which are a continue opportunity With oversight. supportive disruption me persist distribution issue. believe will within long-term This is state to in this now state-by-state our is of a state, we occurring

Senior of of management remain senior the our addition of in recent enhance Our efforts Affairs hemp-based Duffy the Regulatory will the and MacKay position pioneer CBD of the market. Dr. Scientific to Vice President development to

and supplement the at operations industry all the Duffy and on highest a regulatory in will but industry. an safest Nutrition, scientific XX-years quality hemp-based as as entire the credibility also Responsible and matters, provider the of our educating dietary the career bringing association to Following continue CBD expert products, leading Council his engaging regulators for on trade

convenience We our gummies, results are product CBD which our now and of contemplating have quarter existing such gummy the price a focus on distribution The point during expectations which early met third a pleased have more count, within channels success the additional and as form we XXXX. was would factors attractive launched smaller most with XX recent early innovation all sizes including with stores. potential of Plus are a

XXXX. growth increase XXX% translated a strong gross XXXX profit revenue Our in in into compared year-over-year to

slightly than full-year XX.X% XXXX, In was to to full-year adjusted XXXX. $XX EBITDA in an compared increase we million generated of Our higher $X.X gross XXXX. in margin million

SG&A, driving adjusted over growth strong points up XX% Our EBITDA margin for leverage significant is sales to XX our on to compared percentage providing XXXX. X.X%

share net of XX earnings in and of fully per net For the loss reported of full-year, $X.XX to $X.X million income we diluted compared a million XXXX.

Our $XX.X operations XXXX and scaled balance position. a our from We $X.X by ended and million of generated balance year of to $XX.X continued end. our million. the prior exited in financial organic million, amounted be during are operations very Overall, from as up $XX.X we with strengthen sheet, to to cash. continuing meet Inventories XXXX XXXX healthy have Inventory to cash market demand. end slightly XXXX million increased growth we of cash at

merchandise passage the retailer more convenience our distribution Farm We significantly store has and XXXX, robust. interests enter we business distribution development mass activities from remain of XXXX channels. Bill food, of The drug, believe on the traditional to many As verge expanded new retailers. is broadening

broader We audience are industry has of pleased retail focused a hemp to nationally. expansion to XXXX I am intently announce thus leading in that CV CBD Sciences awards. on products far two significant the received based

ConsumerLab.com. one a receive Hemp the companies seal Manufacturers second Softgels to on First, first were being Gold quality our industry of Pick U.S. our focus Authority Top that These third-party named named reflect the and Certified verifications leadership. PlusCBD Oil and by as

experience Constellation May Maroon to noted Joseph reporting, the operations Brewing, the Ballast controls Joerg investments of brings Point division of thus year And internal early additional to most ago, of moment Duffy with And of in and of our additional settled board I January, SEC enhancements Accounting XXXX, Brands. Officer. in financial be This to in position of all follows earlier we over made of Dr. Joerg In a the accounting, far appointment have XXXX. announced finance, making years our While enhancements the Grasser to a organization several support Chief appointment progresses. we'll Dr. recently XX appointment XXXX. past directors growth matters. as made we the including in MacKay we

including resources marketing include to to into and support future XXXX, further and several and growth. our sales deployment efficiency automation of and we the in initiatives our currently build all support enhance and organization expansion. initiatives progress Moving e-commerce implementation the XXXX have of initiatives salesforce

for are of expansion and growth XXXX. we also the addition, In our beyond well manufacturing planning fulfillment needs an support capabilities to phase into our

real other are efforts. fact, for negotiations In and infrastructure to support estate underway these additional

raw XXXX. diligently CBD in We to into of have based support growth also planned the even XXXX material needed secure hemp all worked to our and

of and As are the to I efforts by retail level excited stated earlier, we commenced retailer open new larger have already interest. markets

by be be been goal has the XXXX. billion category leader a estimated is to Our the to $XX by to industry U.S. analysts the company position what recently in in

on our drug a operating Before we conclude, provide let update development me brief segment.

our multibillion drug preclinical our on of of in in program our developmental CVSI-XXX, smokeless and tobacco lead drug smokeless treatment and cannabidiol use drug dollar the addressing huge tobacco for opportunity unmet We continue the a of of and make treating We the addiction. steady to in nicotine believe need product strongly progress program candidate potential development combining use addiction.

additional over we coming data quarters. present the As to have

drug have development on to We additional expect our updates program.

listing Bill. XXXX of happened provide And a on We to want application passage our focus our a has investors, this know has July of been of I the efforts I – since update the to Finally, a for July brief to in uplift the initially up lot Farm NASDAQ. an including announced update XXXX.

With the respond and I have Operator? of questions We for necessary to demand review future. turn questions business, in CBD and process continue to value. as to NASDAQ environment, the like from answers driving call that, for high close, continues. all would to-date the documentation our any and We commitment the you forward maintaining operator our to growth, standards, additional confidence the further us we'll to and shareholder look the and optimism me our asked about supplied updating our reiterate to let the current to hemp-based over in analyst. products, To

Operator

Thank you.

a question-and-answer session. be Please Grondahl Mike from Our now proceed of Capital question Northland question. [Operator Instructions] with will line Markets. We comes the your conducting first with

Mike Grondahl

quarter Joe the the and Yes, Congratulations on year. thank you.

could for is the strategy your post you Farm question go-to-market describe First just kind Bill? retailers the of

Joseph Dowling

nice year comment the for about the you the Mike, appreciate it. quarter we thank and and

that but that they're they're depending bit they're going banners bit drug, roll products in Our we're all for comfortable they regions making and sure channel. of several and specific including the to we many includes banners the convenience that in of as of do. go-to-market segment with different that under with on of different specific is store with, and retailers, those has potentially with -- they're whole operate to out that which different sort them the retailers really this going category product with roll very certainly might going the the a many that The also type a strategies natural go-to-market little to and specific be stores and on out they're retailers start food, that the product products comfortable and merchandise, mass that with factors number retail the different than starting market FDMC started be little that working FDMC closely under the multiple all of

they're So, bit it flexible to little different. FDMC, has depending very specific really the on a channel be all

so -- of to specific say the would I their individual depending tailored subsector it's sort needs. FDMC on within And

Mike Grondahl

what it Is you In feedback them? it. those are from kind product? it are size? they telling Is Like you? national discussions Got getting of with retailers, what

Joseph Dowling

in. looking They've on all been outside the

the going and focus it product. see has more are assume consumers. was and retailers, Bill seriously. can out all many that lot safety need that think they're the why product that which anything can even is prepared their misinformation on we new help Bill been before key there and thing is with passed, more like FDMC this of think during you understanding can education that to help think that is us they're think Farm a even education category I is a but The every I that not such that only emphasized the I for evaluating have comments, than at of they retailer be quality a this that There's they looking Farm with now struggling we so others heavy I such passed

Mike Grondahl

it. with national the your the care? for national these you retailers do Got it? GRAS in -- CVSI Do you're get CVSI Do with Do Do with like retailers, -- they feel the about you discussions wanted that? certification. only the they toxicology ask you understand recognized at report

Joseph Dowling

Mike, of it's part process. education the

with that think to already more I standpoint from of drug or many either they're the that framework these standpoint. regulatory to starting retailers within a food the more and obviously deal very understand are and big have FDA, a

up them finding helping in their standards understand that in and safety. that be that well the being And a market, will understand know and more space, category that a But if be going or product right it's So means. which self-affirmed They framework a about that still what on are critical, you're of will of opening are And what out especially worked to we they grass only this we're over the they're CVSI focus versed the as certainly very will status. the it's regulatory that company piece serious with as sort way. very FDA time, absolutely industry has it's generally means. there really science recognized good likely achieved and be effort. very, It's safe

to with right can -- San and Air we're the Corps they in when Base in flight Station always Diego -- path a I Miramar flight on they in Marine of we're are Air Let the decide Force real me path start this we quickly, interject do call. or here flying interject so where

So apologize. what overhead, if jets I it you hear is. that's some

Mike Grondahl

record sort many a would in with safety welcome and that certification, you you from that of I imagine benefit regulations pop separate and problem. there. FDA No out shops I would of your mean, would in way grass kind mom

Joseph Dowling

we see to that like battery the did. if We We'd of other others go full same. the that studies do the through people think only help toxicology industry, will

two, the As my let's seven or new billion over product the and last eight prepared even the week I remarks, that are in the $XX of somewhere the industry, between, say, estimates, in category next years. to mentioned CBD put billion U.S. there in size $XX

as there mission happen behavior which believe their is And so, as I in order starts for That's with website. we to be company food to of on that the believe to have FDAs going their The mission, this, supply. strongly think by and to oversee the in I stated a is safety participants U.S. good the safety. market

been not go without whether or an goes isolate adulterated time source -- we're bottle of And can it be the or to knowing like so, going an or don't came so on. anything it's and where it's think Wild of it's tested from a or I period where anything in into and or where West ingredient a as being whether

little FDM going can, think, I as a think, of they question can a big Mike. the diligence think done if regulatory on, a big like start so, activity. retailer to Wild and a quality period that affirmatively going you in rigorous doing imagine, or I to period you companies establish Imagine can CVSI a due down anything change. safe There a of pay your have safety over I diligence bit to it's plus, answer vendor we're beginning will is to the that's and off. think and we like time But I that product due you framework standards, from And that like fact drill chosen and have a West establish be supplier to it's --

Mike Grondahl

the two Got constrained remainder your all? year What's it. orders, Are this more to and you capacity capacity next Hey, questions. of at year? service large

Joseph Dowling

material No, our our purchases we raw constantly. current evaluating are inventory levels. evaluating We're constantly

all by $XX meet daily, capability billion manufacturing of between somewhere to demand mentioned contract able and anticipation our I being be billion XXXX-ish. market earlier, that, of as $XX a growing expanding are to We the in to looks

we manufacturing and production to demand are to And to XXXX preparing my automating increase and we scaling so, capabilities all fulfillment we including and And can type creating intend we our all throughout of capabilities, the our that and prepared do are share. handle expect. we the organization ready I sure remarks I think fully that that in our that And are scaling today. of in mentioned of and market maintain we efficiency make or

Mike Grondahl

Got I and to but you you well, why? uplisting, what NYSE lastly, applied the to the And if as applied it. NASDAQ for have know not,

Joseph Dowling

applied not have we So NYSE. to

We possible we that may it's doing and do evaluated so have that.

near still successful that in we But uplisting main could or evaluating But hopeful being that anyone very we in I'm some the to the that a hoped NASDAQ, But want to as about to guess, don't uplist possibility if are backup I me that an we're uplist of pessimistic and to the again, optimist not. We ways always of had needed. possibility as I doing why. NASDAQ. hear we in NASDAQ, are that's term reason the

Mike Grondahl

hey, it. Thanks we XXXX. forward look Well, to Joe. Got

Joseph Dowling

thank Mike, you.

Operator

Scott comes Fortune question with line next Please Capital your Our with question. Partners. proceed ROTH the from of

Scott Fortune

quarter. afternoon. you. Nice Thank Good

Joseph Dowling

Thank you, Scott.

Scott Fortune

stepped for where they uncertainty new I potentially the and forward? retailers are the framework CBD signalling place in a regulating in waiting they be sense know Commissioner there, an or kind sense with in start or quick, obviously through move think will large with of there's discussions will you're working of Real FDA, to you that FDA your but pathways

Joseph Dowling

that. Let me answer

establish CBD. framework changing category so to Even jump stepping The to on moving any the we space. with in think that Scott. second this for for question successor Gottlieb Gottlieb a they're Dr. quickly and carry to down, regulatory first. waiting Commissioner are think with likely will order I forward with in FDA Things the to don't framework

It We there that established on finding have are looks to realized We three like. goes potential happening counter category we I what as lane third based see products really and and CBD to think would in third well that the for based go THC the fully products. be then be be could And a hemp category. in order separate including think cannabis a products. important for or some -- And include crop cannabis the a this lanes across thoughts that category that all need as of CBD terms product of pharmaceutical. that lanes plant over well

think this as regulatory of And three-lane framework. so we kind a in of being of terms approach a

be a of food terms it's currently I'm that the Farm marijuana only non-food comes based there this the seed to in starting from hybridized CBD the and spirit really supplying not letter, for raw form that hemp fiber In tell Bill are important that the sure would is a of strain. to is important more fly. material think but that's fiber it sure a type we that to to strains of you I will plants. the align make not very the seed going any raw that really, genetic the of market lot lane, the products, CBD material XXXX that

that's don't going big. for order agrees going out. the think a of very, to to to Wild and XX industry fact, be is to the In sort there's to the grow And don't end it the or important I billion transparency to in be it's XX of in FDA a be raw think environment think everyone whether, flushed is that I regulate going I very for material think once will Scott, that persist. be FDA allow sourcing I to issue I West that think will billion

Scott Fortune

there's demand Follow-up new me large development, topical, products retailers, also are kind you you. how for the less have looking Thank the forward? on the the kind of is ingestibles product You going Okay. that for topical of through seems development step there what know, risk innovation the product international and many and retailers it SKUs and it and about the of kind for?

Joseph Dowling

the that But will don't efforts Sure. I with I will national through see put I be shelf. are on retailers comfortable, vendor far -- FDMC The which more emerging first. think Not edibles comfortable. with but consider that all, that you I to are think go more agree would their as behind. with the And you some topical. starting think be to But they to safety diligence have products they supplier data comfortable due could

first national XX your address we type. in to currently what in part of see position them products And demand from that as have are about really increased topical new question, so, for we a development, currently the and many be your we number have a SKUs -- to in of product we area of retailers

Scott Fortune

coming and from kind Okay. what health And for of growth of offices distribution down coming your doctor do growth yet their forward? your store independent wellness, e-commerce, new as break then those and is channels, are on still sales steps going you that your percentage growth next board to continue and the

Joseph Dowling

as account and store a -- change And that can our count upward store developed. We FDMC see does And said expect that retail national you fully choppy currently thing natural I product retailers. include positive help? think I established trending. is lumpy to lot XXXX. on expect Does a so, or to that's only in Yeah, that

Scott Fortune

you how doctor's to or offices? can market growth big in the how large potential the within X,XXX this wellness get the of Well, stores if and get into can that store Yeah. kind and health

Joseph Dowling

all we're X,XXX. as currently to X,XXX grow that. stores we're disclosing if a be offices currently higher higher if massive convenience a I X,XXX X,XXX easily. think over than significantly that FDMC you be than Doctor number could include significantly quite XX,XXX. So, could over It's or number could what

billion, all seen see XX why. that ranges are seen credible And suggesting ones us the market. and ones XX total path I've I've between and seen the to determine see two we've think addressable I somewhere can I the can billion a analysts and how to that of are two So, or trying credible of

Scott Fortune

then out little happened the break, versus have I off wholesale kind sales bit, or the question. on what through came and margins, the e-commerce gross broken and lastly, retail a me quarter let And there, also product further margins fourth got you you of

Joseph Dowling

Sure. breakdown channel are we -- The yet. Sure. -- provide did we not

We QX in doing the that quarters for have XXXX beginning up in obviously, evaluating. that done and not and that's during be XXXX. of any may We're very soon. We coming

see, I'm Let's your part question, what was second Scott. the sorry. of

Scott Fortune

Gross margin fourth for … quarter

Joseph Dowling

margin? really the Gross Okay. we will so, be investments to advantage QX, in several company made to Yeah, take able that position growth. of the future

adjusting I after investments consistent for margins so quarters other were And those XXXX. the though, with think fairly the during

Scott Fortune

Thank you. All right.

Operator

Our of Alan your from next Cannabis Ventures. Brochstein question comes line the with Please with New proceed question.

Alan Brochstein

on congratulations Joe, quarter. the Hey,

Joseph Dowling

Thank you, Alan.

Alan Brochstein

they're wondering, a little bringing their just attention. bit American NASDAQ update. yours already. York and this you I New just this it to can't like know but of? thank for Just I’m say of are wondering Exchange this the Is I'm a on the Stock seems have you you competitors -- something follow-up is of aware that lot, exchange. listed sorts And

Joseph Dowling

NASDAQ – kind kind and discussion haven't don't having just feedback, feedback. walls. But doesn't their of did. I or had that with necessarily wish you what -- we NYSE -- they had of yet. they're But the we they’re of kind same. rationale Alan that share inside They their haven't necessarily is

Alan Brochstein

like are the things playing just level all a field. around States, super changing it question is seems other know United you're busy about, you'll in I My Hopefully but world. the get

in what countries? you're you it are doing good other doing thought about if guys You at

Joseph Dowling

for largest interesting. the in emerging on the The I've -- That's product is true. certainly many, it's times Well, heard many this and the United States planet market category.

company are interest We're from to internationally. here received ignoring just last an a major as international of receive things it much a heels company. and customers, on is as -- routinely as that going inquiries our we international for those expo from regular Alan for very a have on back we’re initiative achieve However, I It's it. the There's here, the not to it. successful lot the just We opportunities have highest in not not It's that big is that It's as we investors. think we focus we so there from something opportunities. not are We're that got that that opportunity our a and ignoring of opportunity. return week, U.S.

Alan Brochstein

Okay. promoted people. in you any And feel my a that of like you change if are need in there's yourself, filled. us going then you brought Can key last improvement know management, hires to lot let lot obviously, question, to any in you've that a still in positions some make be

Joseph Dowling

continue the any major So I key team, last with that nothing to year. Joerg to there's holes, say Alan senior Grasser, our we're started management going to wouldn't there's starting prepared talked two obviously, the add in remarks hires who we late about

very quickly him very that have or at up running If to of and and press release you allowed that just read for company. a was bio, very, the his looked it's the stellar key terms in experience hire get very relevant

and government in key has those Responsible Nutrition really CRN about us I appropriate the for within for soon two just from are establish the going not agencies relationships There earlier. really, will appropriate. trade prepared The industry as other working announced organization that he Those in that the to for I have framework hires. to within others and that hires MacKay be will the are remarks, regulatory allow through be key be be -- leader but organization industry, a talked is association coming in the Council most my mentioned respected credibility former supplements, Duffy certainly does to Dr. his only dietary

Alan Brochstein

on I So, point. to other want back final one circle

you think on year mentioned yourself that. there better those Can a But with investing what You you that were I little light some on you don't investments made are elaborate just QX. to in this position that shed for cash? did

Joseph Dowling

yeah. Sure,

ability we that our in looking different of company-wide. increase to significant handle areas. company sure explosive are every area company, really making as time a my single but going not continues forward, an single as key is system I increased growth, And market eliminate the dollars, you of also prepared the salesforce many to We've SG&A we this and through sure That's that everything make at It's one demand efficiency, in going every only and and mentioned can processes for areas manual that order the had else. really leverage example for in functional and of to commitment investment we're fully and we in So remarks. grow. just us Alan. automation the

assurance, And and the won't systems, areas into the would quality those So that required type have details that because information of management is going the able be all that to example. system, of to sort and system quality that warehouse systems, of lab are is include control doing going are of seen there go to to what that that it an come. but as significant, orders I of handle things we're other of all going the scale are companies be

critical time at automation adding same multiply customer, For amount. from get working same be order. efficiency other make that example, by to FDMC you rather in one FDMC client to could going and you if with the And I'll going purchase And anyone FTE’s to in every later then is you just grow. the or million might space $X and looking -- an customer, be is you a just number, be week a than and the start customers up

so efficiency are and single investing we those and the examples. automation for of are some area And in every company

Alan Brochstein

couple the in forward in of Look right. All update luck ahead. year the months. good Well a Got it. to

Joseph Dowling

Thanks, Alan.

Operator

Capital line your Please comes with next Our Ginsberg Sea question. question proceed [ph]. Sam with of from the

Unidentified Analyst

up but about if as is you we an edibles saying obviously did And question. And know to taking question. a like Obviously that Thanks be when that companies are Mr. very it as same FDA you. edible Hi. the the it's is what I'd the your in because as to a is sector know compare opinion other is, viewed the that go, I states far tremendously What for decent guys do my in quarter about, to is stepping a that the that certain it's anything uplift, on also all we and Q you and to down going wonder to the talked exhaustively, you clear do believe decks my gummies I for the had you now question potential as you possible positive second listing is have reaction with stock. out, to that is about Mona hindrance it. what market. this know

Joseph Dowling

Thank you the question. for

uplift supply has resignation. chain do Mike Mike that SEC May of It was address the but always but in always the matter to important was step it Europe. would end settled with down to of It not employee, would First, planned always, I’ll especially that our Mona's NASDAQ. Mike world, at nothing an when related the stay the very as XXXX. back to planned it transition throughout did in especially relationships company our he was was leave

to was we relationships, transition been uplift. the anything so And that didn't those working with to do since have planned. it hard so time, have always It

or their And of so rationale filing K that their us. share doesn't or our the the on terms NASDAQ issue uplift, thinking impact in again with

category and an an the is of not response don't asked think certain that think at as the in that including edible. we're terms we We And the form different retailer for remarks gummies our effective convenience on accounts would for in expectations so gummies have an we the my and only FDMC. that mentioned factors, categories exciting for looking The but different national we stores. it's Mike them met that prepared very gummies, to NASDAQ channel, be also uplift. questions so product obstacle see that in that respond they I

constraints, to it remarks. session. So like the as to Q&A opportunity. over for our Mr. Dowling done Due to with closing back press we're time And an we see floor would I Operator:

Joseph Dowling

for want forward future future you and on support very calls appreciate updates. and Thank everybody everyone's look I much. really taking be to to Well today to the time thank call,

Operator

today's teleconference. concludes This

your You this your lines may for disconnect wonderful day. a now at and time. you Thank have participation

CV Sciences (CVSI) 12 Mar 192018 Q4 Earnings call transcript