Hemp-Focused Wellness Co. Moves Closer To Profitability, Reports Flat 2023 Revenue, Increase In Gross Profit
Hemp-focused CV Sciences, Inc. (OTCQB:CVSI) announced its financial results on Thursday for the year ended Dec. 31, 2023.
The San Diego-based company reported a gross margin of 44.3% for fiscal year 2023, representing an improvement from 34.2% for 2022. For the fourth quarter, its gross margin was 45.8%, representing a sequential improvement from 45.1% in the third quarter.
“Our 2023 progress demonstrates our continuous commitment to innovation and cost-efficient execution as we move closer to profitability and positive cash flow,” Joseph Dowling, CEO of CV Sciences said. “As the CBD category consolidates, we have increased our market share in key sales channels, including the natural product retail channel. We will continue to focus our resources on new product development, as evidenced by our pet line expansion with our recent launch of pet chews for hip and joint health and calming care.”