Cannabis Grower | Kuaibao

Coronavirus, Some Benefited a Lot, While Others’ Q1 Sales Suffer

Cannabis Grower | Kuaibao
Al Harrington | East Day

During the coronavirus epidemic period, NBA stars like Al Harrington earned so much that he can cooperate with other Ex NBA players like him and outgoing commissioned NBA players to push the NBA authority to legalize the CBD.

However, some others’ fate is not so lucky, during the coronavirus pandemic, CV Sciences, a hemp CBD manufacturer which is based in San Diego, reported revenue of $8.3 million for the first quarter ended March 31, down 45% in the same period in 2019.

The company reported a loss of 5 percents market share and an operating loss of $5.3 million in the first quarter of 2020, down from a loss of $9.4 million in 2019.

CV Sciences’ medical development business also received notice of allowance for a patent from the U.S. Patent and Trade Office for the company’s CBD and nicotine formulation aimed at treating smokeless tobacco addiction.

CV Science | CV Science

The company cited it postponed the generating of its medical products and curtailed expansion to reduce operating expenses, in the end of 2019 .

Last week,  the Small Business Administration gave pressure to the company on Protection Program loan, despite, it is already a publicly-traded company.

CV Sciences continues to pursue a listing on the Nasdaq, but for now, trades on over-the-counter markets under the ticker symbol CVSI.

In conclusion, some coped with the coronavirus period, earned huge money. While others need to follow their pity fate.

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Alina Xue
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