- San-Diego-based CBD manufacturer CV Sciences is launching a new line of non-CBD products.
- The new launch is part of their plan to expand into other health and wellness markets that do not allow CBD-based products.
- The new products will be available at select retailers beginning this month, but the company did not specify where.
CV Sciences, a CBD manufacturer in California, is launching a new line of products that do not contain CBD in an attempt to open new sales channels and expand into more stores.
CV Sciences made their announcement of the new launch on Wednesday, naming their new line “CV Acute” that will consist of dietary supplements devoid of any cannabinoids or other cannabis-derived additives. They will mark the first of many expected new products to be released by CV as the company works to expand into other health and wellness sales channels.
“This new non-CBD product line will open markets and sales channels for the Company, including major e-commerce retailers not currently accessible by CBD-based products,” CV Sciences stated in their announcement.
The company did not specify where the new products would be sold.
Evolving Sales Strategies
The announcement of CV Sciences’ new product line being launched should not come as a big surprise for neither consumers nor investors. In fact, the company admitted to a decrease in its revenue during Q1 of 2020, citing the reasons being a combination of increased competition, lack of regulations, and the economic pressure from the coronavirus.
With continuously increasing competition and no clear regulations in sight, it was time for the company to expand its inventory and hit other markets where they can still help people without using CBD.
“Our launch of CV™ Acute represents a strategic category expansion, and a natural evolution of CV Sciences’ positioning as a leading health and wellness company,” stated CEO of CV Sciences, Joseph Dowling.
“We considered adding CBD to the formula, however, our goal is to make CV™ Acute broadly available to consumers through all retail channels at an affordable price so they can have easy access to the immune and respiratory health benefits this formula has demonstrated to provide.”
CV Acute is made from Traditional Chinese Medicine (TCM) herbal formula using “modern analytical chemistry and extraction techniques.” According to the company, the formula’s ability to help overall immune system defense is supported by medical authorities across the globe.
Michael D. Lewis, MD, MPH, and Medical Advisor for CV Sciences commented on the formula:
“TCM herbs have powerful anti-viral and anti-inflammatory activity without side-effects [often] associated with drugs. The herbs in CV™ Acute have been shown to be safe and effective alone or when added to modern medical treatment of viral and bacterial infections.”