CV Sciences reports 18% revenue drop for ‘challenging’ 2021

The reported decline in sales for 2021, which dropped from $24.4 million in 2020 to $20.0 million last year, were chalked up to increased market competition, which is largely due to the uncertain regulatory environment for CBD, said the company.

However, fourth quarter sales declined just 4% to $5.0 million compared to $5.2 million in the prior year period.

CV Sciences had negative adjusted EBITDA for fiscal 2021 of $10 million, compared to negative adjusted EBITDA of $12 million in 2020.

Despite a challenging 2021, the company did increase its retail distribution from 7,300 stores as of December 31, 2020, to more than 8,400 stores as of December 31, 2021. A new distribution deal with GNC was also announced at the end of 2021.

A number of new products were also launched last year by the company, including ProCBD (a health practitioner channel product line), PlusCBD Calm and Sleep (gummies for stress management and sleep), and PlusCBD Reserve (a new line of full spectrum hemp extracts ).

“Significant headwinds stemming from the pandemic and competitive environment”

“During a challenging 2021, we focused on building for the future with several key initiatives, including: introduction of new products, and expansion in existing and new B2B sales channels with distribution in over 8,400 US retail locations,” ​stated Joseph Dowling, Chief Executive Officer of CV Sciences, in a press release.

“Our focus on product quality and innovation helped broaden our business in 2021, driving solid distribution gains despite significant headwinds stemming from the pandemic and competitive environment.