CVSI stock is doing a double bottom test on November 27, 2019, @ $1.23 a share. The stock may be putting in a bottom after news that the House passed the MORE Act last week.
On November 20, 2019, The Marijuana Opportunity Reinvestment and Expungement, or MORE, Act was approved by the House Judiciary Committee Wednesday morning in Washington D.C. The act would remove marijuana from the list of controlled substances in the U.S., expunge certain cannabis offenses, and reinvest in communities impacted by the War on Drugs. “The MORE Act is one of the most comprehensive marijuana reform bills ever introduced in the U.S. Congress. The MORE Act aims to correct the historical injustices of failed drug policies that have disproportionately impacted communities of color and low-income communities by decriminalizing marijuana at the federal level, reassessing marijuana convictions, and investing in local communities,” according to an announcement about the proposed legislation. U.S. Senator Kamala Harris introduced the companion bill in the Senate. “As more states legalize marijuana, millions of Americans with marijuana-related convictions continue to face overwhelming barriers to jobs, education, and housing,” said Senator Harris.
On November 11, 2019, CV Sciences announced a new distribution partnership with Southeastern Grocers with an initial launch at 115 Winn-Dixie stores in Florida and 37 BI-LO stores in South Carolina. PlusCBD Oil products are available at these stores as of November 3, 2019. CV Sciences’ new distribution partnership with SEG’s Winn-Dixie and BI-LO banners increases distribution and availability of a broad assortment of the Company’s PlusCBD Oil products, including ingestible dietary supplements. New distribution at select Winn-Dixie stores in Florida and BI-LO stores in South Carolina includes both topical products, such as PlusCBD Oil Extra Strength and Original Balm and PlusCBD Oil Roll-On, as well as PlusCBD Oil full spectrum hemp extract dietary supplements, including Gold Formula Softgels, Gold Formula Drops and Gummies, and Total Plant Complex Sprays.
On November 7, 2019, Cantor Fitzgerald analyst Pablo Zuanic initiated coverage of CV Sciences with an Overweight rating and $4.20 price target. The analyst noted that CV Sciences owns one of the leading brands in the fast-growing CBD industry in PlusCBD Oil, and believes that as larger retailers start stocking CBD, the more established brands, like CV Science’s, will benefit due to supply chain. Zuanic cited valuation, the company’s #2 place in the marketplace, positive EBITDA, and lower expectations against peers as reasons to recommend it for investors looking for U.S. CBD industry exposure.