{"id":41821,"date":"2019-07-10T12:12:49","date_gmt":"2019-07-10T16:12:49","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=41821"},"modified":"2019-07-10T12:29:55","modified_gmt":"2019-07-10T16:29:55","slug":"reacting-to-rising-demand-cv-sciences-aims-for-500-acres-of-hemp-cbd-production","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/reacting-to-rising-demand-cv-sciences-aims-for-500-acres-of-hemp-cbd-production-41821","title":{"rendered":"Reacting to Rising Demand, CV Sciences Aims for 500+ Acres of Hemp CBD Production"},"content":{"rendered":"<p>With the 2018 U.S. Farm Bill unshackling hemp from its cousin cannabis and making hemp legal from coast-to-coast, farmers across the country began positioning for what was already explosive industry growth.\u00a0According <a href=\"https:\/\/www.votehemp.com\/u-s-hemp-crop-report\/\">Vote Hemp<\/a>, 78,176 acres of licensed industrial hemp were grown last year, an eight-fold increase from the advocacy group\u2019s first crop report in 2016.<\/p>\n<p>While nearly identical in appearance to marijuana, hemp is clearly differentiated in that it contains no (&lt;0.3%) tetrahydrocannabinol, or THC, the intoxicating component of cannabis that is responsible for the psychotropic high.\u00a0 Hemp does, however, contain cannabidiol, or CBD, and other non-psychoactive cannabinoids found in cannabis believed to have strong medicinal properties.<\/p>\n<p>CBD demand is driving hemp farmers to expand their harvests.\u00a0 Part of that demand is coming from hemp-derived CBD products company CV Sciences (OTCQB: CVSI), who on Wednesday said it is actively sourcing domestic hemp as part of an initiative for more than 500 acres of U.S.-based hemp production in 2019.<\/p>\n<p>As part of this initiative, the company has penned supply agreements with hemp farmers in Wisconsin, Illinois, Indiana and Kentucky.<\/p>\n<p><strong>More Retailers Stocking PlusCBD Oil<\/strong><\/p>\n<p>CV Sciences is widening distribution channels for its <a href=\"https:\/\/pluscbdoil.com\/\">PlusCBD&#x2122; Oil<\/a>, which is comprised of a full line of products and flavors, including sprays, drops, balms, capsules, and softgels.\u00a0All the hemp harvested for CV Sciences is processed through a chemical-free, CO2 extraction process at the company\u2019s production facility in San Diego, California.<\/p>\n<p>Underlying forces at the heart of the upsurge in demand for PlusCBD&#x2122; products are new distribution deals into nearly 950 Kroger (NYSE: KR) stores, spanning a variety of monikers like the eponymous grocery chain, Dillons, Fred Meyer and others across 17 states.\u00a0 CVS (NYSE: CVS) is also now putting PlusCBD&#x2122; Oil Extra Strength Balm on its shelves.<\/p>\n<p>All told, CV Sciences branded products are now in almost 4,600 retail stores as of June 12, 2019.\u00a0 That was up from about 3,300 locations two months earlier.<\/p>\n<p>Taking a corporate and a macro view, CVSI CEO Joseph Dowling commented in this morning\u2019s news release, \u201cWe believe establishing and building the U.S. hemp industry will ensure a global supply chain of the highest quality hemp, while also driving job creation and economic development for rural communities \u2013 a primary goal of the 2018 Farm Bill.\u201d<\/p>\n<p>Shares of CVSI are trading ahead 1.2% Wednesday morning at $4.12.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the 2018 U.S. Farm Bill unshackling hemp from its cousin cannabis and making hemp legal from coast-to-coast, farmers across the country began positioning for [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":41823,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236,12418],"tags":[13756,13001,13758,13760,1950,2712,13755,13757,13759],"stock_ticker":[13754,13752,13753,13690,13664],"class_list":["post-41821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-cannabis","tag-cv-sciences","tag-cvs","tag-hemp-based-cannabidiol","tag-kroger","tag-nysecvs","tag-nysekr","tag-otcmktscvsi","tag-pluscbd-oil","tag-us-hemp-market","stock_ticker-cvs","stock_ticker-cvsi","stock_ticker-kr","stock_ticker-nyse","stock_ticker-otcmkts","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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