A hemp-based CBD industry that was once searing hot hit the skids in 2020 amid cutthroat competition, regulatory uncertainty and a global pandemic that disrupted retail operations.
The financial results of many public companies selling CBD were dismal, especially when contrasted with several years of heady growth.
“2020 proved to be a very challenging year for the company and our industry, predominantly due to the impact of COVID-19,” CV Sciences Inc. CEO Joseph Dowling acknowledged in a fourth-quarter earnings call with analysts. “The year-long COVID-19 pandemic created significant headwinds for our retail customers, intensified competitive pressures and extended the regulatory uncertainty.”
CV Sciences Inc., whose shares (CVSI) are listed…