This post first appeared on Micro Cap Daily

CV Sciences Inc. (OTCQB: CVSI) stock price continues with its effort to breach the resistance level at $6. The price has made multiple attempts at this level in the past nine months, and while it managed to breach the resistance on more than one occasion — it always returned below the level after a short period. The most notable breach was in mid-August 2018 when the price surged past $6 and even hit $9. However, the correction that followed was strong, and it took the price back to its current levels.

It is worthy to note that the current levels are way beyond the stock’s price prior to the August 2018 surge, when the price was mostly between $1 and $2. Most of the time after the surge in August, the price was fluctuating between $4 and $6, and these days, it sits just below this resistance, waiting for an opportunity to breach it permanently.

About CV Sciences — background and purpose

CV Sciences is a well-known cannabis-based firm that produces specialty pharmaceuticals and consumer products. The firm focuses on the development and commercialization of proprietary prescription drugs through the use of synthetic cannabidiol, also known as CBD. This is an active pharmaceutical ingredient that is used for the creation of multiple products. In fact, CBD-based products have exploded in the last few years, making the market extremely profitable.

CV Sciences has grown to become one of the best producers of CBD-based products out there. It has several top products, such as their PlusCBD Oil, and particularly the company’s initial drug candidate — a chewing gum that uses a combination of nicotine and CBD for treating smokeless tobacco use addiction. While the company’s chewing gum is already successful, the firm estimates that the cessation of smokeless tobacco market will double in size within a few short years.

As for PlusCBD Oil, it has become one of the top CBD-based products in the industry, with a lot of support from the community and investors alike. All CV Sciences’ products are known for their high quality, efficiency, and cost-effectiveness.

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Is CV Sciences about to have a breakout?

As mentioned earlier, CV Sciences stock price had seen a massive surge in early August 2018. The growth reached its peak in mid-August, after which a strong correction followed, cutting the price in half. However, even cut in half, the price was much higher than before, and it spent the next eight months fluctuating between a support level at $4 and a resistance at $6.

The initial surge was likely caused by the company’s application for up-listing to the NASDAQ capital market. The company also grew in the eyes of investors after successfully repaying its debts in mid-August.

However, the firm then also got into a lot of legal trouble after a fraudulent report from Citron Research accused it of violating securities laws. The company saw multiple lawsuits in the following months, as well as investigations by several different institutions. However, they responded to the allegations stating that this is what Citron Research does — they attack fast-growing firms with false reports in attempts to damage and manipulate their stock price.

With the authorities not willing to take risks, and the investors not wanting to experience losses, the companies attacked by Citron Research are usually the biggest losers once the research is concluded. However, while most firms that go through this ordeal end up damaged — sometimes beyond repair — CV Sciences managed to hold its own throughout many months of legal problems.

Not only that, but the firm continued with its business, managing to grow and expand even further through partnerships, acquisitions, and product improvement. Their PlusCBD Oil Gold Softgels was named ‘top pick’ by consumerlab.com, and the company strengthened its executive team with numerous new appointments.

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Now, its’ stock price is growing once again, currently sitting at $5.56, after 0.36% growth in the past 24 hours. The company’s stock market is over $530 million, and its recent successes are bound to push its stock price even further. It is likely that the resistance at $6 will be breached permanently at some point, after which the company’s stock price will continue to grow, likely until it reaches the next roadblock at $9. In other words, this is the best time to invest, before the surge takes the price to higher levels. We will be updating on CV Sciences when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CV Sciences.

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Disclosure: we hold no position in CV Sciences either long or short and we have not been compensated for this article.

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This post first appeared on Micro Cap Daily

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