1. ORGANIZATION AND BUSINESS |
6 Months Ended |
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Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS |
CV Sciences, Inc. (the Company, we, our or us) was incorporated under the name Foreclosure Solutions, Inc. in the State of Texas on December 9, 2010. On July 25, 2013, the Companys predecessor, CannaVest Corp., a Texas corporation (CannaVest Texas), merged with the Company, a wholly-owned Delaware subsidiary of CannaVest Texas, to effectuate a change in the Companys state of incorporation from Texas to Delaware. On January 4, 2016, the Company filed a Certificate of Amendment of Certificate of Incorporation reflecting its corporate name change to CV Sciences, Inc., effective on January 5, 2016. In addition, on January 4, 2016, the Company amended its Bylaws to reflect its corporate name change to CV Sciences, Inc. The Company previously operated under the corporate name of CannaVest Corp. The change in corporate name was undertaken in connection with the acquisition of CanX Inc., a Florida-based, specialty pharmaceutical corporation (CanX Acquisition) as more fully set forth in our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the SEC) on January 4, 2016. On June 8, 2016 the Company announced that the Financial Industry Regulatory Authority (FINRA) had approved a change in the trading symbol for the Companys common stock to CVSI. The Companys common stock formerly traded under the symbol CANV.
The Company operates two distinct business segments: a consumer product segment in manufacturing, marketing and selling plant-based Cannabidiol (CBD) products to a range of market sectors; and, a specialty pharmaceutical segment focused on developing and commercializing novel therapeutics utilizing synthetic CBD. The specialty pharmaceutical segment began development activities during the second quarter of 2016. |