CV Sciences, Inc. Prepays Remainder of Convertible Debt Obligations
LAS VEGAS, NV -- (Marketwired) -- 03/03/16 -- On February 29, 2016, CV Sciences, Inc. (OTCBB: CANV) prepaid the investor holding the last of the convertible promissory notes issued by the Company in the total amount of $158,058.92. On February 8, 2016, CV Sciences announced that this investor rejected the company's prepayment. The investor has now accepted the prepayment, which retires 100% of the outstanding convertible promissory notes.
Michael Mona, Jr., President and CEO of CV Sciences stated, "We are happy to report to our stockholders that 100% of the convertible promissory notes issued to investors have been satisfied. Under the terms of the notes, investors converted principal and interest to our common stock at prices below market, and at prices that significantly declined as more and more conversions were effectuated." Mr. Mona continued, "By having now prepaid the remainder of these notes, we avoided conversions at these prices which we view as significant to our stockholders."
About CV Sciences, Inc.
CV Sciences, Inc. (OTCBB: CANV), located in Las Vegas, Nevada, focuses on drug development activities on products containing the hemp plant extract cannabidiol (CBD) as the active pharmaceutical ingredient, and also is engaged in the sale of CBD, and the development, marketing and sale of end consumer products containing CBD, which is refined into its own PlusCBD Oil™ brand. Additional information is available from OTCMarkets.com or by visiting http://www.cvsciences.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of CV Sciences, Inc. to be materially different from the statements made herein.
CV Sciences, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). The company does grow, sell and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets.
CV Sciences, Inc.
2688 S. Rainbow Blvd., Suite B
Las Vegas, NV 89146
Source: CV Sciences, Inc.
Released March 3, 2016