A San Diego CBD company is looking to become “institutionally relevant” by graduating to a more senior stock market.
CV Sciences, which makes Plus CBD Oil products, announced Monday that it has submitted an application to list common stock on the Nasdaq Capital Market, formerly known as the Nasdaq SmallCap Market.
The company currently trades on over-the-counter markets as CVSI.
CVSI was trading around $2.20 per share at midday Monday; the Nasdaq requires a minimum bid price of $4 for stocks to be listed.
“(Uplisting) opens up the company to a much larger pool of investors,” CV Sciences CEO Joseph Dowling told Hemp Industry Daily.
“There are many investors that will not simply invest in over-the-counter stocks. It’s hard to become institutionally relevant if you don’t make it to a larger exchange.”
Dowling and other CV Sciences executives plan to present the bid to shareholders Aug. 4.
Plus CBD Oil is sold in nearly 2,000 natural and organic health food stores.
CV Sciences is also developing pharmaceutical-grade therapies using synthetic CBD, including a drug that would combine synthetic cannabidiol and nicotine for use as a smoking cessation aid, Dowling said.
The company is currently seeking FDA approval for that product.