The trading action in CV Sciences Inc (OTCMKTS:CVSI) over the past month has been hands-down the wildest back and forth gunfight in the OTC wild west. The stock has been on mountain tops and valley floors and everything in between as investors try to figure out whether to rejoice over strong sales growth or bemoan legal and PR hurdles related to the now-notorious Citron tweet.

However, in the midst of all this confusion, it may be lost on most traders that the company just announced that its hemp-derived CBD gold extract (which reportedly “includes all of PlusCBD Oil Gold Formula product line”) has received self-affirmed Generally Recognized as Safe (GRAS) status in accordance with stringent U.S. Food and Drug Administration (FDA) safety guidelines. According to the release, “CV Sciences is the only hemp CBD nutraceutical company to invest in the scientific evidence necessary to achieve this sought-after designation, recognizing an ingredient as presumably safe among experts under the conditions of its intended use.”

CV Sciences Inc (OTCMKTS:CVSI) bills itself as a life science company, focuses on developing and commercializing novel therapeutics utilizing synthetic Cannabidiol (CBD).

CVSI operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors, including nutraceutical, beauty care, specialty foods, and vape.

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Following the CanX Acquisition in December 2015, CV Sciences commenced its preclinical drug development program during the second quarter of 2016. The Company’s drug development efforts include pursuing synthetic-based Cannabidiol drug candidates in areas that have the potential to provide significant improvements in therapeutic patient treatments with sizable addressable markets.

The company was formerly known as CannaVEST Corp. and changed its name to CV Sciences, Inc. in January 2016. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.

CV Sciences Inc is led by Michael J. Mona, JR. founder of CV Sciences, Mr. Mona possesses over 30 years of senior management experience in a range of industries including real estate/construction, industrial farming, chemical processing and consumer products. Mr. Mona is a recognized industry leader in hemp farming operations and chemical extraction and has established a global supply chain of hemp-derived products.

According to company materials, “CV Sciences, Inc. (CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California.”

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As noted above, as the wasps swarm around this company for legal and PR reasons, the stock has been a battleground with volatility winning every fight. In all, traders will note 40% added to share values of the stock over the past week of action.

Moreover, the stock has benefitted from a jump in recent trading volume to the tune of just under 260% beyond what we have been seeing over the larger time frame.

Joseph Dowling, Chief Executive Officer at CV Sciences, commented, “We are committed to building consumer confidence and trust in the safety and quality of our products, supported by scientific evidence. This milestone significantly advances our leadership in this space and provides us with opportunities to broaden consumer access to our products, while removing any doubts on the safety and benefits of our products. We are proud to be the first and only company to obtain GRAS self-affirmation on a hemp extract and believe this is a milestone for CV Sciences as well as the entire hemp CBD industry.”

Currently trading at a market capitalization of $422.49M, CVSI has a significant war chest ($7.2M) of cash on the books, which must be weighed relative to about $3M in total current liabilities. CVSI is pulling in trailing 12-month revenues of $33.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 202.5%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $CVSI stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

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