CV Sciences Inc (OTCMKTS:CVSI) has announced that it would conduct a webcast on November 10, 2016, at 5 PM, EST. The company plans to discuss its drug development programs, during the webcast. CVSI claimed that it would particularly focus on its drug candidates, which make use of synthetically developed CBD, to treat smokeless tobacco addictions.

The company claimed that smokeless tobacco addiction was a significant unmet medical need and there were no FDA approved treatments for the ailment. The press release further stated that the market for such a treatment, in the US alone, was worth over $2 billion. The update comes soon after CVSI announced its financial results for the 3Q2016, recording a sharp decline in net sales, of over $1.2 million, on a year-over-year basis. As such, the company’s net loss for the 3Q2016 widened by a similar amount, over the same period.

Michael Mona Jr. the CEO of CV Sciences, stated that during the 3Q2016 CVSI continued to lay the groundwork for advancing CVSI-007. As such, the management plans to have the drug in clinical development stage by FY2017. The 3Q2016 also revealed that CV Sciences had a cash position of approximately $0.85 million, as of September 30, 2016. The company claimed that this was sufficient to meet its working capital requirements for the near future.

In addition to this, the 3Q2016 report also revealed that its gross margins had narrowed by over 1.5%, as compared to the 3Q2015. The company claimed that this was also one of the main reasons for decline in earnings. It should be noted here that CVSI is not the only cannabis stock to suffer a decline in earnings. The company’s movement in earnings is around average, when compared to its peer group. If the November 8 cannabis ballot results in an affirmative, it would make it significantly easier for CVSI to accelerate its development program for the CVSI-007.

CV Sciences Inc (OTCMKTS:CVSI) lost 11.59% of its share value, during the November 8 trading session, on a trade volume of 3.78 million, to close at $0.61 per share.