CV Sciences Inc. ("CV Sciences," "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, CannaVest Corp., a Texas corporation (“CannaVest Texas”), merged with CV Sciences, a wholly-owned Delaware subsidiary of CannaVest Texas, to effectuate a change in the Company’s state of incorporation from Texas to Delaware. On January 4, 2016, we filed a Certificate of Amendment of Certificate of Incorporation reflecting our corporate name change to “CV Sciences Inc.”, effective on January 5, 2016. In addition, on January 4, 2016, we amended our Bylaws to reflect our corporate name change to “CV Sciences Inc.” On December 30, 2015, we completed the acquisition of CanX Inc., a Florida-based specialty pharmaceutical corporation ("CanX"). Acquired assets included in-process research and development, trade names and non-compete agreements associated with pharmaceutical product development programs and a line of consumer products.
We had product sales of $14.9 million and gross profit of $10.6 million, representing a gross margin of 70.8% in the first quarter of 2019 compared with product sales of $8.1 million and gross profit of $5.6 million, representing a gross margin of 68.9% in the first quarter of 2018. We increased our product sales by $6.8 million or 85% in the first quarter of 2019 when compared to first quarter 2018 results. The sales increase in the first quarter 2019 compared with 2018 is primarily due to an increase in distribution, customer awareness and demand for our branded PlusCBD™ products, as we continued to expand and maintain our core customer base. We also launched new products and formulations, including gel capsules and gummies, which helped drive our overall sales.