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 $16.9 million and gross profit of $12.0 million, representing a gross margin of 70.9% in the second quarter of 2019 compared with product sales of $12.3 million and gross profit of $9.1 million, representing a gross margin of 73.4% in the second quarter of 2018. We increased our product sales by $4.5 million or 36% in the second quarter of 2019 when compared to second quarter 2018 results. The sales increase in the second 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 softgels, gummies, and most recently topicals, which helped drive our overall sales. As of June 30, 2019, our products were in 4,591 retail stores, mostly in the natural product industry and two nationwide retailers. This store count has increased from 1,968 as of June 30, 2018. During the three months ended June 30, 2019 and 2018, e-commerce sales accounted for 15.7% and 12.0%, respectively.