Encodes an inositol polyphosphate 5' phosphatase (5PTase) that is required for the proper recruitment of cells into developing vascular tissue in leaves and cotyledons. It is most similar to Type I 5PTases that are known to cleave a phosphate from IP3 or IP4. cvp2 mutants have elevated levels of IP3 and are hypersensitive to ABA in seed germination assays.