Florida-based PotNetwork Holding, Inc. (OTCMKTS:POTN) had its most successful year yet, with several achievements recorded in 2017. The company has strengthened its position as an industry leader in revolutionizing the growing cannabidiol (CBD) industry.
Strategic acquisition and appointment
Among PotNetwork Holding’s strategies that contributed to the company’s success last year is the acquisition of First Venture Capital, which owns Diamond CBD. First Venture Capital is focused on the research and development of high-quality hemp extracts, primarily CBD, while Diamond CBD provides the finest CBD oil and products.
The company also brought in its new chief executive officer, Dr. Richard Goulding, a distinguished physician in Florida. Dr. Goulding’s insight and knowledge on the use of cannabis for medical applications will help the company develop specialized products with optimum benefits for consumers. Furthermore, PotNetwork has established an Advisory Board with notable physicians and FDA-seasoned scientists. Their CBD experience and medical background will aid in the evolution of new products.
Company value rises
PotNetwork’s shares rose from $0.01 in January to $0.10 in December as the company’s value strengthened. It has an even stronger start this 2018, with its shares closing to $0.2355 on Jan. 8, moving closer to reaching its price target of $0.25 per share.
SeeThruEquity has now increased its predicted stock price to $0.40 per share. In addition, PotNetwork has retired 300 million common shares held by principal shareholders, which represents over 50 percent of the issued and outstanding common shares.
Revenues exceeding expectations
Another proof that PotNetwork’s acquisition of First Venture Capital and Diamond CBD has been a sound move is the skyrocketing growth of its earnings. In the first quarter of 2017, the company generated revenue of $1.7 million, already exceeding its $1.6 million revenue for the entire 2016. By the end of the first half of the year, PotNetwork’s revenue increased by 1,300 percent. Its income for May alone was $1 million.
In the third quarter, the company earned $4.4 million, a 29% increase from $3.1 million in the second quarter. The final figures for December are yet to be released, but with the running totals of $12.5 million, PotNetwork has already exceeded its target of generating $8.4 million in 2017.
Organic growth strategies
Much of PotNetwork’s revenues are from Diamond CBD, which has a wide range of CBD products including oils, edibles and pet products. In 2017, the company employed aggressive marketing campaigns as part of its organic growth strategies. It attended and showcased its products at high-profile trade shows, including the Surf Expo in Orlando, Florida, the ASD Market Week, and the CHAMPS Show in Las Vegas, Nevada.
These events provided the company and its products new business opportunities and exposure to around 45,000 buyers from 88 countries. When Diamond CBD was featured at the BIG Industry Trade Show in New York, the company has sold over $200,000 worth of products in just two days. Its most popular and in-demand product is Chill Gummies, which are CBD-infused candies with a range of flavors.
PotNetwork also launched new products. It partnered with Lawrence Taylor, an NFL legendary star, and introduced Diamond CBD’s exclusive “LT Pain Master” Premium Line of CBD oils.
Another hemp-derived CBD product line it launched is in partnership with counter-culture legend and marijuana legalization advocate, Tommy Chong. Aptly branded as “Chong’s Choice CBD,” the line includes CBD-infused edibles, concentrated solvent-free vaping additives and hemp oil tincture drops.
“To say that we are pleased with this past year’s achievements is an understatement. Sales were wildly beyond expectations, proving the market knows good and needed products, and it’s responding. We are now harnessing the momentum with a host of new products that we will be testing and offering, embracing the unique and as yet undiscovered effects of CBD,” said Dr. Goulding in a statement.
Gaining a solid footing in the hemp industry that is projected to reach $1.8 billion by 2020, PotNetwork is now looking forward in 2018 for new milestones to reach.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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