PotNetwork Holdings Inc (OTCMKTS:POTN) is perhaps THE juggernaut CBD story, aside from CVSI, over the past 12 months. That is a statement about market action more than anything else. The stock went from 6 pennies to over 80 pennies per share in a matter of weeks to start the year. Since then, we have been carving out a corrective pattern. But sales have continued to impress. As a case in point, the company just announced sales of $18.1M for the first 9 months of the year, realizing an $8.6 Million increase in year over year sales.
According to the release, “This follows the Company’s recent announcement of its record third quarter revenues of $6.1 Million. Driven by the growth of its wholly-owned subsidiary, Diamond CBD, Inc., PotNetwork Holdings, Inc. has taken root as an industry leader in the growing market for premium hemp extracts. PotNetwork Holdings is expanding its research and development, multinational marketing and international distribution of a broad range of hemp-derived cannabinoids and other natural hemp derivatives.”
PotNetwork Holdings Inc (OTCMKTS:POTN) promulgates itself as a company that, through its subsidiary, First Capital Venture Co., engages in the research, development, and sale of hemp-derived CBD oil products. It also engages in the pre-owned auto dealership business.
The company sells its products through distributors and resellers, as well as through its Website. The company was formerly known as SND Auto Group Inc. and changed its name to PotNetwork Holdings, Inc in March 2017. PotNetwork Holdings, Inc is based in Fort Lauderdale, Florida.
Diamond CBD focuses on the research, development, and multinational marketing of premium hemp extracts that contain a broad range of cannabinoids and natural hemp derivatives. Diamond CBD’s team consists of hemp industry pioneers and natural product experts, chemists, doctors and scientists, dedicated to producing the finest and purest cannabidiol (CBD) oils.
The result, according to the company, is a robust selection considered among the most powerful natural CBD oils, tinctures, edibles, and vape liquids found anywhere.
Nothing to Sneeze At
As noted above, POTN just announced sales of $18.1 Million for the first 9 months of the year, realizing an $8.6 Million increase in year over year sales.
The announcement helped to spark a relief rally in a context of recent action that hasn’t been particularly fun for POTN shareholders. Over the past week, shares of the stock have suffered from clear selling pressure, dropping by roughly -13% even with the push higher on the news.
“I am extremely pleased with our year-over-year growth,” said Kevin Hagen, president of Diamond CBD. “We provide customers with a high-quality product with lab reports attached to each product displayed online. It is part of our commitment to transparency in providing the highest quality CBD to our customers.”
PotNetwork Holdings Inc (OTCMKTS:POTN) pulled in sales of $5.8M in its last reported quarterly financials, representing top line growth of 78.9%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($334K against $327K).
The numbers are still relatively small at this point for POTN, but the second derivative curve is something worth noting.
Curaleaf Holdings Inc (OTCMKTS: CURLF) Is Opening a Dispensary at State College
Post Views: 504 Curaleaf Holdings Inc (OTCMKTS: CURLF) is opening a State College Dispensary at 1248 A Atherton St, State...
Puration Inc (OTCMKTS: PURA) Is About to Make Its First Collaboration in the Asia Pacific
Post Views: 830 Puration Inc (OTCMKTS: PURA) is about to strike a deal for its first collaboration in the Asia...
Harborside Inc (OTCMKTS: HBORF) Will Convert Multiple Voting Shares Into Subordinate Voting Shares
Post Views: 3,121 Harborside Inc (OTCMKTS: HBORF) has announced that it will convert its outstanding and issued multiple voting shares...
Trulieve Cannabis Corp (OTCMKTS: TCNNF) Announces Partnership With Khalifa Kush
Post Views: 713 Trulieve Cannabis Corp (OTCMKTS: TCNNF) Khalifa Kush has announced an exclusive partnership. Khalifa Kush is a brand...
Indiva Ltd (OTCMKTS: NDVAF) Launches Jewel Cannabis Tarts
Post Views: 703 Indiva Ltd (OTCMKTS: NDVAF) recently launched Jewel Cannabis Tarts, its latest products into the cannabis Industry. The...
Neptune Wellness Solutions Inc’s (NASDAQ: NEPT) Subsidiary, Sprout Organics, Executes a Partnership With Cocomelon for the Distribution of Organic Produce
Post Views: 976 Sprout Organics, a subsidiary of Neptune Wellness Solutions Inc (NASDAQ; NEPT), recently announced the execution of its...