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PotNetwork Holdings Recaps Path to Becoming a Fully Reporting SEC Company

Nachrichtenquelle: Business Wire (engl.)
11.07.2019, 14:00  |  165   |   |   

PotNetwork Holdings, Inc. (“the Company”) (OTC Pink: POTN) announced on July 9, 2019, that it had become a fully reporting company under the Securities Exchange Act of 1934 (the “Act”). As a result, it is now subject to the reporting requirements of the Securities and Exchange Commission including the filing of annual and quarterly financial reports. The Company’s filing of its registration under the Act was amended on July 5, 2019, and included audited financial statements for the years ended December 31, 2018, and 2017.

“This filing was done voluntarily by the Company and represents a formal commitment to corporate transparency while at the same time further enabling the upscaling of the Company,” said Kevin Hagen, CEO of PotNetwork Holdings, Inc. “We believe that this step significantly adds to the credibility of the Company, not only with investors but with the multiple, sophisticated audiences in our marketplace. It is further proof that we have grown, and are continuing to grow, beyond the startup phase, to be a robust consumer-focused company.”

PotNetwork Holdings’ principal subsidiary First Capital Venture Co., is the owner of Diamond CBD (“Diamond”), and PotNetwork Media Group, Inc., the publisher of PotNetwork News and PotNetwork Magazine. The Company closed out 2018 with revenue over $25 Million — more than 78% ahead of audited 2017 annual results.

In a letter to shareholders, Hagen wrote: “For us, this record growth validates the strength of our brands, our innovative strategy, and the ever-increasing consumer demand for our products.”

Diamond and its family of CBD brands (MediPets, Meds Biotech, Chong’s Choice, LT Painmaster, Liquid Gold, and others) for the past several years has built and maintained a high profile in its industry and with consumers through its presence at innumerable trade shows and expositions, its sponsorship of sporting and entertainment events, and a robust presence on social media.

Some of the Company’s accomplishments during the past twelve months include:

  • Diamond CBD’s popular lineup of hemp CBD-infused products generated over $1.1 million in revenue in May alone — a 90% increase in sales from May 2018.
  • On “Black Friday,” Diamond CBD announced plans to sell its products in shopping malls across America via stand-alone retail kiosks, carts, and mall retail stores. The Company anticipates a gradual metro market rollout starting in 2019 in Florida, and in other states starting in 2020.
  • At the 2019 Consumer Electronics Show in January, Diamond CBD demonstrated a prototype stand-alone retail vending machine to sell select Diamond CBD products developed via a partnership with CloudPlay. The companies plan to have machines in place in test markets by CES 2020.
  • Diamond CBD launched a fleet of mobile sales vans to deepen its penetration in brick-and-mortar retail outlets in its hometown of Miami. To date, the mobile fleet has installed over 500 self-contained Diamond CBD product sales centers.
  • The introduction of the MediPets product line in the $69.5 billion U.S. pet industry opened up multiple new points of distribution, from pet supply stores to veterinary facilities.
  • In December, Diamond CBD claimed a piece of the $46 billion coffee market with a line of CBD-infused coffee and tea K-Cup capsules.
  • PotNetwork.com, the Company’s informational website reached 150,000 unique visitors per month.
  • PotNetwork Media Group, Inc., a subsidiary of the Company and publisher of Potwork.com, launched its first print magazine which is distributed free to a diverse readership of cannabis industry investors and entrepreneurs, and cannabis industry executives and CEOs in the U.S. and Canada.

The Company anticipates continued growth In 2019, driven by an expanding global market for its products, as well as Diamond’s innovative marketing and product development.

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