- PotNetwork’s subsidiary, Diamond CBD, reports record sales of $1.76 million in August 2017
- Acknowledged industry experts appointed to advisory board
- New line of CBD-infused honey products launched in October 2017
The hemp-derived cannabidiol (CBD) market is projected to show phenomenal growth over the next few years. The Hemp Business Journal has projected a compound annual growth rate (CAGR) of 53 percent for CBD products derived from hemp, estimating this market to be worth $1.8 billion by 2020 (http://cnw.fm/qf0A1). PotNetwork Holding, Inc. (OTC: POTN) is in a strong position to take advantage of this growth through its subsidiary, Diamond CBD, with its offerings of CBD-based oils, creams, dabs, vapes, edibles and pet food additives. On October 24, 2017, the company announced an addition to its CBD edible product line by developing a range of innovative honey products, including straws packed with CBD-infused honey. Using natural honey, these formulations combine the therapeutic properties of both honey and cannabis in appealing and tasty products. The company has an established offering of CBD edibles that includes gummies and shots.
Diamond CBD, owned by PotNetwork Holding’s subsidiary First Capital Venture Co., has established itself as a force within the CBD-based market and its products are sold in over 10,000 stores across the country. All of its cannabinoids are extracted from industrial hemp, a procedure approved by the Food and Drug Administration (FDA), unlike extraction methods based on marijuana. The FDA restricts the CBD extraction to imported sources of hemp, but it is currently legal to grow these crops in an increasing number of states, including South Carolina and Arizona. Cannabidiol (CBD) is not psychoactive and does not produce the mind-altering effect of tetrahydorcannabinol (THC) found in marijuana. The company’s research and developmental drive is focused on a range of cannabinoids and hemp derivatives, employing leading doctors, chemists and scientists to pioneer their contemporary products.
On October 10, 2017, in a move intended to provide PotNetwork a strategic edge over its competitors, the company announced the appointment of Dr. Michael McKenzie to its advisory board. Dr. McKenzie is an acknowledged expert in the use of cannabinoids for the treatment of many medical conditions and ailments. PotNetwork will leverage his expertise in the research and development of innovative new CBD-based products to drive its growth in sales. Over the past few months, the company reported rapid sales growth, achieving an increase of 30 percent in July over the previous month. In August, Diamond CBD experienced record sales of $1.76 million, representing an increase of 20 percent over July revenues (http://cnw.fm/q0R06). The revenues achieved in these two months combined equate to 60 percent of total sales for January to June, 2017. The company reported sales of over $5 million during the first six months of 2017 with a net profit of almost $370,000.
PotNetwork has also succeeded in the market through industry trade shows like CHAMPS, BIG Industry Trade Show and the Market Week Event over the past few months. The company generated sales of approximately $820,000 from these shows, while its marketing efforts have increased brand awareness significantly. It has also announced its intention to expand its market into China and a number of South American countries.
With its continual drive for new product development through Diamond CBD, aided by the engagement of leading experts in the field of CBD research, PotNetwork is ideally placed to continue its growth into the future.
For more information, visit the company’s website at www.PotNetworkHolding.com
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