PotNetwork Holdings Inc (OTCMKTS:POTN)
Shares of PotNetwork Holdings Inc (OTCMKTS:POTN) continues to elicit renewed investor interest as the company’s subsidiary Diamond CBD continues to gain traction in the lucrative legal cannabis business. The unit continues to exceed expectations having achieved record breaking revenues of $1.5 million in June.
PotNetwork Holdings Inc (OTCMKTS:POTN) has been trading in an upward trend for the better part of the year. The stock is currently trading at the high end of a $0.07-$0.08 trading range as it closes in on its 52-week high of $0.10 a share. It faces resistance at the $$0.08 mark.
Increased sales expectations in the company’s cannabis unit should continue to fuel interest from investors looking for opportunities in the cannabis business. As the legal cannabis business heats up PotNetwork Holdings Inc (OTCMKTS:POTN) is poised to see growth in demand for its products.
PotNetwork Holdings Inc (OTCMKTS:POTN) reported sales of $5 million for the first two-quarters of the year. Sales in the second quarter alone stood at $3.2 million representing a 1,495% year over year increase. Given the sales momentum, the company remains on track to exceed its full year sales forecast.
Net profit for the first six months of the year stood at $369,237 with a positive net cash flow of $395,009.
“We are consistently setting new sales records month after month and are excited to be able to report this type of continuing growth. We have taken our marketing efforts seriously. A commitment that is surely being revealed in the ongoing sales numbers,” stated Maria Gomez, Regional Vice President of Sales for Diamond CBD, Inc.
PotNetwork Holdings Inc (OTCMKTS:POTN) robust growth has already attracted interest from equity firms which have initiated coverage of the stock. SeeThruEquity analysts buoyed by the company’s sales growth momentum has initiated coverage with a share price target of $0.25 a share.
Board of Advisors Appointment
Separately, POTNETWORK HLDGS I COM USD0.0001 (POST REV SPLI (OTCMKTS:POTN) has moved to strengthen its board of advisors with the appointment of Mr. David Feldbaum. His appointment is part of an effort that seeks to strengthen the level of expertise that Diamond CBD will have exposure to, as it moves to come up with new formulations and product lines.
“We expect that his experience and wisdom will strengthen the Company’s position in the industry as we target product lines to enhance wellness in his areas of expertise,” states Maria Gomez, Regional Vice President of Sales for Diamond CBD.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.