PotNetwork Holdings Inc. Releases Audited Consolidated Financial Statements Reporting Sales of $14.49 Million in 2017
GlobeNewswire•April 3, 2018
FORT LAUDERDALE, Fla., April 03, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--PotNetwork Holdings Inc. (OTC Pink:POTN) On Tuesday, April 3rd, 2018, (“Company”) announced the release of audited consolidated financial statements reporting 2017 sales of $14.5 million, with gross profits of $5,180,865, and, despite making large reinvestments in its future growth, the Company showed positive net income of $178,918. To view report in its entirety, visit otcmarkets.com.
PotNetwork Holdings Inc.’s 2017 financial statements were audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”) by East West Accounting Services, LLC, a PCAOB accounting firm and member of the American Institute of Certified Public Accountants (AICPA). The firm has been a member of the Florida Institute of Certified Public Accountants since 1991 and is a lifelong member of the Association of Certified Fraud Examiners (ACFE).
PotNetwork Holdings Inc. Senior Advisor Bruce Barren recently confirmed that the Company’s $2 million monthly revenue run rate for both January and February of 2018 sets the stage for the firm to meet and exceed its Q1 ’18 revenue projection of $6,000,000.
PotNetwork Holdings Inc.’s wholly owned subsidiary Diamond CBD Inc. has been driving the company’s tremendous growth in 2018.
The hemp-derived compound known as CBD (cannabidiol) has emerged as an extremely promising substance for boosting health and wellness in both humans and animals. CBD products can be ingested in beverages and foods, absorbed through the skin via lotions, creams, salves, or vaporized and inhaled.
Many leading scientists and medical researchers, including those of the World Health Organization, have determined that CBD offers a range of medical health benefits without the potential to be abused or cause harm in users.
Key research published in May of 2017 in the New England Journal of Medicine found CBD therapies to be effective in treating seizures. This study was randomized, double-blind and placebo-controlled to promote the validity and reliability of the research findings.
While CBD-rich marijuana strains have likely been used medically by humans for more than 10,000 years, the combination of legal prohibition and illicit cultivation focused on generating higher THC levels, made CBD therapy an afterthought until very recently.
In just the first 60 days of 2018, PotNetwork Holding Inc. generated $4 million in sales. Compared with 2017, this represents growth of over 300%. This clearly demonstrates the immense potential for the global growth of CBD as encapsulated by a key performance indicator from one of the United States’ most successful vendors.
About Diamond CBD Inc.: 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 is a robust selection considered among the most powerful natural CBD oils, tinctures, edibles, and vape liquids found anywhere. For more information, please visit its website at www.DiamondCBD.com.
About PotNetwork Holdings Inc.: PotNetwork Holding Inc. (OTC Pink:POTN) is a publicly traded company that acts as a holding company for its subsidiary, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: PotNetwork Holding Inc. Investor Relations: Marisol Elwell, 1-800-915-3060 investor@PotNetworkHolding.com
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