CBD company reports 1300% growth
On June 2nd, PotNetwork Holding, Inc. (OTC: POTN) announced that they were recently the highlight of a recent comprehensive research report projecting a target price of $0.25. The research report (see here) specified,
"The hemp industry is projected to grow to $1.8 billion by 2020, with $450 million comprising from hemp derived CBD products. This would represent a 300% increase, from the estimated hemp derived CBD market size of $115 million at the end of the FY2016."
In respect to the Company's position in the industry it was stated:
"We see POTN as a speculative play on the burgeoning legal cannabis and hemp market targeting the fastest growing sub segment (hemp derived CBD). The company has made considerable progress over the last few years, with revenues growing 178% YOY in 1Q17. Going forward in FY17, we expect POTN to increase revenues approximately 712% to $8.3 million through new product launches, aggressive marketing initiatives and entry into new markets (specifically China)."
Later in the month PotNetwork Holding, Inc. announced that its wholly owned subsidiary, Diamond CBD, Inc., delivered yet another exponential increase in revenues year over year. For the month of May 2017, it achieved record breaking revenues of over 1 Million dollars, which exceeded its May 2016 results by more than 1300% over the last years revenues of $70,444.
Maria Gomez, Regional Vice President of Sales for Diamond CBD, Inc. stated,
“We are on fire! We are consistently setting new sales records month after month as the sales momentum continues to build. Moreover, our ongoing aggressive marketing strategy continues to build consumer and industry awareness which is clearly evident as we go from one exciting industry event to another.”