FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--
PotNetwork Holdings, Inc. (OTC Pink: POTN) (“the company”) released today an open “Letter to Shareholders” from its President and Chief Executive Officer, Kevin Hagen, providing an update on the recent Form-10 SEC filing and the company’s achievements to date. The letter follows:
Following on from my last letter detailing the various successes of the company, I am writing to provide you with a further update on some of our key programs as well as an explanation of our immediate plans. In particular, I am pleased to highlight our recent filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) meant to register our common stock under the Securities Exchange Act of 1934.
This filing included our PCAOB compliant audited financial statements for the years ended December 31, 2018, and December 2017. The audit of the financial statements was completed by Yusufali & Associates, a PCAOB member firm.
The company’s voluntary filing of a Form 10 registration statement will make it subject to the periodic reporting requirements of the Act, which includes annual, quarterly, and current report filings. Additionally, the filing will enable us to move forward with our application to OTC markets in order to uplist to the OTCQB market tier.
These developments represent a significant step forward for the company, and help underline our renewed commitment towards transparency and better communication with both existing and new investors. In that spirit, I would like to provide a further update on some of our ongoing initiatives.
The PotNetwork Magazine is hot off the press
Our publishing division represents one of the most exciting developments in our company to date. Our wholly owned subsidiary, PotNetwork Media Group, is at the forefront of a revival in print journalism.
The recently launched PotNetwork Magazine - which went into circulation in February - already enjoys a growing readership base of 30,000 people, which includes individual cannabis investors, entrepreneurs in the cannabis industry, high-level executives and CEOs. These numbers beat those of major competitors like MG Magazine (25,000), Marijuana Business Daily (15,000) and Marijuana Venture (12,000).
The company is working hard to educate advertisers about the benefits of a featured ad in our publication, and we predict solid growth over the coming quarters as the PotNetwork Magazine becomes an integral part of the marijuana industry’s ecosystem.
Diamond CBD rocks CHAMPS
In conjunction with our ongoing effort to reach out to new retailers and consumers, our company attended the CHAMPS trade show in Atlantic City, New Jersey, from May 21 through May 23. The event offered a unique opportunity to show off some of our top brands.
At the show, we exhibited several new products to complement our existing, ever-popular lineup of CBD tinctures and gummies. This included our new selection of CBD Dried Fruits, CBD-infused edibles such as apples, raisins, and bananas, as well as a line of CBD-infused chocolate snacks, produced under the Choco-Budz brand.
These trade shows are an essential part of our program to educate retailers and customers as they help us refine our brands and build customer loyalty, an essential undertaking as the field becomes ever more competitive.
An incredible year ahead
These efforts are the beginning of what is shaping up to be an incredible year for our company. We had an incredible year in 2018 when we earned over $25 million in revenue, a 78% year-over-year increase, and we expect to handily beat those figures in 2019.
I would like to once again thank every one of our investors for their continued support. I am proud to have you with us on this incredible journey.
Kevin Hagen, President and CEO
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 Holdings, Inc. (OTC Pink: POTN) is a publicly traded company that acts as a holding company for its principal subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD products, and PotNetwork Media Group, Inc., the publisher of PotNetwork News and PotNetwork Magazine. For more information, please visit, www.potnetworkholding.com.
Safe Harbor: 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.
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PotNetwork Holdings, Inc.