- CBD market is set to reach or exceed $1.8 billion by 2020
- PotNetwork Holdings’ sales jumped 30 percent from June to July
- Subsidiary Diamond CBD distributes products to 10,000+ stores in 50 states
The future for the cannabidiol (CBD) market remains bright. Brightfield Group recently projected hemp-derived cannabidiol to become a billion-dollar market by 2020, given a current compound annual growth rate of 55 percent (http://nnw.fm/rDmb5). PotNetwork Holding Inc. (OTC: POTN) recently published estimates by Hemp Business Journal (http://nnw.fm/7QKvg) suggesting that hemp-based CBD will be a $1.8 billion market by 2020. PotNetwork Holding, the holding company for Diamond CBD, has been quite active and dominant in the market and projects that the industry will exceed $2.1 billion by then. Diamond CBD has enjoyed success with its 15+ CBD brands and distribution network of more than 10,000 stores selling its products. SeeThruEquity, LLC has projected POTN to exceed $30 million in revenue by FY2019.
PotNetwork Holding has experienced rapid sales growth, jumping 30 percent from June to July, when it reported $1,459,137 in sales. For the first six months of FY2017, it reported sales volume in excess of $5 million, marking a 178 percent year-over-year increase in revenue. The company also sold $820,000 in products at three recent trade shows – CHAMPS, the BIG Industry Trade Show and the Market Week Event. This past August, it saw success at BIG, where it sold more than $200,000 in merchandise at the New York event featuring manufacturers, distributors, wholesalers and store owners.
Diamond CBD, owned by POTN subsidiary First Capital Venture Co., has been expanding from marketing and distribution to more research and development for various premium hemp extracts. These contain a range of different cannabinoids. The emphasis is on natural CBD ingredients and production using a carefully monitored process. Products range from delicious Diamond CBD Gummies to CBD Double Shots squeezable packages, Chill Pill CBD infused capsules and more than 300 flavored hemp oils produced by the company.
The hemp-based cannabinoid extracts marketed by Diamond CBD, in addition to edibles, vapes and creams, among other items, has become a significant force in the smoke/vape shop industry. In addition, its products are distributed and sold in 50 states. This nationwide presence is possible, because the U.S. Food and Drug Administration does not restrict the use of hemp-derived extracts from imported industrial hemp plants as it does with marijuana and industrial hemp plants grown within the U.S. However, growing these plants is now legal in South Carolina and Arizona, while other states are also easing restrictions.
Recent corporate changes have paid off for PotNetwork Holdings. In July 2015, it changed its name from United Treatment Centres Inc., and has been under the leadership of Gary Blum since January 2016. POTN acquired First Capital Venture Co. and Diamond CBD Inc. in January 2017. Its business focus is now solely on the U.S. and international CBD market, which represent a combined consumer base of about 1.5 billion. According to the U.S. National Library of Medicine National Institutes of Health, products based on CBD oil include therapeutic, homeopathic and natural remedies for addressing stress, anxiety, sleep disorders and a range of other ailments and illnesses.
For more information, visit the company’s website at www.PotNetworkHolding.com
More from NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information please visit https://www.networknewswire.com
New York, New York