PALM BEACH, Florida, October 23, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
The Cannabinoid (CBD) sector continues to illustrate strong revenue growth with projections favoring a continued trend of consistency as cannabis-extracts and CBD-based products become synonymous with mainstream markets. The CBD market has just about doubled in size over the past two years and is expected to surpass the billion-dollar mark within the next two years according to forecasts from multiple analysts. CBD continues to experience this unrelenting growth largely due to the fact that it does not have as many hurdles to jump over compared to traditional cannabis, especially as it relates to regulations and logistical issues. Other factors working in CBD's favor include the wide variety of CBD products hitting the market, increased consumer adoption and leaders in the industry steadily investing in research and development to tap into new markets. Active cannabis companies in the markets this week include PotNetwork Holdings, Inc. (OTC:POTN), Medical Marijuana Inc. (OTC:MJNA), Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON), Kona Gold Solutions (OTC:KGKG), CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTC:CRXPF).
PotNetwork Holdings, Inc. (OTCPK:POTN) BREAKING NEWS: PotNetwork Holdings Exceeding Last Year's 9-Month Performance by 90%, Company Prepares for Exciting Final Quarter of 2018 - POTN today announced sales of $18.1 Million for the first 9 months of the year, realizing an $8.6 Million increase in year over year sales. This follows the Company's recent announcement of its record third quarter revenues of $6.1 Million.
Driven by the growth of its wholly-owned subsidiary, Diamond CBD, Inc., PotNetwork Holdings, Inc. has taken root as an industry leader in the growing market for premium hemp extracts. PotNetwork Holdings is expanding its research and development, multinational marketing and international distribution of a broad range of hemp-derived cannabinoids and other natural hemp derivatives.
PotNetwork Holdings also reported that sales of Diamond CBD Products are coming 60% from its wholesale distribution network and 40% from online sales including from http://www.diamondcbd.com .
"I am extremely pleased with our year-over-year growth," said Kevin Hagen, president of Diamond CBD. "We provide customers with a high-quality product with lab reports attached to each product displayed online. It is part of our commitment to transparency in providing the highest quality CBD to our customers."
PotNetwork Holdings expects to file its quarterly report for the 9 months ended September 30, 2018 on or before November 14, 2018. The quarterly report will contain a further breakdown of the Company's revenue and earnings.Read this and more news for POTN at http://www.financialnewsmedia.com/news-potn
Other recent developments in the cannabis industry include:
Medical Marijuana Inc. (OTCPK:MJNA) recently announced that subsidiary Kannaway®, the first direct selling company to offer cannabidiol (CBD) hemp botanical products, has a new Kannaway® Connect app. The new mobile application is designed to make it easier than ever for Kannaway® Brand Ambassadors to connect with prospective customers to build their businesses. "We are excited to support our international team of Brand Ambassadors in their efforts to build their businesses and continue to spread awareness of CBD's many wellness benefits," said Kannaway® CEO Blake Schroeder. "With Kannaway® Connect, our Brand Ambassadors are able to share company and product information within seconds." Kannaway® Connect allows Brand Ambassadors to quickly connect with people using the latest technology and communications tools, check their events calendar, manage their back office and more. Brand Ambassadors can also use the app to share training and educational videos about Kannaway® with ease.
Cronos Group Inc. (NASDAQ:CRON)(TSX:CRON) CEO Mike Gorenstein recently issued the following statement regarding the recent legalization of recreational cannabis in Canada: "This is a defining moment that sets the foundation for all participants in the cannabis industry, both in Canada and as markets open around the world. Congratulations to the many leaders and advocates who worked so hard to achieve this milestone. At Cronos, we take pride in leading the industry forward responsibly and are motivated to create meaningful products that excite our consumers and bring happiness and an improved quality of life. The growth potential in the cannabis industry is vast and extends well beyond the flower. With our differentiated brands, global footprint, growing production capacity and commitment to cannabinoid innovation, Cronos is well positioned to realize this opportunity. As we work to transform what was once just an idea into reality, we thank our employees, our partners and our shareholders for their support. We look forward with enthusiasm and a focus on delivering results for all of our stakeholders."
Kona Gold Solutions (OTCPK:KGKG) recently announced its new distribution partner, Ringo's Wholesale, located in Lexington, South Carolina. Ringo's Wholesale will be distributing the Company's Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters to new territories in key markets where the Company's products are not currently offered. Ringo's Wholesale supplies products to over 300 accounts across several counties including Lexington, Newberry, Richland, and Sumter. "I am excited to be announcing our new distribution partner, Ringo's Wholesale in South Carolina," stated Robert Clark, CEO of Kona Gold Solutions, Inc. "Ringo's covers several key markets in South Carolina that our products are not currently in and is a strategic partner in the Company's plan to roll out our products in the Southeast United States. It's crucial for the Company to continue to partner with independent distributors, such as Ringo's, that have cultivated strong relationships with their customers and know their markets very well." Clark continued, "Chris Selinger, our VP of Sales, and myself have laid out a strategic plan to make Kona Gold and HighDrate available to consumers in all of North and South Carolina, Georgia, and several other key markets by the end of the year. The Company is also looking to bring on a highly qualified Sales Manager in the beverage industry this quarter to assist in expansion in the Mid-West and Western United States."
CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTCPK:CRXPF) recently announced its 1,865 acre Nevada hemp-CBD farm has commenced harvest on the 240 acres planted in July and August of this year. All equipment sourced for the 2018 harvest has now arrived at the property with commercial drying equipment en route. Upon completion of harvest and drying the company will begin delivering dried product to its processing partner, an ISO compliant processor, with bi-weekly shipments of CBD Isolate expected back to the company. The Isolate will be sold under white label as well as the company's brands Hempire and Tiffany CBD.
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