POTN revenues increase 78 percent year-over-year according to recently released financials
PotNetwork Holdings, Inc. (OTC Pink: POTN) released their fully audited financial statement earlier this month which shows that the company has made $25 million in revenue throughout 2018. According to a statement, that’s a 78 percent increase compared to POTN’s performance in 2017.
(Full Disclosure: PotNetwork News is owned and operated by PotNetwork Holdings, Inc.)
Most of that growth can be attributed to the company’s wholly-owned subsidiary, Diamond CBD, Inc. Much of its success in the CBD market has come through “leveraging an aggressive marketing campaign focused on educating consumers about CBD and demonstrating the company’s unique suite of niche CBD products.”
“I am extremely pleased with our year-over-year growth,” said Kevin Hagen, CEO of PotNetwork Holdings, Inc. “These fully audited financial statements underline an incredible year for PotNetwork Holdings and are the culmination of a lot of hard work and are a sign of great things to come over the course of the next year.”
CBD oil is everywhere: How did it become so popular?
The market for CBD oil and other CBD-infused products is quickly nearing $1 billion per year. That’s big. And CBD’s popularity is still growing at an astonishing rate. According to one estimate, proffered by industry analyst firm Brightfield Group, the CBD market will grow to over $20 million by the end of 2022.
To give some idea of just how big that is, that’s twice the amount of money spent on ice cream across the entire country in 2018. So what accounts for this rocket-fueled rise in the popularity of CBD oil?
And it wasn’t until the mid 90’s that the media and the general public began to take notice of the lesser known cannabinoid. A good portion of the population was aware that a cannabinoid known as THC was the thing in marijuana which was responsible for the high that the weed induces when smoked, vaped, or cooked. But few had heard of CBD at that point.
The rise of CBD and companies such as PotNetwork Holdings has been, in a word, dramatic.
PotNetwork Holdings looks forward
PotNetwork Holdings reported in their statement that sales of Diamond CBD products are coming 60 percent from its wholesale distribution network and 40 percent from online sales including from www.diamondcbd.com.
Looking forward, in addition to their financial statements the company will shortly be releasing an open letter to shareholders providing an update on all of the activities of the past year and putting the company’s situation and successes into context.