PotNetwork Holdings Inc (OTCMKTS:POTN) has put in some work in terms of a consolidative or corrective period. POTN put in a pivot bottom near the $0.30/share level in very early March and has bounced back up to test the 50-day simple moving average around the $0.42/share area. This is a defining battle for shareholders. The pattern shows some clear range support in play, and shares have thus far handled it in a very constructive manner.
In addition, the company just announced that its wholly-owned subsidiary, Diamond CBD Inc.com, achieved over $500,000 in website-generated orders, surpassing all previous online sales records. “Even though February is the shortest month of the year, we reached online sales higher than ever before. Our online sales today not only represent the conversion of event and promotional offers into initial sales but a building base of repeat customer orders that reflect high consumer satisfaction of our products and the value that they represent,” stated Richard Goulding, President.
PotNetwork Holdings Inc (OTCMKTS:POTN) has two wholly owned subsidiaries, First Capital Venture, the makers of Diamond CBD OILS and Sunrise Auto Mall Inc.
Diamond CBD is focused on the advanced research and development of “the industry’s finest premium hemp extracts” and making them available to the global marketplace. The Company’s “notable team”, consisting of hemp industry pioneers and natural product experts, chemists, and scientists, is dedicated to producing “the finest and purest Cannabidiol (CBD) oil.”
POTN’s message continues: “Setting the Company ahead of its competitors, First Capital Ventures Inc and Diamond CBD Inc. deliver advanced product quality to market through the team’s creation of diverse and top quality hemp extracts that contain a broad profile of cannabinoids and other natural hemp derived molecules.
The result is a robust selection of Diamond CBD Oils, made from Industrial Hemp, which enhances the formula to be considered among the most powerful natural CBD E-Liquids on the market. Sunrise Auto Mall, Inc., launched in June of 2014, as an operation geared toward enabling people challenged with bad or no credit in securing quality transportation while simultaneously rebuilding the client’s credit.
POTN has developed a highly profitable business model around the continually rising subprime lending industry. Potnetwork Holdings Inc. acting as the holding company for the present subsidiary is planning to continue to expand from within as well as through future acquisitions.”
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As noted above, the stock has been showing signs of putting in a key pivot at support along recent multi-month range lows around the $0.30/share level. That support has been fueled in part by the company’s announcement that its wholly owned subsidiary, Diamond CBD Inc.com, achieved over $500,000 in website-generated orders, surpassing all previous online sales records.
According to the company’s most recent release, “when comparing results to that of last year, recent sales results show growth in the range of over 300%. Over the course of the last year, the Company’s subsidiary, Diamond CBD, has brought to market over 15CBD brands that have demonstrated high consumer brand recognition and acceptance. These brands are marketed at thousands of retail stores around the country and include CBD oils, edible gummies, vape pens, vape additives pet products, and more. In addition, Diamond CBD has most recently unveiled a new product line, targeting a different sector of the market with Meds BioTech, which provides a specialty line to meet the demand of consumers seeking nutritional supplements.”
We’ve witnessed as much as 29% in gains piled on for shareholders of the name during the five sessions leading into the end of the week of March 9. Moreover, the company has benefitted from a jump in recent trading volume to the tune of 42% beyond its prior sustained average level.
Earning a current market cap value of $113.3M, POTN apparently has about $576k in cash on the books as of its latest reporting documentation, which compares quite favorably with about $30k in total current liabilities. The company has also pulled in about $4.4M in sales for the quarter ended September 30, 2017. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $POTN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $POTN, either long or short, and we have not been compensated for this article.