As the cannabis and CBD space recovers from its post-Canada announcement a couple weeks ago, the race is on to find the best opportunities from the rubble, and PotNetwork Holdings Inc (OTCMKTS:POTN) deserves a close look. To flesh things out, the company just announced that Kevin Hagen, President of its subsidiary, First Capital Venture Co., owner of Diamond CBD, Inc., has been appointed as new Chief Executive Officer effective immediately.
According to the release, “Former CEO, Dr. Richard Goulding, assumes the new role of Chief Medical Officer, spearheading new product development and clinical testing of new proprietary products. Dr. Goulding will devote his time solely to this role, terminating any involvement with other entrepreneurial initiatives and affiliations, private or public, in the CBD industry. Dr. Goulding will focus on product development, in an effort to expand and enhance the Company’s offerings.”
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, POTN just announced Kevin Hagen, President of its subsidiary, First Capital Venture Co., owner of Diamond CBD, Inc., has been appointed as new Chief Executive Officer effective immediately. In all, the chart shows -6% stripped out of shares over the past month. In addition, the company has seen interest climb, with an increase in recent trading volume of 65% above its longer-run average levels.
Kevin Hagen, new CEO, stated, “We want to thank Dr. Goulding for meeting the considerable demands in the past of being both our CEO, and Chairman of our medical advisory board. We are certain that as Chief Medical Officer, he will assist us in navigating the complexities we face with our new hemp-derived CBD product initiatives, as he works with our other advisory doctors, scientists and specialist legal counsel.”
He added, “Since early 2017 we have been building our brand, consumer base, and product line. As we close 2018 and enter 2019, we plan to become a more robust company, with solid distribution and sales, upon which we can continue to build more brands and penetrate more markets. The achievement of long-term shareholder value is our goal, not short-term stock gains. We have our eyes fixed on getting to NASDAQ in the years ahead, which is a worthy goal for any early stage public company.”
Currently trading at a market capitalization of $87.18M, POTN has a bankroll ($334K) of cash on the books, which compares with about $327K in total current liabilities. One should also note that debt has been growing over recent quarters. POTN is pulling in trailing 12-month revenues of $21.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 78.9%. As more color becomes clear on the name, we will review the situation and update our take. 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.