Record Revenues and Strong Profits Put Company On Track To Greatly Surpass 2017 Sales and Profits
PotNetwork Holdings, Inc. (OTC Pink:POTN) announced today that it has posted on OTC Markets.com its first quarter 2018 financial results showing record revenue growth of over 283% compared to the first quarter of 2017, strengthened overall profitability.
In addition, during the first quarter, the Company reached an agreement with a debtholder for the exchange of a $1.2 million convertible promissory note for common stock purchase warrants at $.25 per share, shifting the debt to equity. With now less than $2 million in overall notes payable, the Company has taken a significant step forward toward improving its ratio of assets to liabilities, reducing its debt service, and improving its overall financial metrics.
With over $6.3 million in total revenues recorded for Q1 of 2018, PotNetwork Holdings, Inc. is well on track to exceed its performance from 2017. The Company recently announced the release of audited consolidated financial statements for 2017 reporting 2017 sales of $14.5 million.
About Diamond CBD Inc.: Diamond CBD focuses on the research, development, and multinational marketing of premium hemp extracts that contain a broad range of cannabinoids and natural hemp derivatives. Diamond CBD’s team consists of hemp industry pioneers and natural product experts, chemists, doctors and scientists, dedicated to producing the finest and purest cannabidiol (CBD) oils. The result is a robust selection considered among the most powerful natural CBD oils, tinctures, edibles, and vape liquids found anywhere. For more information, please visit its website at www.DiamondCBD.com.
About PotNetwork Holdings, Inc: PotNetwork Holdings, Inc. (OTC Pink:POTN) is a publicly traded company that acts as a holding company for its subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils, and PotNetwork Inc.
About PotNetwork Inc.: PotNetwork Inc., a wholly owned subsidiary of the Company, brings to market PotNetwork.com, a counter-culture, cutting-edge digital magazine, publishing up-to-date news and articles on the cannabis industry. PotNetwork.com operates as a media resource providing a full range of industry related topics.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
PotNetwork Holdings, Inc.
Marisol Elwell, 1-800-915-3060
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