PotNetwork Holdings Inc. (OTCMKTS:POTN) has announced that its online store generated more than $1.1 million in May 2019 which includes web-based sales. This is record year-over-year online revenue and a 90% increase compared to May 2018 when online sales were $569,671.
Diamond CBD’s online sales reflect growth of company’s website
The company’s subsidiary Diamond CBD has experienced growth in online sales which reflects high growth of the readership of the company’s website. According to recent analytics, more than 330,000 users visited the site in the past week alone.
According to Cowen analysts, CBD sales are expected to be around $16 billion by 2025. This will be a tremendous increase from the estimated CBD retail sales last year that ranged from $600 million to around $2 billion. Among the findings of Cowen & Co carried on the CBD market was that at least 7% of around 2,500 polled indicated that they had used CBD. The figure was much higher than what the Cowen analysts had anticipated.
PotNetwork growing its product lines and distribution network
PotNetwork Holding CEO Kevin Hagen stated that as the company’s product lines, as well as distribution, continues to grow and the brands continue to gain traction in the market they believe that they are well endowed to leverage the burgeoning CBD market.
PotNetwork Holdings is a publicly traded company acting as the holding company for its subsidiary Diamond CBD Inc. which produces Diamond CBD products. It also holds other subsidiaries such as First Capital Venture and PotNetwork Media Group.
Diamond CBD is a subsidiary that is focused on research and development as well as the international marketing and sale of proprietary hemp extracts that contain a wide range of natural hemp derivatives and cannabinoids. The company is comprised of a team of hemp industry pioneers as well as hemp product experts, doctors, scientists and chemists who are committed to producing industry’s best and purest CBD oils. The subsidiary offers a wide selection of CBD products which includes powerful natural hemp CBD oils, edibles, vape liquids and tinctures that are found everywhere.