Revenues in Legal Cannabis Continue to Skyrocket as Demand for CBD Based Products Rapidly Explode in Popularity
MarketNewsUpdates.com News Commentary
17 Aug, 2017, 08:45 ET
PALM BEACH, Florida, August 17, 2017 /PRNewswire/ --
Revenues being generated from the legal cannabis and marijuana market continues to push upward as leaders throughout the industry announce positive financial results and aim at surpassing initial benchmarks set last year. This growth in the multi-billion market is expected to get even stronger for companies such as: PotNetwork Holding Inc. (OTC: POTN), Cannabis Science Inc. (OTC: CBIS), Agritek Holdings Inc. (OTC: AGTK), Easton Pharmaceuticals Inc. (OTC: EAPH), American Cannabis Company Inc. (OTC: AMMJ).
PotNetwork Holding Inc. (OTC: POTN) is pleased to announce that based on earlier reported filed financial statements with OTCMarkets, PotNetwork is on track to exceed its projections set forth for 2017. With reported revenues of $5,077,625 for the first 6 months of fiscal 2017, and a net profit of 369,237, the Company concluded the first half of 2017 with a positive net cash flow of $395,009. Read this and more news for POTN at: http://www.marketnewsupdates.com/news/potn.html
When compared to the annual forecast of $8,300,000 set forth earlier this year, management expects that 2017 will conclude with significantly strengthened expectation. SeeThroughEquity recently stated in an earlier Research Report, "The Company has made considerable progress over the last few years. Going forward in FY17, we expect POTN to increase revenues approximately 712% to $8.3 million through new product launches, aggressive marketing initiatives and entry into new markets." For details go to: https://www.otcmarkets.com/financialReportViewer?symbol=POTN&id=174795
"We remain steadfast in our efforts to build real value in our Company. The level of acceptance we are experiencing, can only be surpassed by our short and long-term vision for growth. As we continue to accelerate in sales performance, we embrace the opportunity to create a real and tangible success which we expect would ultimately be reflected in shareholder value," stated Gary Blum, Chief Executive Officer, PotNetwork Holding Incorporated.
In other industry developments and market performances of note:
Cannabis Science Inc. (OTC: CBIS) closed up strong on Wednesday up over 25% on Wednesday with over 25.1 million shares traded by the market close. The company yesterday announced, in conjunction with the Free Spirit Organics Native American Corporation, the initial harvesting of approximately 60 acres of industrial hemp on San Joaquin Sovereign Tribal Fee land MBS, California. The 2017 CBIS/FSO NAC MBS001 harvesting is a two-phase project, the first phase of the harvesting will be approximately 15-acres that is underway now, it is expected to be completed by the end of this month. Phase two will be the remaining 45 acres and is expected to be completed by the end of September 2017. "I am very pleased with the progress of our Native American initiatives; our Partners are second to none. They know the landscape, they know the process, they get it, and so do we. The industrial hemp commercial research scheduled for the 2017 CBIS/FSO NAC MBS001 harvest is extensive, initial research targets include extraction for medicines targeting critical ailments, wholesale distribution to physicians and licensed wholesale manufacturers, extraction research and development for fuel, construction materials, clothing, paper, food, vehicle production, and biomass soil, the industries are many and the numbers are immense.
Agritek Holdings Inc. (OTCQB: AGTK) also closed strong on Wednesday up over 44% on over 29.6 million shares traded by the market close. The company this week announced the timely filing of the Company's second quarter financial results for 2017. The filings may be viewed at http://www.AgritekHoldings.com under the investors section or the following link: https://www.otcmarkets.com/stock/AGTK/filings . B. Michael Friedman, CEO of Agritek Holdings, stated, "We are pleased with the progress of our second quarter results and encouraged by the overall progress that we have made since uplisting to the OTCQX. Our first consulting revenues, initial release of newly branded products now in inventory, and the increased equity in our property portfolio including Colorado and Puerto Rico operations all show a strategic execution of our business strategy within the cannabis sector."
Easton Pharmaceuticals Inc. (OTC: EAPH) this week announced it has advanced $575,000 towards its acquired interest in 45 acres of a 135-acre fully owned parcel of land for the cultivation, production and sale of medical/recreational marijuana to the cannabis industry and towards other revenue producing businesses. Pursuant to the agreement, Easton Pharmaceuticals has thus far paid $575,000 CDN of $1.3 million CDN to Toronto based Alliance Group to acquire an interest in 45 acres of agriculturally zoned land north of Toronto, Ontario, Canada to cultivate, produce and facilitate the sale of its production of medical marijuana and other lucrative revenue producing businesses on a co-managed basis. Alliance has already initiated the process to legally grow medical/recreational marijuana which it anticipates receiving and conveying positive news on within the next 30 to 60 days.
American Cannabis Company Inc. (OTCQB: AMMJ) closed up over 10% on Wednesday at $0.775 trading over 1.4 million by the market close. The company announced on Tuesday it has secured a client in the state of California. This client seeks to acquire a license that will permit them to dispense medical cannabis to patients. ACC has been contracted to complete operational planning activities, to provide conceptual design work for a retail dispensary location, to assist with 2017 city permitting, and to help with 2018 state application completion. Upon the client being awarded a city permit, ACC will be further retained in the dispensary deployment process where the consulting firm will provide facility staffing solutions, a customized set of operational workflow procedures, and remote operational monitoring support. ACC expects to leverage this contract to secure additional revenues through long-term consulting agreements and future sales of ancillary products, as this client is looking to seek licensure for the California recreational/adult-use cannabis program in the near future.
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