PotNetwork Holdings Inc. (OTCMKTS:POTN) has underperformed the industry, depicted by the stock shedding more than 60% in market value. However, the poor run in the market cannot in any way be attributed’ to deteriorating business performance. The company appears to be firing on all cylinders more so on product sales.
$2 Million Record Sales
The company’s wholly owned subsidiary Diamond CBD Inc. is fresh from announcing revenues of over $2 million, which represents an 80% year-over-year growth. The increase also underscores a continued trend that has seen it reach record heights each quarter.
Diamond CBD record-breaking trend continued at the just concluded Las Vegas Champs Show that saw the company generate $300,000 worth of purchase orders. At the event, the company was able to showcase its product line made up of Vape Additives, Liquid Gold Vape Juice and CBD Gummies among many more.
“Diamond CBD has a highly successful history of sales from these key trade shows. Key among them are the CHAMPS Trade Shows which strive to provide the best trade show experience possible by matching exhibitors with buyers from throughout the world,” company in a statement.
PotNetwork Holdings attributes the stellar performance to the unit’s expansion drive that has seen it launch innovative product lines that continue to elicit strong demand in the market. Innovative sales strategies, as well as market diversification, have also worked to the unit’s advantage in generating new sales.
In a bid to protect market share already accrued, PotNetwork Holdings has engaged the services of two national law firms that are to handle intellectual property and regulatory guidance. The law firms should help the company explore trademarks essential for solidifying existing and forthcoming market positions.
Despite the stellar performance on the business execution front, PotNetwork Holdings remains under pressure depicted by share price action. The stock is currently trading near a critical support level at the $0.20 level, below which it could drop further. It remains to be seen if Diamond CBD achievements will help strengthen, investor sentiments in the stock thereby trigger a bounce back from the current lows.