POTN stock is one of notable cannabis stock gainers in today's session after PotNetwork Holdings (OTCPK:POTN) announced impressive online sales for the month of May.
Diamond CBD, wholly owned subsidiary of PotNetwork, is involved in large-scale hemp CBD research, development, and marketing, and is one of the more interesting companies in this particular segment. Diamond CBD has some of the best-known names in the hemp CBD industry as part of its team and also boasts of a range of experts who are engaged in making their products better.
Online Sales Hit $1.1 Million in May
In a new development today, PotNetwork Holdings announced that that it made an impressive $1.1 million worth of sales through its online sales in the month of May. The online sales for the month of May back in 2018 stood at $569,671, so the year-over-year growth is in excess of 90%.
In addition to the sales, the daily visitors to the company’s website have gone up considerably as well, and analytics revealed that in the past week, as many as 330,000 users visited the website. Those are significant numbers and could eventually translate into higher sales. In this regard, it needs to be mentioned that the overall sales of hemp-based CBD are almost certain to go up, and according to some estimates, the market could be worth $16 billion in 2025.
>> Namaste Stock Tanks On Delayed Results: Was the Wait Worth It?
POTN stock is making a big move in Tuesday's session with a gain of 20% at $0.1150.
Recent Development
Last week, PotNetwork received a new order from Grand Capital Ventures that would see it sell $400,000 worth of its high-quality hemp CBD products.
The products will be sold to Grand Capital Ventures’ subsidiary Yuka E-commerce. However, it is believed that the partnership between the two companies will not be a one-off, and there could be further collaboration. Yuka is a proven company in the e-commerce domain, and any future partnership could prove to be highly advantageous for Diamond CBD.
POTN stock is among the worst performing cannabis stocks over the past year. PotNetwork stock has corrected about 70% from its 52-week high of $0.39.
Featured image: DepositPhotos © Faithie
