POTN stock is trading in the red Thursday despite PotNetwork Holdings (OTC:POTN) releasing a mid-year letter to shareholders, which featured several highlights.
In case you missed it, here's what the letter from CEO Kevin Hagen had to say.
POTN Trades Lower Amid Mid-Year Update to Shareholders
On August 26, Kevin Hagen, who has been CEO of PotNetwork Holdings since 2018, released a mid-year letter to shareholders, providing an update on events and results Y-T-D.
The letter detailed several successes of the company, with the first being that POTN is now a fully reporting SEC company. What this means is that, for two full years, the company has been fully audited. Moving forward, PotNetwork will be audited each year-end; its financial statements will also be reviewed quarterly by a PCAOB auditor. Now that POTN has accomplished this, the company plans to complete its application to OTC markets so that it can uplist to the OTCQB market.
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PotNetwork Holdings also discussed its Diamond CBD subsidiary, which, according to Kevin Hagen, is still the company's main source of revenue. In the letter, Hagen informs shareholders that Diamond CBD is preparing for the market introduction of several new topical products, meaning it's entering the multi-billion dollar health and beauty market in the United States. Hagen believes that entering this market segment will bring new opportunities, putting it into different consumer channels of distribution. It's predicted these new product lines will allow the company to jump ahead of its sales figures and the gains will hopefully transfer to POTN stock as well.
Not everyone is as optimistic about PotNetwork Holdings, though, as evidenced by its current stock movement.
According to Yahoo Finance, as of 11:07 AM EDT, POTN stock is trading at $0.0480; this puts the company down 2.44%.
Takeaway
Do you have any thoughts on POTN stock? Do you think the company will see success by entering the US health and beauty market? Let us know your thoughts in the comments below.
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