Potnetworks Archives - Green Market Report

Video StaffJuly 27, 2018

3min16960

The big news this week was the announcement by Acreage Holdings of its $119 million capital raise. This U.S. cultivator is in 13 states and soon to be 15. It is the largest U.S. cannabis company raise and sets the company on a solid path to becoming publicly traded this fall on the Canadian stock exchange. The most amazing part of this story is that Acreage did this without hiring bankers. That’s baller.

The Cato Institute released a new report that said if drugs were legalized the government could save billions of dollars in drug enforcement and also make billions in tax revenues.

Emblem ended up buying all of Natura Naturals in a deal valued at C$76 million. The company announced last week that it made a $3 million dollar investment. This week it decided to buy the whole enchilada.

MariMed acquired iRollie in a deal valued at $600,000.

MedMen completed a strategic investment in Lowell Herb Co., the California pre-roll company known for its celebrity endorsements and marijuana flower crowns.

CV Sciences released unaudited second quarter results boasting Q2 revenue of$12.3 million, up 203% over last year and a 53% sequential increase. The company also announced that it has applied to list on the NASDAQ Capital Market. Until approved, the company will continue trading on the OTC Markets under its current symbol, CVSI. “We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” said CV Sciences CEO Joseph Dowling.

Bespoke Extracts was approved for an uplisting to the OTC Venture Market Place. “We are very pleased to be trading on the OTCQB as it will provide our shareholders and potential new investors with greater transparency and liquidity in our common stock.

PotNetwork Holdings had to take back its Form 10 to become a fully reporting SEC company after its accounting firm lost its certification. On Thursday the company hired a new firm and is back on track.


Debra BorchardtJuly 23, 2018
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5min29842

Penny stock cannabis company PotNetwork Holdings Inc. (POTN) reversed its recent decision to become a fully reporting SEC company on Sunday. Just a days ago on July 16, PotNetwork said it had filed a Form 10 with the Securities and Exchange Commission (SEC) to become a fully reporting company.

At that time the company stated, “These actions are fundamental to the Company’s goal of heightened transparency for its investors and are expected to bring the Company greater visibility and credibility before global financial markets and investors. The Company also intends to uplist to the OTCQB.”

Yesterday, PotNetworks asked the SEC to withdraw its Form 10 after the company learned that its auditing firm East-West Accounting Services, LLC, Princeton, Florida, had lost its PCAOB certification as a result of a PCAOB disciplinary order specific to deficiencies in an audit conducted in 2015 for an unrelated Dallas, Texas company.

PotNetworks hired the accounting firm in August of 2017. “We believe that the timing for this action is now. In consideration of the amount of momentum built up over the past 6 months, coupled with reported revenues of $5,077,625 for the first 6 months of fiscal 2017, the only logical next step was to initiate the auditing process, whereby the market can recognize the significance and legitimacy of the Company’s recent growth,” stated Gary Blum, Chief Executive Officer, PotNetwork Holding, Inc.

Yet, earlier that year in February, the PCAOB issued a report inspecting East West for its 2016 work. It wrote, “The auditor issued an opinion without satisfying its fundamental obligation to obtain reasonable assurance about whether the financial statements were free of material misstatement.” Yet, the company hired them anyway.

New Cannabis Ventures analyst Alan Brochstein dug through the company’s Form 10 and discovered numerous discrepancies. He wrote, “We have found what appear to be errors in both the company’s Cash Flow Statement and its Income Statement.”

PotNetworks said that it plans to file a revised registration statement as soon as possible. In an apparent attempt to assure shareholders, the company sent out a new press release on Monday stating, “With over $10 million in sales of its Diamond CBD products during the first five months of 2018 compared to sales of $5,077,625 during the first six months of 2017, the Company continues to strengthen its position in the hemp-derived CBD Industry.” The company acts as a middleman for online sales at the website Diamond CBD.

PotNetworks is also planning on changing its name to BioTech Hemp as it believes this name more accurately reflects the business of the company. This is one of just many names changes for Potnetworks. According to the OTC Markets, the company has had the following name changes:

Formerly=United Treatment Centers, Inc. until 7-2015
Formerly=United Treatment Centers, Inc. until 10-2013
Formerly=MyMedicalCD, Ltd. until 1-2009
Note=11-04 State of Incorporation Nevada changed to Wyoming
Formerly=Interactive Solutions Corp. until 11-04
Formerly=Araldica Wineries Ltd. until 2-00
Formerly=H P Capital Corp. until 9-96
Additionally, the company lists itself under the SIC company code classifications as a “4899” or communications company because it runs a news website, yet it is really a retail company selling CBD products.
Stock Performance
The stock was lately trading at 29 cents on the OTC Markets Group, down from its 52-week high of 95 cents, which it hit in January 2018.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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