The cannabis industry is becoming busier each month and these are just some things that industry leaders are up to.
The cannabis industry has been active as of late because companies within the circle are hoping to get a huge slice of the market. Since the industry is emerging unprecedentedly, competition is growing stiffer by the day so an increase in market activity is no longer surprising. It can be hard to keep up with all the updates on various brands, so here are the latest news coming from market leaders.
PotNetwork Holdings, Inc.
PotNetwork Holdings, Inc. (OTCMKTS:POTN) has been fairly busy with regard to standing out in various trade shows, and it has been successful so far. Behind the appearance of Diamond CBD, Inc in these huge gatherings, POTN has been working towards improving its stocks and investor relations.
The company recently filed its Form 10 registration with the U.S. Securities and Exchange Commission (SEC). Along with this, POTN tasked the Public Company Accounting Oversight Board (PCAOB) with the certification of its financial performance for all of 2017 and verification of its financial results through the first six months of 2018.
Now that it has filed its Form 10, POTN will be required to have its quarterly fiscal performance and its year-end statements fully audited by the PCAOB. Moreover, the move has made POTN a candidate for uplisting to the OTCQB market tier, thus allowing it to reach more investors in the coming years.
POTN also recently announced that it has generated $18.1 million during the first nine months of this year. This equals to an $8.6 million increase in year-over-year sales. The number is generated by Diamond CBD’s tremendous sales from its online shop and its presences in trade shows like the Premier ASD Market Week and the Fall 2018 CHAMP Show.
Integrated Cannabis Company
Integrated Cannabis Company, Inc. recently struck an agreement to license cannabidiol (CBD) formulated gummies. This will allow the company to tap into the growing market for CBD along with its current line of products and services. The gummies will contain 10mg of CBD and will be 100 percent vegan, created using natural ingredients only.
The company will distribute the CBD-infused gummies through its contract manufacturer Titration Technologies that functions in Phoenix Arizona. This is just the beginning of a new venture for the company as it also plans to produce a product line of tetrahydrocannabinol (THC) formulated gummies after it gets license approval.
Integrated Cannabis CEO John Knapp says that the sweets are an excellent way for them to introduce CBD to an older demographic that is still skeptical of cannabis products.
“Our gummies will provide an approachable delivery method, that is easy to consume and with a great taste. We expect the bulk of the sales to take place online but also have plans to distribute through our existing networks to brick and mortar stores in Colorado and throughout the United States,” he adds.
More cannabis companies are receiving investments from venture capitalists that want to jump into the booming market. One company that got a huge investment is Chicago-based Verano Holdings, which secured $120 million. The company aims at becoming the top U.S. cannabis company, led by co-founders George Archos as CEO and Sam Dorf as strategy officer.
The company is consolidating the ownership and management of Ataraxia, Zen Leaf, Verano, 3 Boys Farms and various other cannabis brands. In total, the company’s assets comprise over 45 facilities and licenses in six states, as well as in Puerto Rico. Verano will use these assets to its advantage as it will have fairly huge access to the U.S. market. Archos says that its access to dispensaries and production and cultivation plants across the U.S. has created multiple revenue streams for Verano.
Aside from this, the company is also in the process of getting 35 more additional provisional licenses in Puerto Rico, Florida, Michigan, Ohio and Maryland.
These are just some of the latest details on what is going on in the dynamic cannabis industry. Investors can use this to their advantage to see which of the industry leaders are bracing for the surge of the industry in the coming months. Furthermore, we also get to see which of the brands are keeping up with the industry.
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