In recent developments, Colorado-based PotNetwork Holdings, Inc. (OTCMKTS:POTN) moves forward with retaining major law firms for guidance regarding intellectual property and FDA product registrations.
According to the company’s press release on July 19, POTN retains national law firms in Fort Lauderdale, Florida, and Washington, D.C., for help in handling intellectual property matters, as well as regulatory guidance on FDA submissions and other related matters.
As per the same press release, the company states that it engaged the law firms as part of its effort to explore and initiate the registration of trademarks and patents in regards to its premium hemp-derived Diamond CBD products. The national law firms will also be assisting with evaluating the acceptability of FDA approval and registrations for other products.
Dr. Richard Goulding, PotNetwork Holdings CEO, will be leading the overall project while the company’s Scientific Advisory Board will be assisting him throughout the entire process.
In other related news, the company is also awaiting approval from the Financial Industry Regulatory Authority (FINRA) to change its name to “Biotech Hemp, Inc.,” as well as its related trading symbol change. The company also recently announced that in line with its plan to become a fully reporting Securities and Exchange Commission (SEC) company, it plans to file a Form 10 registration statement. POTN states that these actions are fundamental to the company’s goal of heightened transparency, as well as greater credibility and visibility before international financial markets and investors. The company also plans on uplisting to the OTCQB.
The name, symbol change and upgrade in the company’s reporting status follow the company’s success during the first half of 2018, generating sales of over $10 million. The earnings are largely due to the company’s wholly owned subsidiary, Diamond CBD, which continues to further solidify its position in the legal marijuana industry, particularly in the hemp-derived cannabidiol (CBD) subsection.
According to Goulding, POTN was able to achieve this much amount in sales during the first five months of 2018 through quality product additions and Diamond CBD’s increased reach in other markets. He added that the year 2018 is a pivot point for the company.
“We have an aggressive growth plan for the remainder of this year, and we believe becoming a fully reporting company and eventually uplisting will heighten our visibility as we continue to expand our operations, markets, product lines and brands,” the CEO said.
The statement couldn’t be any truer, as the company continues to consistently top previous sales records, nearly doubling what it generated during the first half of last year, and further strengthening its position as one of the leading companies in the legal marijuana industry.
Operating as a publicly traded company that acts as a holding company for its subsidiaries, PotNetwork Holdings, Inc. largely focuses on the research, development and international distribution of premium hemp-derived CBD products. Among its subsidiaries is First Capital Venture Co., the owner of Diamond CBD and maker of Diamond CBD oils.
Currently the leading manufacturer of CBD-based products in the United States, Diamond CBD focuses on research and development of premium hemp extracts that contain a wide range of natural hemp and cannabinoids derivatives. Backed by a team of hemp industry pioneers, chemists, doctors and natural product experts, Diamond CBD manages to produce a robust selection of CBD products made from the finest and purest CBD oils.
As an effort to reach into different markets and further capitalize on the steadily booming legal marijuana industry, Diamond CBD also recently expanded its product line by releasing two new sublines, namely MediPets and Meds Biotech. The first is a wide range of CBD supplemental products made for pets while the latter is a CBD supplemental line for the medical marijuana market.
To wrap it up, POTN remains as one of the leading industry front liners on the verge of full marijuana legalization, and its current efforts on handling intellectual property matters and product regulation will only help to further strengthen the company’s footing in the CBD industry.