FDA Warning Letters And Test Results For Cannabidiol-Related Products

MJLegal

DISTRICT OF COLUMBIA: Over the past several years, FDA has issued several warning letters to firms that market unapproved new drugs that allegedly contain cannabidiol (CBD).

As part of these actions, FDA has tested the chemical content of cannabinoid compounds in some of the products, and many were found to not contain the levels of CBD they claimed to contain. It is important to note that these products are not approved by FDA for the diagnosis, cure, mitigation, treatment, or prevention of any disease. Consumers should beware purchasing and using any such products.

FDA WARNING LETTTERS

Diamond CBD Online Store Sold over $1.1 Million Last Month, a 90% Increase Year-over-Year

DiamondCBD.com Set New Record in May for Its Online Sales as Site Was Visited by over 330,000 Users in Last 7 Days

FLORIDA: PotNetwork Holdings announced that it’s online store generated over $1.1 million in exclusive web-based sales in May 2019. Compared with May 2018, in which online sales totaled $569,671, May 2019’s record online revenues represent a year-over-year increase of over 90%.

Diamond CBD’s online sales reflect a continual impressive growth of the readership of its website. Recent analytics show that over 330,000 users visited the website in the last 7 days alone.

A recent report by Cowen Analysts published by Forbes gave the following updated outlook for CBD sales which are now projected to be: “…$16 billion by 2025. This number is an immense jump from the estimated retail sales of CBD products in 2018 that ranged between $600 million and $2 billion.” Of the findings that New York-based investment bank Cowen & Co. conducted on the CBD market, one of the most intriguing facts was that nearly 7 percent of the 2,500 polled said they had used CBD. This figure was far higher than what the Cowen analysts had expected.

“As our product lines and distribution continue to expand, and our brands continue to gain in popularity, we believe that we are well positioned to continue to take advantage of this exploding market,” stated Kevin Hagen, CEO of PotNetwork Holding, Inc.

PotNetwork Holdings Prepares To List On Canadian Securities Exchange

FLORIDA: PotNetwork Holdings has announced today that it is preparing to list its common stock on the Canadian Securities Exchange operated by CNSX Markets Inc. The Company has engaged Canadian securities counsel to assist with the listing process. A CSE listing will allow the Company’s common stock to be dual listed in both U.S. and Canada.

PotNetwork HoldingThe application for a listing on the CSE will follow the Company’s transition to becoming a fully reporting Company with the SEC once its recent Form 10 filing becomes effective. The Company also intends to complete an uplisting to the OTCQB market tier on OTC Markets.

Kevin Hagen, CEO, stated, “Public attitudes around the world towards CBD are shifting as a result of people and regulators understanding the benefits of CBD. Cannabis-based products, in general, are experiencing explosive growth and we have begun an aggressive expansion of our business to further drive the growth of the Company into 2019. Integral to that expansion, is our decision that the time is right to list our stock on the Canadian market. The CSE already lists many companies in our industry, making this move an extremely logical choice that we believe will significantly benefit both the Company and its shareholders, across two countries instead of one.”