According to Forbes Magazine, a controlling interest of High Times Magazine, an industry pioneer in the counter-culture arena, was acquired at a price that values the magazine at $70 million. PotNetwork.com is being completely renovated in preparation of creating a presence in this cannabis digital news and entertainment sector. According to the report in the NY Times, Tommy Chong stated, “It’s a sign of the times.” The comedian, who has appeared on High Times’ cover a record eight times, continued “Weed’s legal and there’s a million High Times out there.” While cannabis is medicinally legal in more than half of the states in America and recreationally legal in eight states, High Times launched when marijuana was viewed akin to heroin.
PotNetwork.com was re-acquired to be fully developed into a counter-culture, cutting-edge digital magazine, publishing up-to-date news and articles on the cannabis industry. Upon conclusion of the transaction, PotNetwork.com will operate as a wholly owned subsidiary of the Company. Management has initiated plans to revamp the graphic design, diversify and enrich PotNetwork.com’s editorial content to include a full range of industry and related consumer topics. It is anticipated that such enhancements, when fortified by a targeted marketing campaign, will serve to increase web traffic and page views, ultimately monetizing the site as a comprehensive industry informational resource. Simultaneously, Management believes such actions will enhance and further cement the “PotNetwork” brand with its target audience across the industry.
Through the future implementation of streaming video broadcasting technologies, PotNetwork.com is expected to be the first of the Company’s ventures set to create an influential presence in the evolving cannabis marketplace. Management’s newly enhanced growth strategy has been structured to not only strengthen brand recognition and top-of-mind awareness, but broaden PotNetwork Holding’s interest in the industry.
“As the industry continues to expand, so does our corporate vision, and market share. In consideration of the fact that visibility and sales for Diamond CBD have experienced such outstanding results, this acquisition comes as a very exciting development. The level by which these two subsidiaries complement each other represents an excellent opportunity for expansion. We have strategized to strengthen shareholder value by streamlining operations and pursuing a singular focus,” stated Gary Blum, Chief Executive Officer, PotNetwork Holding.
Consistent with the Company’s streamlined focus on commerce within the cannabis industry, PotNetwork Holding is winding down the operations of its subsidiary, Sunrise Auto Mall, Inc., and discontinuing its operations. As a result of the exponential growth of the Company’s active subsidiary, Diamond CBD, Inc., Management has determined that resources that would have otherwise been allocated to Sunrise Auto Mall, Inc., would be much more wisely invested if redirected to fuel the strong continued growth and expansion of the Diamond CBD product line as well as the mobilization of new strategic initiatives within the cannabis Industry.
As markets continue to open and create evolving new industry demands, Management is keenly focused on developing congruent market niches that align with PotNetwork Holding’s business model. The Company will keep shareholders updated as events develop.
About PotNetwork Holding Inc.: PotNetwork Holding Inc. ( OTC : POTN ) is a publicly traded holding company focused on investments in the development, production and marketing of products and services that serve the MJ industry and its various market segments. Its subsidiary, First Capital Venture Co., owns Diamond CBD, Inc., a leading maker of an extensive line of cutting-edge products containing hemp-extracted CBD oil.