LAS VEGAS, April 05, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB:PNTV), a diversified holding company operating in marijuana and media, announced today it expects to turn its first quarterly profit in years by the end of 2018. PNTV operates three divisions including its Green Leaf Farms subsidiary, which holds medical and recreational licenses to cultivate marijuana and produce extracts and related products, WeedTV, its media and marketing division, and Marijuana Accelerator, its acquisition arm and business incubator for marijuana and technology-related startup companies. PNTV is nearing completion of major developments within all three of those divisions that will soon be announced in its upcoming annual report to be released shortly after its upcoming 10k filing.
Green Leaf Farms has occupied 8,000 square feet of cultivation space within its 27,000 square-foot facility and is scheduled to begin realizing revenues from its initial, in-house marijuana harvest by June. Green Leaf continues to sell its extract products manufactured from licensed marijuana it purchased wholesale and was recently approved by the State of Nevada to expand its offerings to include Ice Water Concentrate, popularly known as “bubble hash.” Quarter 1 2018 will be the highest grossing quarter to date, representing a 30,000 percent increase over Quarter 2 2017.
WeedTV will launch on its proprietary mobile apps within the next few weeks and will soon thereafter follow with its extensive web platform that offer a major marketing tool for the cannabis industry. Concurrent with the release of the new platforms, WeedTV will begin to release nine original series that are already completed and total 340 individual pieces of content and/or episodes. Under the leadership of PNTV Board Member Michael Berk (Creator and Executive Producer of Baywatch and dozens of Hollywood films) and Andrew Orgel (co-founder of MTV, Nickelodeon and Arts & Entertainment) PNTV is excited about its original programming lineup. Although PNTV has, for months, hosted a simple video engine at weedtv.com, it has not yet actively promoted or monetized its content while awaiting development of the full, proprietary platform which hosts valuable data-mining capabilities, geo-location services, point-of-sale integration, and many more features.
Marijuana Accelerator has provided great synergy to PNTV’s other lines of business and has entered dozens of agreements that management expects to become highly valuable over the course of the next few years.
PNTV management has been actively engaged in strategic planning and positioning and will produce a 2017 Annual Report to shareholders in the next month. In addition, PNTV will soon launch a new version of its corporate website and showcase the talented staff it has been fortunate to attract while also providing more access to information that may interest shareholders.
PNTV CEO Mark Bradley stated, “I am truly excited about our future and believe the groundwork we have laid at PNTV and the amazing staff and expertise we have been able to assemble will position us as the premiere marijuana company listed on a U.S. exchange. When I look around at the extraordinary talent we have been able to assemble, I am truly humbled. I believe that will be the factor that sets us apart.”
PNTV CFO and former Nevada Assistant State Controller Geoffrey Lawrence said, “We continue to execute on our business strategy while also remaining flexible and exploring new opportunities as they arise. It’s gratifying to see the growth and progress we’ve made with each line of business and we have been very aggressive about expanding our portfolio of marijuana licenses. As we begin to monetize WeedTV this year and harvest our own marijuana, we project to be able to turn our first quarterly profit by the end of this year. Complications can and do arise from time to time, but given that we realized our first marijuana revenues in May 2017, turning a quarterly profit within just 18 months would be a truly enviable accomplishment for any business.”
Bradley later continued, “Even though I recognize that investor enthusiasm across the entire marijuana industry seems to have declined in the past few weeks, we continue to focus on building long-term shareholder value and believe we are poised for tremendous growth. Fortunately, savvy investors will recognize that depressed share prices in the marijuana industry right now creates some great opportunities. Marijuana stocks to me strongly resemble the dot-coms of the 1990s; at some point, investors will recognize the difference between the hyped companies and the ones building solid business fundamentals. We are focused on differentiating ourselves as a company grounded in fundamentals and capable of generating significant return on equity. Many of those details will be outlined in our annual report.”
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About Player’s Network (PNTV)
Player’s Network is a diversified company operating in media and cannabis markets. PNTV owns approximately 89% of Green Leaf Farms Holdings, LLC (Green Leaf Farms), which holds cultivation and production licenses awarded by the state of Nevada. The cultivation license enables Green Leaf Farms to grow marijuana and the production license enables them to create extracts which are used for cartridges, oils and edibles. WeedTV.com is developing the ultimate resource for the marijuana lifestyle within our media operations.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Player’s Network Contacts:
Brett H. Pojunis, Director