Players Network (OTCMKTS:PNTV) continues its strong upward trend that started at the beginning of 2017. When we last reviewed Players Network on May 07th, the Company’s stock price was making new highs for 2017.
Immediately following our last article on PNTV, the stock made a downswing retracing to $.0570 on May 26, 2017. The stock then made a very strong upward move, with higher than average volume. Since then, the stock has been making new highs every day.
The favorable stock price action that PNTV is exhibiting can be attributed to positive news that is emanating from some very constructive business activities taking place at the Company. First, for those that have not been introduced, Player’s Network, Inc. is a fully reporting publicly traded diversified holding company that operates in two main areas; Media + Medical Marijuana. PNTV was initially established to develop a lifestyle channel around the gaming industry. As the company grew PNTV developed a multi-channel platform and significantly increased distribution. During the transition to a media, technology and entertainment company, PNTV produces and distributes programming on multiple cable and satellite “Video On Demand” (VOD) platforms.
The current upward move the PNTV stock is in the midst of initiated on May 10th, the same day that the Company announced the award of its medical marijuana licenses by the State of Nevada, that allow the Company to commence operations in its 27,000-square-foot facility in North Las Vegas. This important milestone allows the Company to cultivate and produce extractions and edibles to be distributed to the Nevada market. Director, Brett Pojunis stated:
“The excitement in our Company is absolutely contagious! We are thrilled to finally start generating significant revenues. We have a large shareholder base and getting fully operational has been a major milestone to measure our success. We feel the market will respond well just as it has with other public companies that have made similar progress.”
Two days later, on July 01, 2017, Player’s Network announced the award of its recreational marijuana licenses by the State of Nevada. These licenses allow the Company to supply recreational marijuana products to Nevada-based retail dispensaries. Becoming a fully operational and compliant Nevada Medical Marijuana Establishment (MME) operator within the time frame set by the State of Nevada is a considerable corporate milestone that enables Player’s Network’s subsidiary, Green Leaf Farms to have a recreational license in the first round of issuances, and also qualifies the Company to apply for dispensaries licensing in 2018. Player’s Network CEO Mark Bradley commented:
“Qualifying for these licenses is what the company has been working to achieve for the last 3 years. The medicinal market provides great benefits for people in need of marijuana to assist in a number of medical symptoms. From a revenue standpoint, being one of a very small group of companies to be privileged to participate in the recreation market in a place like Las Vegas is truly a blessing for PNTV and all its shareholders.”
A subsidiary of Player’s Network, announced on June 2, 2017 that phase 1 of the construction of its North Las Vegas cultivation facility has been completed. Phase 1 of the 27,000 sq. ft. facility included two vegetation and flower rooms, an extraction lab, and all the needed infrastructure to support the facility. Additionally, the Company’s construction contractor is already nearing the completion of Phase 2 out of 3 total phases. Phase 2 is expected to be completed in approx. 6 weeks. This will add an additional 7,000 sq. ft. of cultivation space to the facility.
With a current market capitalization of $61.51 million, on 561.67 million shares outstanding as of June 8, 2017, and a strategic plan in which all of its components are falling right into place, it’s no wonder that the Company’s stock is on the rise. We expect the stock to experience a slight pull-back resulting from profit taking, as all stocks do subsequent to a sharp upward price move. Then the stock should continue on its upward trend based on the fact that the Green Leaf Farms facility should start generating revenues very soon. We will be updating our subscribers as soon as we know more. For the latest updates on PNTV, sign up below!
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Disclosure: We have no position in PNTV and have not been compensated for this article.