Dear Shareholder,


Let me start by wishing you and your family “good health”.  Everyone here, our entire PNTV family, is safe and doing well during this pandemic.

When disaster strikes, opportunity also presents itself.  For me, that opportunity has been the time to look around and reflect on what is truly important. In my case it has been health and family. Like most of you, I’ve been working from home, with only occasional visits to the farm in North Las Vegas. I have had time to call and reconnect with friends I haven’t spoken to in a long time, go through clutter, read a book, and spend time in the kitchen learning new recipes.

The other opportunity I’ve had is time to just “think”… think about the economy, our company and the state of affairs in our Las Vegas and Jujuy Argentina operations.  Let me give you a general update and share where I see the Company going both short and long term.

In January I put out an optimistic shareholder update focused on the fact that in 2019 we laid down a great foundation to allow us to soar into 2020 with positive cash flow from North Las Vegas and harvest our first crop in Jujuy.  I also updated shareholderson our Nevada class action dispensary lawsuit, financial filings and more.

Those who know me personally, or have followed the company, know I’m the ultimate optimist.  As you’ll read, I remain so now. Regardless of the delays this pandemic has put in all our lives, I can assure you… “The Glass is MORE than Half Full”.

The Cannabis Industry

As is typical with over-optimism in the early stages of a new industry, most cannabiscompanies have been overvalued, trading at market caps far beyond their actual value. Beginning in the fall of 2019 that began to change, just like the dotcom bust for those of you old enough to remember.

Many of the companies that suffered the worst had used overpriced stock to acquire overpriced assets, hired far too many people, and built a bloated overhead to give the market perception they were doing great. Now, they are suffering with far more liabilitiesthan their revenue can support. Keep in mind, federally cannabis is still illegal in the U.S. Every state, where it has been legalized, has imposed burdensome regulations and taxes that provide few, if any, of these companies a business model for long-term success. Now comes this pandemic. Because it is federally illegal, cannabis companies are not just struggling, they don’t even qualify for any of the $2.5+ trillion stimulus money.

In PNTV’s situation, we got caught in a market sell off and margin calls. I hope all of you, like me, have retained faith in the company and believe our stock is extremely undervalued. As I’ll discuss below, and as I firmly believe will be shown in the near future, I hope you have not been forced to sell.

PNTV/ GLFI market position and value

PNTV has two main business focuses: North Las Vegas and Jujuy Argentina. Both operations are being run lean, without over–committing overhead and resources. While we can certainly use additional capital to more rapidly take advantage of the tremendous opportunity we’ve created in Argentina, and have committed to do so through a Private Placement Memorandum offering investors an extremely attractive opportunity to participate in what we are confident will be a huge success in both the near and long term, we believe we are much better positioned to weather this current storm than 90% of the other cannabis companies.

North Las Vegas

Earlier this year I announced that Green Leaf farms North Las Vegas was producing an amazing flower product, testing at 26% and 29% THC with little detection of bacteria and pathogens and announced selling a substantial number of pre-rolls.  Of equal importance, we have also finally reached the stage of “continual harvest”, meaning every few weeks, year-round, ensuring consistent, fresh product.

As you can imagine, with every casino closing, Las Vegas has essentially ‘shuttered its doors”. Until that changes market demand has declined an estimated 80%.Consequently, we quarantined our cultivation and production team for 3 weeks, keeping only a skeleton crew to ensure our plants are watered and remain healthy. I’m pleased to announce everyone is now back to work and product is being stockpiled until the market reopens over the next few months. So, even though it is a major setback, we still expect the same total revenue, just at a later time. For those unfamiliar with the industry, the quality of our product I outlined above is extremely high, meaning great flower like ours will be at the front of the line as demand returns.

Jujuy Argentina

This week marks an important milestone for your company — our first test plots are being harvested!  These test plots were created to evaluate the environment and analyze which genetic seed strains perform best. Our team on the ground in Jujuy has now had the opportunity to experience winter, spring and summer in Jujuy and reportthey are extremely pleased and excited about what they’ve seen.

As those of you who follow the company know, we have retained the cultivation experts at Grow Smith to oversee these start-up operations.  The Grow Smith team on the ground in Argentina is highly experienced in operations of this type and will be able totake what we’re learning from these first test plots and quickly scale the project to production levels.

I also want to take this opportunity to tell all our shareholders how very proud I am of Shamol Vyas, the President of Grow Smith and his associate, Shawn Gray.  Shamoland Shawn have been sanitizing our cultivation facility in North Las Vegas with a product and proprietary sanitation protocol they developed called Gard’nClean. Their Gard’nClean product and protocol is now being used to kill Coronavirus and decontaminate cruise ships, Jails, schools and more. If you have a need, or are interested in learning more about their product, visit their website, www.gardnclean.com.

When looking at the glass half full in Jujuy, it is critical to know that we started Green Leaf Farms as the “first mover” in Argentina, a country of 44 million.  Just as important is the fact we believe we are one of only six commercial producers of full spectrum cannabis on the entire continent of South America. We believe GLFI has more than ayear head start on any serious potential competitors. Let me be very clear to what that means to you, our shareholders…  There are 38 million people and over 7000 growersin California and 37.5 million people and 1500 growers in Canada.  Argentina has a population of 44 million and we are the only grower.

Filings

One positive of the pandemic is that it has given our accountant time to finish the company accounting for 2018 and has now turned it over to the auditors. He is now focused on completing 2019. As communicated earlier, completing this accounting has been challenging due to the shape it was left in by the prior accounting firm. Once caught up we are committed to keeping quarterly reports current.  I will not give any predictions as to when we will be current, but am bullish we are much closer. Although 2018 and 2019 financial results are largely irrelevant to where the company is today, it is important that they be completed so we can get current with our filings.  That will allow more firms to be able to trade our stock and enable the stock price to then reflect what we expect to be dramatically improved future quarterly reports.

Class Action State Dispensary Lawsuit

There is little to report.  The trial was scheduled to begin on April 20.  Now, all courts are closed so we’re unsure when it will take place.

In closing, I just once again want to wish good health to you and your family.  As I’m sure you now know, I am also extremely positive about the health and future of your company. As I mentioned earlier, GLFI Argentina is moving ahead very rapidly and we are raising additional capital from ‘accredited investors’ to move into the production stage. Attached find a draft copy of the “Business Overview” to be included in the offering. If you are interested in more detail contact me for a copy of the Private Placement Memorandum.

As Always, I’m glad to hear from shareholders and will respond as quickly as possible.

Sincerely,

Mark Bradley, CEO

Greenleaf Farms International First Harvest in Jujuy Argentina

GLFI / JUJUY ARGENTINA 400 ACRES CANNABIS DEVELOPMENT PROJECT BUSINESS OVERVIEW  

An Overview

Players Network, Inc. (“PNTV”), the parent company of Green Leaf Farms International (“GLFI” or the “Company”) has identified what it believes to be a highly profitable market opportunity in the cannabis industry. That market opportunity is the commodity supply of CBD, THC, and the full range of Cannabis Oils, Distillates, and Isolates of all 107+ cannabinoid compounds found in the cannabis plant. As outlined in this plan, the Company has taken aggressive steps to be a ‘first mover’, giving it what the Company believes to be both a near and long-term competitive advantage in serving this market.

PNTV is experienced in cannabis production as it currently holds four cannabis growers’ licenses (cultivation and production for both medicinal and recreational use) from the State of Nevada and has established a 27,000 square foot indoor growing and production laboratory facility in Las Vegas to provide cannabis products to the Nevada market. It also owned and operated a 56,000 sq. ft California greenhouse complex.  However, after gaining knowledge of the obstacles it faced operating in the California market, sold that asset.

As experienced entrepreneurs and business people, PNTV management and advisors, led by Mark Bradley, it’s founder and CEO, quickly realized that while the licenses it obtained from the State of Nevada might be an attractive business in the near term, the high energy, labor and other costs associated with a greenhouse growing facility, along with the stringent governmental restrictions and taxes being imposed, creates a very difficult environment in which to operate, and is not a desirable model for long-term growth and profit.

Having lived through the start-up of the Internet industry, Mark and his advisors realized that just like the start-up of that industry, very few of the numerous, early-stage, high-flying cannabis start-ups would survive when the large consumer products, pharmaceutical, medical, health care, nutrition, and beauty companies with deep pockets, recognized brand names, and distribution networks decided to enter the market.  As those familiar with the industry know, that is exactly what is happening in the cannabis industry now.

Recognizing this inevitable market trend, he also knew that as these large companies enter the market, they will not become ‘greenhouse farmers’.  As they do with all their products, they will look to source ingredients from those suppliers who can provide high quality raw materials at the best price.  In other words, Mark realized that in the near future, cannabis and the compounds derived from it, will quickly become commodities.  

Looking where to best invest his company’s capital and effort, he envisioned it like the gold rush.  He could focus his company’s efforts and investment in developing consumer cannabis products, which he likened to investing in miners… a hit or miss proposition.  Or, he could invest in supplying ingredients, that is ‘picks and shovels’, where his company would win regardless of which products and companies producing them became successful.  As you are about to read, GLFI is positioned to supply ‘picks and shovels’. That is, to become a high quality, low cost, commodity supplier to those producing any and all cannabis-infused products including, but not limited to, consumer products, medical, pharmaceutical, health/beauty and even the purely recreational market segment. And, the Company is positioned to provide them worldwide.

To optimally position itself in the global marketplace, PNTV management undertook an exhaustive analytical study and launched an intensive worldwide search to identify the optimum location to produce cannabis products for high volume end users. That location was found to be Jujuy Province Argentina.  Not only was this identified as an area with prime agricultural land (See “Soil Report”) and ideal, near year-round growing conditions, it was also found to be an area with an extremely amenable government with a desire to create jobs.  

Almost two years ago, in order to implement the company’s strategic plan, we approached Gerardo Morales, Governor of Jujuy Province, Argentina, with our plan to create and build the world’s largest cannabis growing operation and production facility for high quality CBD and THC Oils, Distillates, and Isolates as well as other uses for cannabis biomass to supply the numerous disruptive industries which large scale cannabis production is creating.

Beyond the company’s most optimistic expectations, Governor Morales and the Jujuy Provincial Government, with the blessing of the Argentine federal government, proved amenable to entering into a long-term joint venture for the establishment of the large cannabis growing, extraction, and production facility the company envisioned.  After several months of negotiation, PNTV entered into a venture (officially known as the ‘Cooperation Agreement’) with the Provincial Government. The Cooperation Agreement includes a 30-year lease for an initial 530 hectares (1310 acres) of prime agricultural land which, subject to certain conditions,  may be extended to a 99-year lease for as much as 14,000 hectares (52 square miles) for growing cannabis. In addition, for worldwide export, the Cooperation Agreement provides for the company to extract, process, and package Essential Oils, Distillates, and Isolates as well as manufacture cannabis-infused products in a government established free-trade zone located 4 miles from the cultivation property.

The Cooperation Agreement was contingent upon receiving governmental approval and permits from the country of Argentina as well as Jujuy Province.  We are pleased to report all such approvals and permits are now completed and in place.

The Cooperation Agreement further includes PNTV being awarded the right to supply Broad Spectrum Cannabinoid Compounds to the Argentine pharmaceutical industry as the government evaluates introducing medical CBD and other cannabis-infused products into their country. Further, it includes certain retail distribution rights upon such legalization in Argentina.

But that isn’t all.  In addition to negotiating a growing and production operation for CBD and THC, we were able to negotiate a much broader agreement that allows the Company to grow any and all strains of cannabis genetics and, for export purposes, to produce whatever Oils, Distillates, Isolates and cannabis-infused products the company chooses. We know of no other company in the world better positioned and with governmental approval to grow the genetics of its choice, extract, manufacture, sell, and export worldwide the entire range of cannabis compounds and cannabis-infused products.

This means that in addition to serving the multi-billion CBD and THC markets, GLFI is uniquely positioned to be a leading producer and seller of the more rare cannabinoid profiles that are being sought and researched by major pharmaceutical companies. The informed reader will understand the importance of how the large available growing area makes the company especially well positioned, even uniquely positioned, to supply the large, commercial quantities of the more rare compounds that will be required to take products containing them to market. Additional advantages are outlined within this plan.

As explained in more detail in the “Business Plan” and “Investment Opportunity” sections, GLFI has entered into a Management Agreement with PNTV that allows Investors the opportunity to participate in the profits of the initial 400 acres being developed under PNTV’s Cooperation Agreement with Jujuy Province. The investment is available only for accredited investors who wish to participate in the profits and own equity in GLFI.

There is a saying in business that “Timing is not just important… it is often everything.”  In this case we believe it can be said that GLFI is in the right place at the right time.  In entering into the Cooperation Agreement, the Provincial Government’s primary objective was the creation of jobs. At the same time, the Argentine federal government was looking for a way to have a domestic supplier of CBD as it evaluates and looks ahead to legalization of medicinal marijuana in their country.  Given those objectives, PNTV was able to negotiate a Cooperation Agreement that for a small percentage of the profits, is essentially regulation free with no burdensome governmental taxes or fees. The Company believes this, plus the fact Jujuy provides year-round growing conditions (three and perhaps four crops per year), along with a skilled, low-cost workforce, ensures no matter how large or competitive the market for these raw materials may become, GLFI, through its Management Agreement with PNTV, will always be among the lowest cost world-wide producers.

As discussed in more detail, this specific Offering relates to the development of a 400-acre parcel. Upon completion of the Offering an initial 80-acres will be planted with 320 acres available to the Company for future industrialization.  As of this writing, ground is being prepared and the initial steps to plant and harvest the first 80-acres is underway. Propagation greenhouses have been imported and constructed.  The first seeds have been germinated and the seedlings are being grown in 4” pots to be replanted into test plots.  Several genetic strains are being propagated in this manner.  The resulting plants will be harvested in approximately three months and the cannabinoid compounds extracted. This will provide the cultivation experts with detailed yield information from each strain.  With this information they will determine the best seeds for the initial large-scale planting.  Based upon an analysis of the marketplace demand and wholesale prices current plans are to plant 40 acres of a high yielding CBD strain and 40 acres of a high yielding cannabis strain.  An initial letter of intent has already been signed to purchase a significant portion of this first crop.  

As you will see in the Financial Projections, the Company anticipates the harvest and processing of this first 80-acre crop to be extremely profitable. The fact is, current wholesale prices for cannabis compounds are at a level required by those producing in expensive greenhouse environments burdened by governmental regulation and high taxes.  GLFI’s cost of production clearly shows the massive advantage it has created over current producers due to its location, low labor and other operating costs, and the advantageous terms negotiated with Jujuy Province in the Cooperation Agreement.

As the financial projections indicate, the Company believes the first-year return from the 80-acres will not only fund planting additional acreage in year two, it will also provide the cash flow to fully repurchase the Preferred Shares from investors in this Offering at the earliest possible time.  

We believe a rigorous analysis by those familiar with the industry will confirm these results are readily achievable and, even more important, that it is proof of the validity of the Company’s strategic direction and plan. The Company firmly believes the funds from this Offering will allow GLFI to take full advantage of the opportunity and position it as a “first mover”, to become a dominant, long-term, worldwide supplier of essential raw ingredients to this explosively growing market.

Soil Report

During our search for the optimum growing location, we learned that few locations worldwide have the outstanding soil characteristics that exist in Jujuy, Argentina. As part of our due diligence we conducted an in-depth soil evaluation. The soil evaluation for the location of GLFI’s cannabis farm is as follows:

1. The soil type is LOAM. Loam soil is a mixture of clay, sand, and silt, considered to be the ideal plant-growing medium, giving the benefits of each.

2. The pH of the soil is 6.67. Cannabis loves a pH between 6.0 – 7.0

3. The soil has an Organic Matter makeup at 3.79%, in the ideal range for productive agricultural soil.  Organic Matter contributes to soil productivity in many ways including improving the soil water holding capacity and aeration, making nutrients available for plant uptake, and suppressing diseases and pests by enhancing the soil microbial diversity.

The experts conducting this soil evaluation further noted:

“The soil evidence report considers this soil to be healthy and sustainable for high demand crops such as cannabis. In addition, the field locations are close to power and have outstanding access to water via large holding ponds and a year-round river. In addition, it is well isolated from major traffic so security issues are at low risk.”