Monday, June 26, 2017

SinglePoint’s (SING) $1M Promissory Note Furthers Efforts to Offer Bitcoin Payment Solution for Cannabis Businesses

Furthering its efforts to innovate solutions for the cannabis industry, SinglePoint, Inc. (OTC: SING) has taken a step forward in its endeavor to offer a bitcoin payments solution for cannabis businesses through its partnership with First Bitcoin Capital Corp. (OTC: BITCF). SinglePoint recently announced ( it has successfully closed a $1 million convertible promissory note with an institutional investor — the proceeds from which will be used to fund the company’s bitcoin payments endeavor and will enable SinglePoint to move quickly in developing a cryptocurrency solution and continuing its acquisitions activities in the cannabis space.

A lack of banking options for legalized marijuana businesses in the United States currently poses a significant obstacle for these cannabis enterprises, forcing them to conduct cash transactions because they do not have the cooperation of banks or the FDIC to accept credit and debit cards. Seeing bitcoin technology as a potential solution for this problem, SinglePoint recently partnered with First Bitcoin Capital to develop a proprietary bitcoin payment solution that can be implemented in any point-of-sale machine through an easy download and will allow customers to purchase cannabis products using debit and credit cards without the backing of banks or the FDIC.

Bitcoin is a digital currency that enables the transfer of funds in a way that is unregulated by governments and is conducted independent of banks. It is growing in popularity and even recently became an official payment method in Japan. As a potential solution for currently “unbankable” cannabis business, SinglePoint’s bitcoin solution is an exciting prospect.

Four developments have been planned by SinglePoint and First Bitcoin Capital based on bitcoin, ethereum and blockchain technology, and SinglePoint recently acquired the rights and domain name for as part of a planned potential initial coin offering (ICO), which would specifically support transactions for the marijuana industry and other high-risk industries.

In addition to its bitcoin payment solution development activities, SinglePoint has also created and is releasing a Web development and online marketing solution for cannabis dispensaries and plans to use some of the recent funding to launch a proprietary marketing system to attract new customers to, which has become a prime resource for dispensaries seeking merchant payment processing solutions and other business tools. SinglePoint offers payment solutions to cannabis businesses through SingleSeed payments, including mobile marketing and payment solutions such as Pay-by-Text™, cashless ATM and text message marketing.

Having made various acquisitions in its efforts to take a diversified approach in the cannabis industry without actually touching the plant, SinglePoint’s portfolio includes a majority stake in Discount Indoor Garden Supply, which immediately positioned the company to become a leader in online products, retail stores, cannabis consulting and equipment in California. The company additionally started funding Convectium in 2017. Convectium is a provider of equipment, branding and packaging solutions to the cannabis industry and is the developer of the first cartridge and vape pen oil-filling machines offered through wholesale distribution to cannabis dispensaries. Convectium’s 710Shark and 710Seal machines, currently sold through the website, are capable of filling and packaging more than 100 cartridges or disposable vape pens in 30 seconds. Convectium further operates a consumer brand that includes BlackoutX and HazeSticks products.

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