- SinglePoint positioned for success in the cannabis market through its rapidly expanding portfolio of holdings positions
- Company reduces risk of changing state and federal laws by not touching the plant, but instead focusing on tools and services for the cannabis industry
- Proprietary bitcoin payment solution in development
Specialized holding company SinglePoint, Inc. (OTC: SING) was featured prominently in a recent article (http://dtn.fm/G5jS7) detailing the rapid growth in the North American legal marijuana market. The article explains how several companies, including SinglePoint, are taking advantage of this new market space.
Experts are predicting a 25 percent compound annual growth rate for the cannabis industry; $6.7 billion in retail activity was reported during 2016 in Canada and the United States. The marijuana market in the United States is poised for further explosive growth, and SinglePoint is taking big steps toward dominating the market and reaping the attendant rewards.
SinglePoint is rapidly expanding its portfolio in the cannabis markets with strategic acquisitions of companies offering services to the cannabis industry. With the company’s ongoing strategy of providing tools and services to the cannabis industry without touching the plant, SinglePoint eliminates the risk of being adversely affected by changes in state or federal laws, SinglePoint CEO Greg Lambrecht said in a recent interview (http://dtn.fm/i9O64).
In one of several recent acquisitions of companies involved in the cannabis industry, SinglePoint announced in March the first round of funding to acquire a portion of Jacksam Corp., dba Convectium. Based in Orange County, Convectium provides branding, packaging, equipment and a proprietary oil filling system; the company also sells specialized machines that fill vials with oil and a unique system for filling and packaging vape cartridges and disposable vape pens.
In May, SinglePoint announced its acquisition of a 90 percent share in Discount Indoor Garden Supply (DIGS Hydro), further diversifying the company’s investment portfolio and revenue sourcing. DIGS Hydro provides online products, retail stores, consulting and equipment to the cannabis industry in California, where thousands of cannabis-related businesses and customers are located.
In June, SinglePoint announced an agreement (http://dtn.fm/KRf8u) between DIGS Hydro and Premier Biomedical, Inc. (OTCQB: BIEI) to manufacture Premier’s new CBD Hemp Oil Patch in high quantities. The move is expected to contribute significantly to SinglePoint’s revenue goals.
Federal restrictions have forced the industry to utilize only cash transactions, despite cannabis being legalized for medical or recreational use in 29 states and the District of Columbia. A partnership with First Bitcoin Capital Corp. (OTC: BITCF) allows SinglePoint to move forward with a bitcoin payment solution for the cannabis industry.
Under a joint venture agreement (http://dtn.fm/L1tbQ), the two companies will develop and distribute a payments solution using blockchain technology. First Bitcoin Capital provides industry-leading bitcoin and blockchain technology while SinglePoint has a long history in distribution. The partnership will enable both companies to focus on their core strengths to build the best possible bitcoin payment solution.
For more information, visit the company’s website at www.SinglePoint.com
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