- SinglePoint’s
cannabis market subsidiaries building direct-to-consumer supply chain for
CBD products
- SingleSeed
subsidiary introduced infused water and muscle salve products in October,
with new sleep aid and a hair and beard oil expected promptly
- CBD is
gaining traction as a medicinal product and wellness industry ingredient
after Canada’s legalization drive and growing lawfulness in the United
States
Technology innovator SinglePoint, Inc. (OTCQB: SING) is
celebrating the rollout of new products to the cannabis-infused wellness market
by subsidiary SingleSeed at the same time that its already-launched Lalpina CBD
Water is reporting a successful first week of sales.
SingleSeed distributes hemp-based CBD (cannabidiol) products
on a direct-to-consumer basis nationwide, and its website has only just begun
offering its Cannasporin Muscle Salve and easy applicator Twist-Up Stick to
soothe and heal damaged muscles as it reduces inflammation, while a CBD hair
and beard oil and a new sleep aid tincture are expected in the coming
weeks (http://ibn.fm/CEIKG).
Lalpina CBD Water comes in a 12-pack case and received 25
orders within the first week. Those transactions also helped drive the sales of
other SingleSeed products, the company reported (http://ibn.fm/tICGo).
“We are thrilled at this first week of sales results, it has
blown away our expectations especially when taking into consideration we have
not yet added it to our mix of search marketing, most of the orders have been
organic direct search for SingleSeed.com,” SinglePoint President Wil Ralston
stated in the report.
SinglePoint specializes in acquiring small to mid-sized
companies, emphasizing new technologies and providing investors opportunities
to monetize assets ranging from payment processing and cannabis services to
blockchain technologies and a cryptocurrency app co-created with AppSwarm (OTC:
SWRM).
The new spate of SingleSeed’s CBD products are fulfilled
directly by another SinglePoint subsidiary, Discount Indoor Garden Supply
(“DIGS” or “DIGS Hydro”), which is able to provide bulk CBD from raw to “pure”
isolate concentrated extract, as well as supplying white-labeled products.
In the wake of Canada’s nationwide legalization of all adult
uses of cannabis in mid-October, SinglePoint is now exploring the ramifications
of entering the Canadian market for a dual listing.
The company notes in its publications that Hemp Business
Journal’s CBD market forecast anticipates growth to $2.1 billion by 2021, with
$450 million of those sales coming from hemp-based sources (http://ibn.fm/LIvro). That
provides a situation rife with opportunity to capitalize on e-commerce and
physical outlets.
The CBD market is not only finding fertile ground in
Canada’s legalization drive, but across the United States, where more than half
of the states have established some type of authority for CBD use in medicinal
applications. Because CBD’s chemically active properties do not produce the
drugged euphoria of marijuana sibling tetrahydrocannabinol (THC) and because
its users affirm that it provides relief from some chronic conditions, it is
also gaining ground legislatively on the federal level. Congress is working
toward a bipartisan approval of the 2018 Farm Bill, which would allow CBD-rich
hemp to be grown as an agricultural commodity instead of a proscribed
drug (http://ibn.fm/xj2h0),
and the U.S. Food and Drug Administration recently approved a cannabis-based
anti-seizure medication for pharmaceutical distribution, which drove the U.S.
Drug Enforcement Administration to reclassify CBD as medicinal and legal in
FDA-approved uses for the first time (http://ibn.fm/DGU9r).
For more information, visit the company’s website at www.SinglePoint.com
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