Despite California still looking to Trump to address marijuana industry banking challenges, Singlepoint, Inc. (OTC: SING) is maintaining a positive outlook on the future of marijuana sales processing in the state. An article by Above the Law (http://dtn.fm/p18Am) suggests that California may be able to secure bank accounts relating to cannabis businesses as long as the FinCEN cannabis banking guidelines from 2014 hold up and certain enterprising financial institutions become more willing to experiment.
As a result of the passing of Proposition 64, many are confident that some of California’s financial institutions will be taking advantage of FinCEN’s 2014 guidelines by opening accounts for cannabis-related businesses. Despite there being worries of potential U.S. Attorney General, Jeff Sessions, or newly-elected President, Donald Trump, ordering the nullification of the Cole Memo, Trump has often stated that he believes these matters should be left to individual states to decide upon, a point brought forward during a recent interview with Singlepoint CEO Greg Lambrecht (http://dtn.fm/6rejK).
Singlepoint is a holding company for a number of companies, including SingleSeed, an organization focused on providing efficient payment processing services to cannabis dispensaries in the U.S. The company started offering these services several years ago and intends to leverage its position as a ‘first mover’ in the marketplace after this year’s multi-state legalization of recreational marijuana.
During his interview on MoneyTV, Lambrecht shared the fact that the company has recently acquired the attention of a number of dispensaries interested in its services. According to the CEO, the company is redesigning the SingleSeed website in anticipation of the verdict on whether or not it will be able to aid cannabis businesses with their payment solutions moving forward. The company’s website revamp is expected to allow dispensaries to sign up in order for them to use a legal text message marketing program which will enable them to better communicate with their audiences.
This move will allow SingleSeed to start planning for the future, giving clients a head start and making the company a serious ‘first mover’ compared to competitors in the space. Although nothing is set in stone as to whether or not new laws will be put in place regarding the payment processing around the cannabis industry, Lambrecht stated that he believes decisions will be made as early as the first quarter of the coming year.
For more information, visit the company’s website at www.Singlepoint.com
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