SinglePoint Positioned to Secure Beachhead in California with Majority Stake in Cannabis Consulting, Equipment Company
SEATTLE, WA -- (Marketwired) -- 05/17/17 -- SinglePoint, Inc. (OTC: SING), a holding company specialized in the acquisition of small to mid-sized companies with an emphasis on new technologies, today announces that it has signed an Letter of Intent ("LOI") with Discount Indoor Garden Supply ("DIGS"). According to the LOI, SinglePoint will acquire 90 percent of DIGS in a stock and cash transaction. The acquisition will bring immediate revenues to SinglePoint and positions the Company as a leader in online products, retail stores, cannabis consulting, and equipment in California, home to thousands of cannabis-related businesses and potential customers.
The agreement with DIGS is yet another demonstration of SinglePoint's ability to strategically grow its portfolio of investments in established, high-potential cannabis businesses.
SinglePoint CEO Greg Lambrecht states, "We are committed to identifying and making investments that will strengthen both parties' position in the cannabis industry while building SinglePoint's corporate value. California is a major market opportunity, and we will work to find the right companies, such as DIGS, in which we can invest to gain a stronger foothold in the broader marijuana industry."
DIGS's online store (www.DIGSHydro.com) offers a wide range of growing equipment and accessories for individual or commercial plant cultivators. SinglePoint believes there is a major opportunity within this market, as nearly every U.S. state that has legalized the use of medical marijuana also allows licensed patients the option to grow their own plants. Now, licensed consumers can order an all-in-one unit to grow plants in the privacy of their home. DIGS's products also include growing supplies, HVAC setup, grow rooms and accessories, hydroponic garden solutions, and more.
DIGS currently has two store front locations and has plans to open a third in the near future. Each store is strategically located in area where the majority of licensed growers are established. DIGS is working on a bid to build-out a 15,000-plant operation in Southern California, and both parties in the announced LOI look forward to exploring the potential for a new model of joint-venture retail stores.
DIGS founder Carey Haas has over 25 years of experience in the industry. As the owner of multiple retail businesses, including a dispensary, Haas has established industry knowledge and relationships that will help grow both companies' presence throughout California.
Haas states, "This is a perfect match for DIGS. Greg's distribution knowledge paired with my expertise and relationships in cannabis industry create a strong, synergistic opportunity to make this endeavor a major success."
The timing of the acquisition is also favorable for SinglePoint, as California recently received endorsement for recreational cannabis and is expected to fully legalize its use in January 2018. California is a large market and many people including State Attorney General Becerra believe there is no stopping it.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Source: SinglePoint, Inc.
Released May 17, 2017