SinglePoint Acquires 90% of DIGS an Online, Retail and Cannabis Consulting Company
SEATTLE, WA -- (Marketwired) -- 05/24/17 -- 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 completed the acquisition of Discount Indoor Garden Supply ("DIGS"). Per the agreement, SinglePoint has acquired 90 percent of DIGS in a stock and cash transaction that demonstrates SinglePoint's ability to strategically grow its portfolio of investments in established, high-potential cannabis businesses, and provides a new source of revenues to help facilitate future acquisitions.
The acquisition of DIGS immediately positions SinglePoint as a leader in online products, retail stores, cannabis consulting, and equipment in California, home to thousands of cannabis-related businesses and potential customers. As a result, SinglePoint expects to show a significant increase in revenues in the second-quarter financial filings.
SinglePoint CEO Greg Lambrecht states, "This acquisition is an important one for SinglePoint and strengthens our footing in the cannabis industry. The acquisition of DIGS is phenomenal for the company's books. More importantly though are the people that come along with this. We are investing in people we believe in, people that we know can continue to run and grow their company. Mr. Haas is extremely knowledgeable, has over 25 years of experience in the industry, and will be a key influencer in the decisions SinglePoint makes on the cannabis side of the business."
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 look forward to exploring the potential for a new model of joint-venture retail stores.
As the founder of DIGS and 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 major mile stone for DIGS. Through the exposure SinglePoint will provide and their ability to help fund growth we expect to grow DIGS brand very quickly and start looking to other states for expansion as well. We have a fantastic set of processes and growth plans in place and this opportunity will speed up our timelines significantly."
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.
Over the first quarter of 2017 SinglePoint has shown strong growth in some key areas comparable to the companies 2016 year end financials.
- Cash increase 457%
- Investments increase 2130%
- Total assets increase 1024%
- Total liabilities decrease 65%
These key areas have enabled SinglePoint to aggressively pursue acquisitions and shorten the time from initial discussions to a finalized deal.
Notably, the acquisition of DIGS provides SinglePoint with additional revenue to complete acquisitions. SinglePoint is currently setting up meetings in Southern California over the next two weeks to meet with additional interested companies.
Want more information? Check out the companies Podcast
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 24, 2017