SinglePoint Raises Up To $5,000,000 in New Funding to Drive Acquisitions and Company Growth
PHOENIX, Nov. 14, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- SinglePoint Inc. (OTCQB: SING), a fully reporting technology growth company providing mobile payments, ancillary cannabis services and blockchain solutions is pleased to announce that it has recently signed to receive up to $5,000,000 dollars in new funding from an existing institutional shareholder demonstrating continued enthusiasm with the business strategy and execution. SinglePoint has laid out a roll up strategy and presented projects that are ready for growth including its CBD subsidiary SingleSeed.com and recently released applications SingleCoin and LastMile Delivery. This funding will go directly towards initiatives to drive revenue and overall shareholder value.
“We are very excited to have raised this additional funding. It will really enable us to go out and execute on our plans. Being fully reporting and audited has helped us secure capital on favorable terms. With access to this capital we plan to continue acquiring larger companies to boost revenue and footprint in the cannabis and CBD space. We will also be able to launch sales and marketing campaigns for both SingleSeed, LastMile Delivery and SingleCoin. We will continue to develop new solutions as management sees fit and look at potential acquisitions knowing we have the capital and ability to acquire the targets”, states Greg Lambrecht CEO.
SinglePoint is working to identify and acquire companies in the rapidly growing CBD market including manufacturers, distributors and others. This week SinglePoint management heads to MJBIZCON the industry’s largest tradeshow to meet target companies and look for additional opportunities. To meet with SinglePoint management at the show Thursday November 15th please reach out to firstname.lastname@example.org.
The CBD market is predicted to be worth over $2.0 Billion in consumer sales by 2020 with approximately $450 Million derived from hemp related products. SinglePoint has been working to establish its footprint through SingleSeed.com. The website distributes hemp derived CBD products from water to lozenges. SinglePoint plans to expand its distribution capabilities and product suite and is in negotiations to add a new set of additional high-quality products.
Momentum has continued to increase as voters in Michigan, Missouri and Utah have voted to pass marijuana legislation. Five Ohio cities--Dayton, Fremont, Norwood, Oregon and Windham--that had local marijuana decriminalization measures on the ballot passed the initiatives. And ballot questions gauging public sentiment regarding marijuana reform were answered affirmatively, signaling that Wisconsin voters are in favor of legalization. These midterm outcomes are relevant to the goals of federal decriminalization and, ultimately, legalization. And, there are other significant developments that demonstrate real, big change is coming. Illinois, Minnesota, Michigan, New Mexico, New York, and Wisconsin elected and re-elected governors who championed cannabis legalization as part of their campaigns. While Colorado, California, Maine, Nevada, and Oregon elected and re-elected governors who are likely to support the cannabis laws already in effect and defend their states against federal interference.
About SinglePoint, Inc.
SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, the company is providing products and services to the cannabis industry.
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For more information visit: www.SinglePoint.com
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.
Released November 14, 2018