SinglePoint Recaps 2018, Expects to Record $1 Million in Revenue, Provides Insight to 2019
SEATTLE, Dec. 04, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- SinglePoint (OTCQB:SING), a fully reporting technology company providing mobile payments, ancillary cannabis services and blockchain solutions, recaps the year, providing insight to company initiatives and progress as well as acquisitions, both past and future. In 2018, SinglePoint acquired two companies, which led the company toward significant revenue growth. The company is expecting to top $1 million for 2018 and expects to triple that in 2019 with additional acquisitions and continued growth of current portfolio companies.
Most recently, SinglePoint has put a heavy push on SingleSeed, which is distributing CBD products via the website SingleSeed.com. For 2018, the company added multiple product listings and has been organically increasing its reach. Cannabis Business Times recently released an article stating, “The hemp-derived CBD market is expected to hit $591 million this year, and, according to a new Brightfield Group report, it may grow 40 times this size—to $22 billion by 2022—if the 2018 Farm Bill passes. The rapid growth will be supported by an anticipated explosion in distribution channels for these products in the next few years; chain retailers are expected to enter the market as soon as 2019.” The 2018 Farm Bill is currently awaiting signature by President Trump, which is expected to happen as soon as next week. Once it is signed, hemp-derived CBD would be declassified and the market would open up for additional growth.
SinglePoint is aiming to be a large distributor in the space, with both a large online presence as well as having a retail distribution reach. The company has had great success with CBD products and is adding additional funnels to drive more customers to the site for 2019. SinglePoint expects SingleSeed to be one of the top revenue-producing subsidiaries in 2019. “We have seen a huge explosion in the CBD space, and we are actively selling products through SingleSeed.com now. We are making a nice margin on the products and are seeing many new customers come to the site as we expand,” states Wil Ralston, president of SinglePoint.
Adding to its portfolio of cannabis-related businesses, SinglePoint launched LastMile Delivery. The application, built in partnership with AppSwarm (SWRM), is intended to help cannabis delivery businesses track their deliveries and provide customers with a real-time view of when and where their order is. On the delivery businesses side, it provides a major customer satisfaction opportunity as well as streamlining the tracking of upcoming and past orders. The system was built to meet states’ cannabis delivery guidelines. SinglePoint is currently onboarding new customers and launching a direct marketing campaign into approximately 500 dispensaries over the next three months.
Customers that have downloaded the LastMile Delivery application can find nearby dispensaries and place orders through the system. Once a customer places an order, the dispensary is able to assign a driver and have the product delivered. The system keeps track of all the pertinent data needed by the dispensary, such as the ID of the purchaser, the route taken and the payment collection. LastMile Delivery is a SaaS solution that ultimately can be used by any business with a need to track deliveries or drivers.
Continuing in the cannabis space, SinglePoint invested in Jacksam DBA Convectium. Jacksam recently went public and, as of Dec. 3, 2018, has a market capitalization of approximately $80 million. SinglePoint currently owns about 9 percent of the company.
These are the types of businesses SinglePoint has been working to invest in or acquire. The opportunity for exponential growth in the cannabis industry is prevalent, and SinglePoint hopes to have more than one winner in its portfolio.
Another portfolio company, DIGS, has continued to expand its footprint and is currently fulfilling many of the orders for SingleSeed.com. The company is also working on supplying bulk orders of CBD in crude and isolate forms. The company can white label many products and handle drop shipping for these products. For more information on the program and what products are available for white label, please reach out to sales@SinglePoint.com.
DIGS has provided SinglePoint additional revenue as well as many contacts in the industry. It has been a successful venture for the company, and SinglePoint plans to expand this entity through additional distribution points and tapping into the cultivation side of the industry, which is seeing major growth as more states open and legalize cannabis.
Rounding out SinglePoint’s current cannabis entities is SingleCoin, a bitcoin wallet application whose technology was and is supported by AppSwarm. The two companies are working together to build out an application that would support the easy transaction of cryptocurrencies. Currently, the application supports both Bitcoin and Ethereum. The companies are targeting a Q1 launch of buying, selling and trading of different coin through various liquidity exchanges. Initially, it was planned to build a proprietary exchange for consumers to use; however, the two partners have decided it is better to work with partners because of licensing needs and liquidity. It is important for users to have liquidity in the exchanges they use, and SingleCoin, being connected to multiple exchanges, will amplify that availability.
Adding diversity to SinglePoint holdings is ShieldSaver, a company SinglePoint acquired in 2018 that is making huge strides in its expansion. The company recently completed a mobile application that enables lot agents to change marketing messaging, quotes and much more on the fly. ShieldSaver’s proprietary platform proactively addresses many issues in the automotive markets. The company is currently working with companies like WallyPark at Denver International Airport. The partnership gives customers of WallyPark transparent pricing and a hassle-free way of getting their windshields replaced. “This partnership further demonstrates WallyPark’s commitment to enhancing the customer experience and keeping our customers’ vehicles safe while on the road,” says Mark Pfeiffer, Wally Park Denver International Airports General Manager, “and, as an additional customer perk, we are offering a free carwash for every windshield replaced at WallyPark”.
ShieldSaver recently signed an agreement with the City of Sacramento, enabling the company to do business at the airport there. The company plans to aggressively expand in 2019 and is in multiple discussions now for additional partnerships, which would add to previously announced accretive relationships. ShieldSaver is adding blockchain solutions to its development plan in an effort to ease the collection and reporting of pertinent car data. Storing data in this fashion will help build trust and protect the data from being manipulated or falsified. This solution will help everyone participating in the purchase or sale of a car, including individuals, banks, insurance companies and more.
Continuing down the path of automotive solutions, SinglePoint acquired JAG. JAG has grown at a nice clip and continues to increase to revenue, most recently establishing an Arizona presence, which is expected to at least double the revenue for the subsidiary. SinglePoint expects the entity to hit approximately $2 million in revenue for FY 2019. This will happen through fulfillment of ShieldSaver quotes as well as adding additional location and fulfillment partners.
SinglePoint is currently working on two additional acquisitions that would add additional revenue and continue to solidify SinglePoint’s financial structure. Acquisitions will be a strong point in 2019 for the company. Over the years, SinglePoint has steadily grown the size of the acquired companies and learned a lot through the process. Management hopes that in 2019 the company will be able to ramp up the size of the acquisition to quickly meet its revenue goals and increase shareholder value.
“SinglePoint has had an excellent 2018, and, overall, it has been a huge year for establishing the company. We plan to take that momentum and carry it forward into 2019. Adding revenue, adding a portfolio of companies, being diversified and bringing multiple new solutions to market has made for a great setup to a big 2019. We expect to get back to the levels we were at in early 2018 and grow to surpass those numbers. We have the right team, the right products and opportunities to make a successful business and look forward to our shareholders sharing in that success as well,” states Greg Lambrecht, SinglePoint CEO.
For more information, please reach out to Investors@SinglePoint.com.
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
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 December 4, 2018