SinglePoint looks Ahead to 2019 as Major reform of Hemp Laws included in the 2018 Farm Bill may Bolster Business
PHOENIX, Dec. 13, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- SinglePoint (OTCQB:SING) a fully reporting technology company providing mobile payments, ancillary cannabis services and blockchain solutions looks ahead to 2019 to provide insight on how the company plans to utilize its 2018 momentum and carry forward into 2019. Recently the Senate and House signed the Farm Bill. SinglePoint management is actively adding Hemp products to the company’s subsidiary SingleSeed.com and will continue to build its presence in the Hemp product space. The company is expecting to top $1,000,000 for 2018 and expect to triple that in 2019 with additional acquisitions and continued growth of current portfolio companies.
With Hemp being a major growth point, SinglePoint has put a heavy push on is the company’s subsidiary SingleSeed which is distributing CBD products derived from hemp via the website SingleSeed.com. In 2018 the company added multiple product listing and has been organically increasing 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.”
“We are excited about the opportunity to be in the distribution space for CBD products, I took a distribution company public on the NASDAQ in 1996. I believe with the contacts and the massive opportunity in the market SinglePoint may be able to break in to the big box stores once the Farm Bill passes and the exact rulings shake out. We will also be looking hard to acquisitions to help us get into these stores more quickly,” states Greg Lambrecht CEO SinglePoint.
SinglePoint is aiming to be a large distributor in the space with a large online presence as well as having a retail distribution reach. The company has had great success with the 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 SinglePoint.
Another portfolio company, DIGS, has continued to expand its footprint in the CBD space 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 cannabis and CBD industries. 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.
Continuing in the cannabis space SinglePoint invested in Jacksam DBA Convectium. Jacksam recently went public and as of 12/3/18 has a market capitalization of approximately $80,000,000. SinglePoint currently owns approximately 9% of the company.
These are the types of businesses SinglePoint has been working to invest in or acquire. The opportunity for the exponential growth in the cannabis industry is prevalent and SinglePoint hopes to have more than one winner in its portfolio.
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 13, 2018