SinglePoint Subsidiary Primed as Payment Processor for "Bankable" Cannabis Industry
SEATTLE, WA / ACCESSWIRE / November 14, 2016 / Tuesday night's election was monumental for cannabis industry, as four states legalized recreational use of marijuana and another three approved the drug for medical purposes. SinglePoint, Inc. (OTC: SING) today applauds the legislation, which further expands the opportunity for the company's SingleSeed (www.singleseed.com) subsidiary to provide credit card processing solutions for the cannabis industry, which now is expected to generate billions of dollars of retail sales moving forward.
California, Maine, Massachusetts and Nevada voted for the legalized recreational use of marijuana, while Arkansas, Florida and North Dakota approved medical cannabis initiatives. Montana extended its previous legalization of medical marijuana (2004), voting for a measure to set up commercial cultivation operations and dispensaries.
The most action came out of the West Coast, where more than 56% of voters in California passed an initiative to legalize adult-use cannabis, reflecting the growing support for legalization nationwide. As the market continues to grow, industry experts forecast that the legal cannabis market will grow to $50 billion legal cannabis market within the next decade.
With this historical victory in the books, SingleSeed sees broader implications for the cannabis industry, including an open banking system. The company has already established working relationships with dispensaries in Colorado and Washington State, and will continue to leverage its long-standing technology partnerships to be a "first mover" in what SinglePoint CEO Greg Lambrecht calls a "bankable" industry.
"We couldn't be more pleased with Tuesday night's election and what this means for the many players in the cannabis industry. For far too long, dispensaries and other marijuana businesses have struggled to maintain a secure and convenient financial position due to legislation that prohibits them from having bank accounts. On Tuesday night, seven states loudly voiced their support for legalization. The issue is now too big to ignore, and we expect that Washington will have to hammer out details to create a 'bankable environment' for institutions ready to take part in history," he says. "When that time comes, SingleSeed will already be ahead of the game with its cannabis merchant payment processing services and technologies."
SingleSeed and its partners are developing a marketing program that meets specific needs for cannabis merchants, providing consumers the security and convenience of using their credit and debit cards to make mobile payments for cannabis purchases.
About SinglePoint, Inc.
SinglePoint, Inc. is a full-service mobile technology and marketing provider that serves a diverse clientele. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets, such as Daily Fantasy Sports, to create a diversified holding base. For more information visit www.SinglePoint.com. Connect on social media at: www.facebook.com/SinglePointMobile, www.twitter.com/_SinglePoint_, www.linkedin.com/company/SinglePoint and www.youtube.com/user/SinglePointMobile
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 November 14, 2016