Specialized holding company SinglePoint, Inc. (OTCQB: SING) this morning announced its entry into a Letter of Intent to acquire a $1 million stake in California cannabis cultivation firm MTH Development Group, further establishing its footprint in the Californian cannabis market. Per the update, this acquisition will be the first of its kind for SinglePoint, because MTH operates 4.7 acres of land zoned for cannabis cultivation. SinglePoint is currently in negotiations to complete similar investments in other states. “We are excited for this opportunity. Having been to the operation and seeing their proprietary cultivation procedures we feel this is a great investment for SinglePoint,” Wil Ralston, president of SinglePoint, stated in the news release. “Part of this investment is to also test our new technologies with their tenants to improve as well as validate our systems. Their feedback will help us build the right solution and navigate the California market regulations.”
To view the full press release, visit http://ibn.fm/qQrBA
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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. For more information, visit www.SinglePoint.com.
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