The legalization of cannabis across many states in the U.S. has opened doors to various innovators, leaving the tech world to rapidly adapt to this trending industry. There’s now a strong move by cannabis-oriented businesses to incorporate common technologies found in other industries, and such innovations are not just found in dispensaries. Improvements are being made on the technology surrounding the agricultural, marketing, production, and distribution channels in the marijuana market. Technology is also being used to solve challenging issues such as payment options.
Singlepoint, Inc. (OTC: SING), a publicly traded holding company, offers payment solutions to the cannabis industry through its SingleSeed subsidiary. The company offers noncash payment solutions to marijuana businesses that are legal, easy to use, and safer for both the companies using them and the customers purchasing products. However, it is not just through payment solutions that Singlepoint is sparking innovation in the cannabis technology market.
Recently, Singlepoint has made public its plan to undertake strategic acquisitions of companies that are in the cannabis industry but which do not in any way touch the plant itself. As the marijuana market in the U.S. continues to flourish, this strategy has started to unfold with SING’s acquisition of a stake in Convectium, a company that has created a unique machine that fills and packages vape cartridges and disposable vape pens at a rate of 100 per 30 seconds.
In a recent interview with Donald Baillargeon from MoneyTV (http://dtn.fm/OCAe3), Greg Lambrecht, CEO of Singlepoint, announced that the company has provided its initial round of funding to Convectium, where demand and sales have soared for this quarter compared to the same quarter of 2016. According to Lambrecht, the Convectium product is a perfect acquisition for Singlepoint, not only because of its in-demand capabilities, but because it does not require direct involvement with the plant and, therefore, does not break any state or federal regulations.
According to Lambrecht, Singlepoint has entered into an independent sales agreement with Convectium, whereby Singlepoint will be selling the machine in order to increase its revenues. He continued to emphasize the greatness of both Convectium and its product during the interview, highlighting the fact that comparative financial results of 2016 and 2017 will soon be released.
With the legal cannabis market projected to grow at a compound annual rate of 17%, according to Forbes (http://dtn.fm/UmNX8), Singlepoint aims to focus its attention on cannabis enterprises rather than cultivation, allowing it to aid investors in the cannabis market to diversify their portfolios through equipment providers and consumer product makers. Despite marijuana still being classified as a Schedule 1 drug, Singlepoint is making strides in the cannabis technology market and plans to continue to diversify its revenue streams within the industry.
For more information, visit the company’s website at www.Singlepoint.com
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