- SING expands into multi-billion dollar retail cannabis sales industry
- Partnership with First BitCoin Capital will overcome the cannabis industry’s banking roadblock by providing a cryptocurrency alternative
- SING moves into cannabis equipment and consulting market through subsidiary Discount Indoor Garden Supply
Specialized holding company SinglePoint, Inc. (OTC: SING) is offering choice investment opportunities as it expands into the legal cannabis market. By overcoming a lack of banking options in the industry and entering the burgeoning field of consulting and supplies for legal cannabis growers, SinglePoint joins several other major companies including Scotts Miracle-Gro (NYSE: SMG) in the cannabis space.
A recent article explains the prime investment opportunities presented by SinglePoint’s investment into the legal cannabis space. Many enterprising investors are adding stocks in the legalized cannabis industry to their portfolios. Many categories of investment options in the new industry exist. However, two stand out, and SinglePoint is involved in both. Bitcoin, a digital currency, offers the ability to transfer funds free of banks and government regulation. Hydroponics, a way to grow plants without soil, is another big growth industry.
More and more investment opportunities are arising in the legal cannabis industry, and SinglePoint is poised to be a major player. Through its subsidiary, SingleSeed (www.SingleSeed.com), SinglePoint is offering a solution to a major barrier for the cannabis industry – the lack of traditional banking options. SingleSeed offers a variety of services aimed at legal cannabis merchants, including the mobile Cashless ATM system, Pay by Text, and text message marketing.
In June, the company announced $1 million in funding (http://dtn.fm/m8Ocp) to continue developing its BitCoin Payments solution in partnership with First BitCoin Capital (OTC: BITCF). First BitCoin Capital is a leading bitcoin and blockchain technology provider.
Bitcoin digital currency is seen as an ideal method to allow cannabis merchants to offer credit and debit card payments to its customers. Federal restrictions have forced the cannabis industry to utilize only cash transactions, despite cannabis being legalized for medical or recreational use in 29 states and the District of Columbia.
With the new funding, SinglePoint management is moving quickly to evolve a cryptocurrency solution for the fast-growing cannabis industry that will allow point-of-sale use of debit and credit cards at medical and recreational cannabis dispensaries. The new partnership allows SinglePoint to move forward rather than wait on federal banking rules to offer payment solutions to the cannabis industry.
Japan recently recognized bitcoin as a legal payment method. In addition, bitcoin is already an accepted payment method for several large retailers, including Overstock.com.
SinglePoint is also establishing a beachhead in the expanding cannabis equipment and consulting market. The company announced last week (http://dtn.fm/38n8V) the receipt of a major purchase order from Premier Biomedical (OTCQB: BIEI) by SinglePoint’s recently-acquired Discount Indoor Garden Supply (DIGS Hydro) subsidiary. Premier Biomedical is a publicly-traded company partnering with the University of Texas at El Paso and focusing on research and development of medical treatments for diseases in humans.
SinglePoint acquired 90 percent ownership in DIGS Hydro in May 2017. DIGS Hydro provides online products, retail stores, consulting and equipment to the cannabis industry in California, the location of thousands of cannabis-related businesses and customers.
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