- Company sees four to five more acquisitions in pipeline after its investment in California firms DIGS and Convectium
- Hired a blockchain expert as part of project addressing payment processes for the cannabis industry
- Hired Turner, Stone & Company LLC to complete 2016 financial audit
Wil Ralston, president of SinglePoint, Inc., (OTC: SING), and Greg Lambrecht, CEO, say their company is primed to make four to five more acquisitions as it sees further opportunity in the cannabis market and medical marijuana. It is supporting dispensaries with the cryptocurrency bitcoin and is helping legal sellers solidify an online presence with subsidiary SingleSeed.com. SinglePoint has hired a digital technology blockchain expert and will launch a project to determine a solution for payment processes within the cannabis industry.
The company’s recent online audio press release (http://dtn.fm/4lNeO) illustrates how this Seattle-based full service mobile technology provider is transitioning into a diversified holding company. It is committed to growing in the cannabis industry. It has formed a joint venture with First Bitcoin Capital Corp. (http://dtn.fm/xNi0e) to offer a payments solution using blockchain technology. The goal is to develop a proprietary solution for high-risk vertical businesses within the cannabis industry. Vancouver, Canada-based First Bitcoin Capital (OTC: BITCF) is a vertically-integrated, publicly traded bitcoin entity.
In May 2017, SinglePoint acquired 90% of discount indoor garden supply firm DIGS. That purchase put SinglePoint further into the online marketplace. That company has two brick-and-mortar store locations in California and is eyeing a third. It also has an online store, www.DIGSHydro.com. SinglePoint has also acquired a portion of Convectium (http://dtn.fm/9Bk7M). This California company creates infrastructure for firms in the cannabis market. It has developed a unique oil filling system, and its products will be sold through SinglePoint’s SingleSeed.com subsidiary.
CEO Lambrecht said SinglePoint is focused on organic growth and acquisition. He is optimistic about legislation coming from the new administration and, eventually, banks opening up to the cannabis industry. “Singlepoint is basically a mobile payments technology company, but we’re able to really jump into any vertical because almost every business has a payment option,” Lambrecht said in the release.
Lambrecht, also president, CEO and founder of SingleSeed, added that SingleSeed.com can enable cannabis retailers to process sales using bitcoin and help dispensaries use online marketing strategies such as texting and mobile phone sales. He explains how the company’s cashless ATMs on site can offer dispensaries the ease of accepting a cashless transaction with bitcoin for a cannabis or medical marijuana purchase. Revenue streams for SinglePoint are created through a transaction commission.
SinglePoint is positioned to benefit from the growth of the cannabis industry. Additionally, Lambrecht disclosed that Turner, Stone & Company, LLP, has been hired to complete an audit of SinglePoint’s financials for 2016.
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