Singlepoint Inc (OTCMKTS:SING) is another company that many investors are watching because of its recent venture into the cannabis market. SING has created a transaction system for cannabis growers or companies and they have recently inked an important partnership to do so. Moreover, they are raising capital to back this venture. The volume average reached 24,582,758 yesterday and investors could be correcting their valuations as cannabis sector stocks reframe after their post-election lull.
SING is developing a card-based transaction system that allowed users (customers and retailers) to transact with credit cards, yet circumvent the Federal restrictions that surround cannabis product related banking.
Singlepoint Inc (OTCMKTS:SING) recently announced that it has raised more than $600,000 and is optimistic that they will secure additional funding of $1 million. In addition, and maybe most importantly, SING has secured a deal with First Bitcoin Capital Corp. to develop further blockchain payment solutions.
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Under the terms of the agreement, SING and BITCF are to pool efforts and technology in coming up with proprietary solutions for high-risk payment verticals. The two companies are also aiming their sights at the cannabis sector that is experiencing massive growth in North America.
“The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast,” said SinglePoint CEO Greg Lambrecht.
According to company documents, SinglePoint, Inc. is a full-service mobile technology and marketing provider that offers solutions for clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. They target small to mid-size companies across the country.
However, SING continues to try to diversify its revenues. They completed the acquisition of a 90% stake in Discount Garden in a cash and stock transaction. The acquisition expands the company’s operations into the business of selling products online, further diversifying its revenue stream. The company’s chief executive officer expects the acquisition to position SinglePoint as a leader in online products, cannabis consulting, and retail stores in the greater California.
Discount Garden’s core competence is the sale of a wide range of cultivation equipment specifically targeting the cannabis industry. In addition to operating an online business the company also operates two store front locations with plans for a third on the way. “This acquisition is an important one for SinglePoint and strengthens our footing in the cannabis industry. The acquisition of DIGS is phenomenal for the company’s books. More importantly though are the people that come along with this. We are investing in people we believe in, people that we know can continue to run and grow their company,” said Mr. Lambrecht.
As it stands, Singlepoint Inc (OTCMKTS:SING) could be a winner in this space. They have multiple revenue buckets on the horizon and they are working with First Bitcoin Capital to ensure a blockchain solution for cannabis transactions. That venture alone touches two of the market’s hottest sectors and should get investors’ attention. For continuing coverage on shares of $SING stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!