Before the opening bell, CFN Media Group, the leading creative agency and digital media network dedicated to legal cannabis, announced the release of an exclusive interview with Singlepoint, Inc. (OTC: SING) CEO Greg Lambrecht. In the interview, Lambrecht takes a look at the current state of the legal cannabis industry, particularly as it relates to banking, which is an area that Singlepoint is currently targeting through its SingleSeed subsidiary. In addition to providing some insight into the company’s early-mover advantage in the burgeoning market, Lambrecht used the interview to offer prospective investors some additional insight into Singlepoint’s strategy to capitalize on proposed reform to the regulations that are currently impeding the use of banking services for the legal cannabis industry.
To view the full interview, visit http://nnw.fm/0vWi1
The legal cannabis industry is expected to record tremendous growth in the coming months, driven primarily by California and the three other states that voted to legalize the substance for recreational purposes last November. According to Cowen & Co., the industry could record revenues in excess of $50 billion by 2026, creating a lucrative opportunity for companies operating in the space.
Despite the fact that well over half of all states have now legalized marijuana in some form, the drug remains illegal at the federal level. This inconsistency has caused most commercial banks around the country to keep their distance. Since the last guidelines from the Financial Crimes Enforcement Network (FinCEN) were released in 2014, less than three percent of the nearly 12,000 federally regulated banks and credit unions have made the decision to serve the cannabis industry.
In recent weeks, lawmakers have initiated a movement to correct this oversight. Massachusetts Senator Elizabeth Warren, in concert with nine other U.S. senators, recently penned a letter to FinCEN calling for improved guidelines that could help correct the ‘cash-only’ modus operandi that’s currently in play for the vast majority of legal cannabis businesses. Warren noted a variety of potential benefits that could stem from this reform, including more reliable tax records and improved all-around safety for dispensaries and similar operations.
Singlepoint, through its SingleSeed subsidiary, is primed to capitalize on this proposed reform. The company initially recognized the enormous potential for cannabis credit card processing years ago, when it placed cashless ATMs at roughly 200 medical and recreational dispensaries in Colorado and Washington. Unfortunately, regulatory red tape forced Singlepoint to temporarily suspend those operations, but the company’s growing list of interested clients in the space could create a tremendous opportunity if and when lawmakers address the cannabis banking problem.
In preparation for anticipated reform, Singlepoint has already launched SingleSeed.com in an effort to expand its existing customer base in the cannabis industry. The company recently launched a connect-by-text marketing platform for cannabis businesses that allows them to seamlessly communicate with customers in a way that doesn’t run afoul of strict cannabis marketing regulations. These efforts, when combined with Singlepoint’s aggressive acquisition strategy, played a key role in CFN Media Group’s classification of the company as a “compelling opportunity within the cannabis payments space.”
For more information, visit www.Singlepoint.com
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