Technology innovator SinglePoint, Inc. (OTCQB: SING) is celebrating the rollout of new products to the cannabis-infused wellness market by subsidiary SingleSeed at the same time that its already-launched Lalpina CBD Water is reporting a successful first week of sales.
SingleSeed distributes hemp-based CBD (cannabidiol) products on a direct-to-consumer basis nationwide, and its website has only just begun offering its Cannasporin Muscle Salve and easy applicator Twist-Up Stick to soothe and heal damaged muscles as it reduces inflammation, while a CBD hair and beard oil and a new sleep aid tincture are expected in the coming weeks (http://cnw.fm/Rx94O).
Lalpina CBD Water comes in a 12-pack case and received 25 orders within the first week. Those transactions also helped drive the sales of other SingleSeed products, the company reported (http://cnw.fm/9Vt7D).
“We are thrilled at this first week of sales results, it has blown away our expectations especially when taking into consideration we have not yet added it to our mix of search marketing, most of the orders have been organic direct search for SingleSeed.com,” SinglePoint President Wil Ralston stated in the report.
SinglePoint specializes in acquiring small to mid-sized companies, emphasizing new technologies and providing investors opportunities to monetize assets ranging from payment processing and cannabis services to blockchain technologies and a cryptocurrency app co-created with AppSwarm (OTC: SWRM).
The new spate of SingleSeed’s CBD products are fulfilled directly by another SinglePoint subsidiary, Discount Indoor Garden Supply (“DIGS” or “DIGS Hydro”), which is able to provide bulk CBD from raw to “pure” isolate concentrated extract, as well as supplying white-labeled products.
In the wake of Canada’s nationwide legalization of all adult uses of cannabis in mid-October, SinglePoint is now exploring the ramifications of entering the Canadian market for a dual listing.
The company notes in its publications that Hemp Business Journal’s CBD market forecast anticipates growth to $2.1 billion by 2021, with $450 million of those sales coming from hemp-based sources (http://cnw.fm/bMC42). That provides a situation rife with opportunity to capitalize on e-commerce and physical outlets.
The CBD market is not only finding fertile ground in Canada’s legalization drive, but across the United States, where more than half of the states have established some type of authority for CBD use in medicinal applications. Because CBD’s chemically active properties do not produce the drugged euphoria of marijuana sibling tetrahydrocannabinol (THC) and because its users affirm that it provides relief from some chronic conditions, it is also gaining ground legislatively on the federal level. Congress is working toward a bipartisan approval of the 2018 Farm Bill, which would allow CBD-rich hemp to be grown as an agricultural commodity instead of a proscribed drug (http://cnw.fm/E04ur), and the U.S. Food and Drug Administration recently approved a cannabis-based anti-seizure medication for pharmaceutical distribution, which drove the U.S. Drug Enforcement Administration to reclassify CBD as medicinal and legal in FDA-approved uses for the first time (http://cnw.fm/VW3Ze).
For more information, visit the company’s website at www.SinglePoint.com
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