- Company has completed three profitable strategic acquisitions during 2017
- Revenue has increased 378-fold since first quarter 2017
- Ideally positioned to continue acquisition strategy and further grow revenues
In singling out success stories within the cannabis industry, SinglePoint, Inc. (OTC: SING) is a company that has definitely earned its place among the members of the marijuana market’s “Who’s Who.”
SinglePoint has been pursuing a diversified acquisition strategy within the cannabis industry this year with great success—something discussed in detail in a recently published article (http://cnw.fm/eY3k3).
SinglePoint has evolved within a short time from having its core focus on advanced payment technologies and full-service mobile technologies, leveraging the its SingleSeed subsidiary to becoming a fully functioning holding company engaged in the acquisition of small- to mid-sized companies. Thus, SinglePoint has strategically established profitable footholds in the burgeoning cannabis market—all without touching the marijuana plant.
In late January 2017, SinglePoint announced the signing of a letter of intent to acquire an interest in Jacksam Corp., dba Convectium, closing the first round of funding for the acquisition in March. This acquisition marked the first in a successive—and ongoing—line of strategic investments intended to diversify SinglePoint’s revenue streams within the multibillion-dollar marijuana industry.
Convectium is a provider of equipment, branding and packaging solutions to the marijuana industry and the developer of the very first cartridge and vape pen oil-filling machines for wholesale distribution to cannabis dispensaries. The company’s 710Shark and 710Seal machines, sold through EquipCanna.com, are able to fill and package more than 100 cartridges or disposable vape pens in a mere 30 seconds. Additionally, Convectium operates B2C consumer brands that include BlackoutX and HazeSticks.
In May, SinglePoint acquired 90 percent of Discount Indoor Garden Supply (DIGS) in a stock and cash transaction, which immediately positioned SinglePoint as a leader in online products, retail stores, cannabis consulting and equipment in California. DIGS offers a broad array of growing equipment and accessories for individual and commercial plant cultivators, including growing supplies, hydroponic garden solutions, grow rooms and accessories, all-in-one units enabling private plant growth within the home, and more.
Teaming up with First Bitcoin Capital Corp. (OTC: BITCF), SinglePoint has additionally been engaged in developing a blockchain payments solution to enable cannabis enterprises to process debit and credit card payments using bitcoin—independent of federal sanction, which, at present, marijuana businesses in the United States do not have and, therefore, lack traditional banking options and have been forced to conduct transactions in cash.
Related to the development of its cryptocurrency payments solution, in August SinglePoint announced its purchase of $Weed from First Bitcoin Capital, which is a marijuana-specific cryptocurrency that recently had an initial coin offering launch that resulted in an impressive yet illiquid market cap of almost $60 million. $Weed currency is now being integrated into SinglePoint’s bitcoin payments solution.
On September 6, SinglePoint finalized its acquisition of profitable cannabis distribution company Dr. FeelGood, which offers a wide variety of products distributed through both B2B and B2C models.
It has, indeed, been a busy and profitable year for SinglePoint. As a result of its acquisition activity, the company’s revenue has increased 378-fold in contrast with its first quarter 2017 earnings, and SinglePoint is ideally positioned and well-capitalized to further its acquisition strategy and continue increasing its revenues going forward.
For more information, visit the company’s website at www.SinglePoint.com
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