Seattle, Washington–(Newsfile Corp. – June 27, 2019) – CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces the publication of an article covering the dynamic success of holding company SinglePoint .
When you think about hot markets, things like mobile payments, cannabis and alternative energy usually come to mind. MarketsandMarkets predicts the digital payments market to rise from $32.5 billion in 2017 to $86.76 billion by 2023. Grand View Research sees the global legal marijuana industry rising 36% this year from 2018 to hit $15 billion and growing to reach $66.3 billion by the end of 2025.
The uptake in solar hasn’t been as fast as many pundits once thought, but that doesn’t discount the fact that it continues to build momentum. Decreasing installation costs and increasing environmental awareness lead Hexa Research to believe that the U.S. solar market will climb to $22.9 billion in 2025 from $12.7 billion in 2017.
Add it up and that’s about $115 billion in forecast growth in four to six years across the three markets.
SinglePoint, Inc. (OTCQB:SING) has its hands in all of these industries as a fully reporting holding company aggressively making acquisitions and signing deals that have the company aligning to uplist to either the NYSE or Nasdaq exchange. The contemplation to graduate to a national exchange has recently been underscored by the company hitting two major milestones recently, one with its hemp operations and the other with a newly acquired solar company.
$109.5 Million Contract
The passing of the U.S. Farm Bill to legalize industrial hemp across the country at the start of 2019 set off a starting gun for the industry by opening up nationwide commerce of hemp-derived cannabidiol (CBD). There is an ever-growing body of evidence supporting the medicinal benefits of CBD covering the complete therapeutic spectrum from anxiety to epileptic seizures.
SinglePoint firmly planted its flag in the space on Tuesday, signing a contract with Elite Foundation LLC of North Carolina worth $109.5 million . Per the agreement, SinglePoint will supply more than 275,000 pounds of premium hemp flower over a period of 15 months to Elite. The initial 1,000 pounds of product has been approved and purchased.
The contract stems from the tireless labors of SinglePoint VP of Sales Don Smith and a new supply chain and co-selling agreement with Oregon-based Easy Street Services Company and J&J Empire, LLC.
Solar Sales Soaring
On top of the big hemp contract, SinglePoint is already seeing growth in its solar unit. Direct Solar is SinglePoint company operating on a Lending Tree/Rocket Mortgage model in which the company provides homeowners access to loan programs and solar installation installers in their area. Last month, SinglePoint completed the acquisition of Direct Solar, saying it expected the buyout to meaningfully appreciate corporate revenue and bring SING to profitability.
Management’s forecast wasn’t hyperbole, with the company last week announcing Direct Solar signing contracts to deploy $1.71 million in solar installs received in the past 30 days. After expenses, SinglePoint believes the sales will generate approximately $803,769 in gross profit and $361,541 in net profit.
Against this backdrop, SinglePoint sees the revenue trajectory turning sharply upward, climbing to $7 million in 2019, over $20 million in 2020 and about $45 million in 2021.
SinglePoint has a knack to bundle together operations to give them extra appeal and exposure to its existing networks. To that point, it’s not a huge surprise that Direct Solar is targeting the cannabis space and presently negotiating a line of credit for cannabis businesses throughout North America.
Given the exploding green rush across America and Canada, companies are working double-time to scale operations to capture market share. With marijuana still illegal at the federal level as a Schedule I drug, the banking nightmares cannabis companies have dealt with are well documented, making Direct Solar a premium partner for energy and funding requirements.
Rolling Up Cannabis Startups
A deluge of opportunities in technology and related fields has SinglePoint focused on acquiring small-to-midsize companies and shepherding development of their respective technologies. Investors seem to like the business model, with SinglePoint now having more than 30,000 shareholders, not to mention Kevin Harrington, supporting the company. Harrington, an infomercial guru and original shark from the hit CNBC show “Shark Tank,” is a brand ambassador featured in national ad campaigns for SinglePoint’s digital payment solution called SingleCoin.
At its core, the name SinglePoint represents a mobile web checkout gateway service that allows mobile users to buy goods and services directly from any web-enabled mobile phone via credit or debit card. That’s just scratching the surface of a company that has its hands in many businesses with a particular affinity for technology for cannabis and blockchain, the decentralized digital ledger at the heart of cryptocurrencies.
For instance, SingleSeed is an ecommerce business launched last year providing services to the underserved cannabis and hemp markets. The site offers a litany of products made with cannabidiol (CBD), including waters, creams, vapes, pet products and more. Apropos, a boom in demand for American Premium Water Company’s Lapina CBD Water on SingleSeed actually caused the site to crash recently. SingleSeed got the site back up and running, subsequently offering a special coupon for the inconvenience.
SinglePoint has moved quickly to deepen its roots in the wholesale CBD space, penning a supply chain and co-selling agreement with Nevada-based JMSJ Holdings in addition to its agreement with Easy Street Services Company and J&J Empire, LLC. Per the pact with JMSJ, SinglePoint is guaranteed access to $50 million worth of industrial hemp-derived CBD isolate monthly, which it will offer for sale to companies needing CBD distillate, CBD isolate and hemp biomass for producing commercial products.
The company also offers its ” Strategics ” program, a platform run in partnership with a national distribution company with nearly $2 billion in annual sales to stores like CVS, Walgreens, Rite-Aid, Dollar General, Kroger and more. Strategics gives up-and-coming CBD companies a pathway to get their products into national retail distribution channels.
DIGS – an acronym for Discount Indoor Garden Supplies – is another unit of SinglePoint. Through two retail locations in Southern California and an online store, DIGS specializes in selling hydroponic supplies (lights, HVAC systems, etc.) and nutrients to commercial and individual farmers.
In 2017, SinglePoint took an 8.6% stake in Jacksam/Convectium Corp. Convectium makes the first wax and oil disposable for the vaping industry, one of the first dry herb vaporizers and the industry’s first American-designed filling machine. Seen in Forbes, Engadget, USA Today and more, the company’s proprietary technology and equipment, which increases output 60-fold compared to legacy hand-filling techniques, are widely used by cannabis businesses to automate workflow.
Another Tech Acquisition and Build-Out
Some industries aren’t exactly sexy on the surface, but that doesn’t mean they’re not lucrative or ripe for some tech innovation. A savvy company looking for growth potential, SinglePoint acquired ShieldSaver in March 2018, a move to expand its blockchain initiatives into the $12 billion automotive glass industry.
SinglePoint’s ShieldSaver is a tech company with unique privileges to solicit work from people with damaged vehicles through partnerships with entities like parking lot operators and the Denver and Sacramento international airports.
The company is a true anomaly in the space, using its proprietary license plate recognition technology to pair repair shops with potential customers. With the launch of the cutting edge app, the company is working to complete the blockchain solution where the auto-repair data will be securely stored.
As has become a pattern, the company is wrapping acquisitions together that provide comprehensive platforms, or a SinglePoint if you will, for customers’ needs.
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