SinglePoint Provides Shareholder Update on Spin Off of 1606 Corp.
June 04 2021 - 9:26AM
InvestorsHub NewsWire
SinglePoint Provides Shareholder Update
on Spin Off of
1606 Corp.
- 1606 drives
execution towards
listing on Exchange and
establishing leadership
position in
smokable-hemp
market
- 1606 has potential to access growing
smokable-hemp market with expectations
to reach over $300 million by 2025
PHOENIX, AZ -- June 4, 2021 -- InvestorsHub NewsWire
-- SinglePoint Inc.
(OTC:
SING) ("SinglePoint"
or the "Company"), a company focused on providing renewable energy
solutions and energy-efficient applications to drive better health
and living, today provided an update
to its
shareholders on its recent spin off of 1606 Corp.
("1606"). In April 2021
SinglePoint
spun off 1606
Corp. through a 1 for 1 dividend to SinglePoint
shareholders.
As previously
announced, since the spin off, Greg
Lambrecht has resigned from SinglePoint
and
has been
appointed as CEO of 1606 Corp.
1606
is actively
working to finalize and
submit
its
registration
statement. Upon the effectiveness of the
registration statement, 1606 will be able to apply for
a ticker symbol and begin
trading.
As
1606 Corp.
prepares to file
the necessary documents to become listed on an
exchange,
it has remained focused on building momentum with its focus
on increasing its
retail footprint concentrating on regional expansion in addition to
continuing to grow its' online presence and retail distribution
network.
Additionally,
1606 has continued to grow its online presence with increased
recurring orders coming from customers throughout the US.
Smokable-hemp continues to grow as a
market, Nielsen expects the
smokable-hemp market to reach $300 million to $400 million by 2025,
representing roughly 5% of the potential $6 billion to $7 billion
hemp-derived CBD consumer products category.
"We believe there is a lot of
potential for 1606 ahead and are excited for the
future as
we work to finalize our registration statement. With vape and tobacco and
specifically menthol being pulled off of shelves around the world, our
smokable-hemp products are ready to
replace those holes in convenience store planograms. As a
replacement for traditional tobacco 1606 is a better alternative
with only one ingredient, hemp. Having taken a cigar company public
through the first ever, clear english perspective,
we were able to
get NASDAQ listed and raise $10,000,000 enabling us to achieve
30,000 accounts. I look forward to doing the same with 1606," adds
Greg Lambrecht, CEO of 1606.
1606hemp.com continues to grow its
presence and is the main driver of sales for the company. The
company has placed 1606 hemp in multiple states
and across hundreds of
locations.
About 1606
Corp.
1606 believes
Hemp/CBD can change lives, and that's why we encourage
tobacco/nicotine users to make a
decision—to help us take these
pioneering steps into a world where something as simple as lighting
up a smoke doesn't mean taking a hammer to your health.
About
SinglePoint Inc.
SinglePoint
Inc. is a
renewable energy and sustainable lifestyle company focused on
providing environmentally friendly energy efficiencies and healthy
living solutions. SinglePoint
is initially
focused on building the largest network of renewable energy
solutions and modernizing the traditional solar and energy storage
model. The Company is also actively exploring future growth
opportunities in air purification, electric vehicle charging, solar
as a subscription service, and additional energy efficiencies and
appliances that enhance sustainability and a healthier life. For
more information, visit the Company's website
(www.singlepoint.com) and connect
on LinkedIn and Twitter.
Forward-Looking Statements
Certain
statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act
of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934 and are subject to the safe harbor created by
those rules. All statements, other than statements of fact,
included in this release, including, without limitation, statements
regarding potential plans and objectives of the Company, the use of
proceed, anticipated growth and future expansion, are
forward-looking statements that involve risks and
uncertainties.
There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
Technical
complications, which may arise, could prevent the prompt
implementation of any strategically significant plan(s) outlined
above. The Company undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release.
Investor
Contact:
JTC Team,
LLC
Jenene Thomas
833-475-8247
SING@jtcir.com
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