SinglePoint
Signs LOI to
Acquire $1,000,000 stake in California Cannabis Cultivation
Land
Seattle, WA
-- February 27, 2018 -- InvestorsHub
NewsWire --SinglePoint Inc. (OTCQB:
SING) is pleased to announce the company has
signed an LOI to
acquire a
stake in California cannabis cultivation
MTH Development
Group ("MTH") further establishing its
California footprint. MTH currently operates 4.7
acres of
land zoned for cannabis cultivation. SinglePoint has invested in
the company in return for an equity stake. Currently the company leases
its properties to licensed cultivators and operates one of the
largest cultivations in Adelanto, California.
With its
hands-off approach SinglePoint is staying true to that strategy by
investing MTH. SinglePoint will continue its hands-off approach by
acquiring companies and providing technology solutions to the
industry. This will be the first
acquisition of its kind for SinglePoint in which the company will
own equity in licensed cannabis cultivation land. The company is in
negotiations to do similar investments in other
states.
MTH is
currently home to companies like HD Biotech and Quality Resources.
HD Biotech harvests roughly 400 pounds per month of flower and 150
pounds of trim used for cannabis oil manufacturing. Currently HD
Biotech has received its cultivation, manufacturing and expects its
distribution license shortly. Holding all three licenses
would provide the ability to vertically control all their products
from seed to sale, thus reducing costs significantly.
"We are
excited for this opportunity. Having been to the operation and
seeing their proprietary cultivation procedures we feel this is a
great investment for SinglePoint. Part of this investment is to
also test our new technologies with their tenants to improve as
well as validate our systems. Their
feedback will help us build the right solution and navigate the
California market regulations", states Wil
Ralston President SinglePoint.
This
acquisition will further SinglePoints' footprint in
the cannabis
market which recently achieved another huge milestone with the
acceptance of Cronos listing on
NASDAQ. SinglePoint management
believes this shows the strength of growth in the industry and the
opportunities that are available.
About SinglePoint,
Inc.
SinglePoint, Inc.
(SING) has grown from a full-service mobile technology provider to
a publicly traded holding company. Through diversification into
horizontal markets, SinglePoint is building its portfolio by
acquiring an interest in undervalued subsidiaries, thereby
providing a rich, diversified holding base. Through its subsidiary
company SingleSeed, the
company is providing products and services to the cannabis
industry.
Connect on social media at:
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For
more information visit: www.SinglePoint.com
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 future plans and
objectives of the Company, 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.
Corporate Communications
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