NetworkNewsWire Editorial Coverage: The marijuana industry
continues to evolve at a breakneck pace in the United States, and
an increasing number of businesses are finding their niche in this
rampant market as it burns toward nationwide legalization. In the
wake of this evolution, various new types of businesses are
emerging to provide the consumer and commercial markets with
products and services such as branding and packaging, smoke
lounges, cultivation operations, grow equipment, pain management,
payment solutions and numerous others. SinglePoint, Inc.
(SING) (SING
Profile), Medical Marijuana, Inc.
(MJNA), Kush Bottles, Inc. (KSHB),
Scott’s Miracle-Gro Co. (SMG) and Canopy
Growth Corp. (TWMJF) represent a handful of innovators
finding ways to cash-in on the plentiful opportunities within this
budding market.
A quick browse through marijuana-related news provides just a
glimpse of the progress being made in the mammoth industry. In
Vermont, a landmark bill legalized marijuana for adults over 21,
marking the first time a state legislature has ever originated and
passed a marijuana legalization bill. Previously, adult-use
legalization measures in the U.S. were passed by popular citizen
vote. Massachusetts and Maine are also moving forward, with retail
stores expected to open in both states in 2018. In Oregon, the City
of Portland is backing cannabis businesses in lobbying for a bill
that would permit marijuana consumption at licensed lounges,
similar to tobacco smoking patios. These are only the latest in a
wave of headline-making happenings related to marijuana
legalization efforts throughout the country.
Companies like SinglePoint (SING) are well-aware of
these developments and are making headway in their respective
niches. SinglePoint is building an acquisition portfolio of
undervalued subsidiaries with a focus on innovative technologies.
When it comes to opportunities in the marijuana industry,
SinglePoint’s strategy is to provide various ancillary services and
non-plant-based solutions to dispensaries, growers and
consumers.
Due to federal restrictions, marijuana businesses lack access to
banking options, but industry experts expect this to change.
Anticipating the need for electronic payment options once the
industry does become bankable (http://nnw.fm/8oB02), SinglePoint has structured its
cannabis brand subsidiary, www.SingleSeed.com, as a hub for the online sale of
cannabis products to marijuana dispensaries. When the tide turns,
SinglePoint will be a “first mover” in providing payment solutions
to cannabis businesses through its SingleSeed Payments, which is
geared up to provide payment solutions such as mobile marketing,
cashless ATM, Pay-by-Text™ and text message marketing (http://nnw.fm/W84Lt). Ready at the gates,
SingleSeed.com has become a standout resource for marijuana
dispensaries seeking merchant payment processing solutions and
other business tools.
Waiting on this opportunity doesn’t mean inaction, however.
SinglePoint in early May announced (http://nnw.fm/QjJ9m) its plans to start onboarding
“high risk” merchant accounts, a category of more than 100 types of
businesses, including auctions, vape pen sales, gambling, online
gaming and more, which typically offer higher margins than
traditional accounts.
“We are providing multiple solutions to the cannabis space and
we are trying to do the same in the payments space as well,”
SinglePoint CEO Greg Lambrecht stated in the news release. “Being
able to offer a payment solution to multiple different verticals
gives the company a larger target market to tap into. We believe
high risk is a huge opportunity and an underserved market at this
point.”
SinglePoint’s core business strategy (http://nnw.fm/obb8Z) is one of diversification and the
relentless pursuit of building corporate value. On point, the
company earlier this year announced its investment in Convectium, a
profitable provider of equipment, branding and packaging solutions
to the marijuana industry. Convectium has developed the very first
cartridge and vape pen oil filling machines created for wholesale
distribution to cannabis dispensaries. The company’s 710Shark and
710Seal machines, currently sold through its EquipCanna.com brand,
can fill and package more than 100 cartridges or disposable vape
pens in 30 seconds, providing an attractive alternative to the
traditional, time-consuming method of hand-filling cartridges. Also
operating consumer brands HazeSticks and BlackoutX, Convectium has
a market reach into more than 52 countries.
SinglePoint also recently signed a Letter of Intent (http://nnw.fm/0iSI1) to acquire 90 percent of
California-based Discount Indoor Garden Supply (“DIGS”), a provider
of growing equipment and accessories for individual or commercial
plant cultivators. In addition to its online store (www.DIGSHydro.com), DIGS operates two
store-front locations with plans for a third in the near
future.
This acquisition is expected to bring immediate revenues to
SinglePoint as it deepens its reach in the State of California,
which houses thousands of cannabis-related businesses. Through
DIGS, SinglePoint will be able to offer soil and supplies similar
to a household brand and recognizable player in the marijuana
industry, Scotts Miracle-Gro (SMG).
Well known for its lawn and garden care products, Scotts
Miracle-Gro is also heavily investing in hydroponics - the method
of growing plants without soil – a method primarily used in indoor
and urban gardening. Hydroponics has also become the standard for
growth in the marijuana industry. In May 2016, The Hawthorne
Gardening Company, a wholly owned subsidiary of Scotts Miracle-Gro,
spent $136.2 million on the acquisition of a 75 percent stake in
greenhouse and hydroponic indoor lighting producer Gavita. In
October 2016, The Hawthorne Gardening Company also acquired
American Agritech, which is a hydroponic growing systems and plant
supplements producer.
Industry peer Medical Marijuana (MJNA) is
taking a unique approach to providing marijuana products without
waiting for federal governmental approval to do so. The company has
discovered a way to work within federal government cannabis
restrictions to legally offer high-quality cannabis-derived
products in the United States. The key to doing so pertains to
non-psychoactive cannabinoids like cannabidiol (CBD), which has a
wide variety of potential health applications but does not rely on
tetrahydrocannabinol (THC), the psychoactive chemical compound in
cannabis. MJNA’s approach is to grow low-THC varieties of cannabis
(hemp) outside the United States, create CBD hemp oil, and import
it to the United States. Taken from carefully cultivated hemp
plants, CBD hemp oil is an extract that is completely legal,
non-psychoactive, contains a full spectrum of phytocannabinoids, is
high in CBD and has almost no THC, making it legal to sell in the
U.S. MJNA’s products, provided through the HempMeds and Kannaway
distribution divisions, include pure CBD hemp oil extracts, sprays,
tinctures, capsules, vaporizers, bath and body products and chewing
gum. Along with selling CBD hemp oil products to more than 200,000
individuals in the U.S., MJNA has also been able to offer the first
legal marijuana products in Brazil and Mexico. Recently, the
company’s Kannaway brand expanded into the European marketplace and
is expected to be fully operational there by the fourth quarter of
2017.
Another company set to cash-in on the evolution in the marijuana
industry is Kush Bottles (KSHB). Getting its
footing in 2010 as a provider of cutting-edge packaging solutions
for the marijuana industry, Kush Bottles has since expanded its
product line, which now ranges from custom packaging and labeling
items to point-of-sale products like grinders, papers, lighters and
glass pieces. Kush Bottles serves thousands of cannabis
dispensaries, retail shops, growers and consumers and has become a
leading packaging supply and services company that exclusively
addresses the needs of the marijuana industry. Recently, Kush
Bottles added the web domain Roll-uh-Bowl.com to its list of
acquisitions. Attracting an average of 39,500 web users monthly,
Roll-Uh-Bowl.com is an online distribution platform for the retail
sale of collapsible, unbreakable medical-grade silicone water
pipes.
Canopy Growth (TWMJF) is also successfully
navigating the marijuana market. A leading global diversified
cannabis company, Canopy Growth operates various diverse brands and
curated strain varieties that are supported by more than half a
million square feet of indoor greenhouse production capacity and
that are also partnered with some of the biggest names in the
sector. The company’s core brands include Tweed, which has become
one of the most recognized marijuana production brands in the
world; Bedrocan medical-grade cannabis; and the Mettrum natural
health brand.
Consumer demand, political support, and public opinion are
powerful drivers behind the movement toward legalized marijuana,
and present an increasing number of opportunities for companies to
profit. The named companies are among standouts in this sector that
are successfully navigating the growing cannabis market and
implementing smart strategies to capitalize on its manifold
opportunities.
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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