SinglePoint and 1606 Original
Hemp Celebrate Global Hemp Day Sharing an Overview of Hemp and
Provides 1606 Original Hemp Consumer Product
Update
Phoenix, AZ --
September 15, 2020 -- InvestorsHub NewsWire
-- SinglePoint
Inc. (OTC:
SING) and 1606 Original Hemp celebrate Global Hemp Day! The domestic
Hemp Industry continues to evolve since the passing of the 2018
Farm Bill which has provided a path forward for the
commercialization of Industrial Hemp. Hemp is a renewable material
and highly versatile with many uses including construction,
automotive, infused hemp edible items and the new emerging category
of smokable hemp products (1606
Hemp). In
2019 in the U.S. alone, over 510,000 acres of hemp were licensed across 34
states and by mid-2019, 47 states had legalized hemp. Consumer Products
created to capitalize on the opportunities in the domestic market
are still relatively new and 1606 Original Hemp was designed and
created to be the premier category leader in manufacturing and
marketing of high quality smokable industrial hemp consumer
products for sale through traditional retail channels and direct to
consumer via online sales.
1606 Original
Hemp filtered pre-rolls are made from broad
spectrum American grown, harvested, and cured hemp-flower that
provides a smooth alternative to traditional tobacco products. Each
pre-roll uses biodegradable filters and contains less than 0.3% THC
and nearly 20% CBD and are grown using sustainable farming
techniques. The company uses third party testing to verify quality,
compliance and safety to ensure a premium product for
consumers.
SinglePoint
management believes 1606 Hemp has the ability to generate
approximately $2,750,000 to $5,500,000 in annual sales revenue of
1606 Hemp per 1,000 active accounts. 1606 Hemp was designed to be
the premium brand in the combustible hemp market which is the
second fastest growing market in the hemp category. 1606 Hemp
continues to innovate and differentiate itself as evidenced by the
recent introduction of a six pack point of sale display unit
designed to be placed on countertops or next to the register retail
locations across the nation.
1606 Original
Hemp continues to gain traction with consumers, retail and on
social media. 1606 Original Hemp is steadily becoming the premier
product choice from consumers and has amassed nearly 35,000
followers on social media. This presence is generating multiple
reorders from repeat clients. Over the past few months over 60% of
sales have come from these online channels which is the most
profitable area for the company.
Market
Trends
BDS Analytics
and Arcview Market Research projects that
the collective market for CBD sales in the U.S. will surpass $20
billion by 2024 while New York-based investment bank Cowen &
Co, estimates that the market could pull in $15 billion by 2025.
The combustible hemp market currently represents approximately 2%
of the overall CBD market, but with a 250% growth from 2017 to
2018, Brightfield Group, a Chicago-based cannabis market research
firm, identifies dried and combustible hemp flowers
as one of the fastest-growing segments of the CBD market.
With the passage
of the 2018 Farm Bill and the mainstreaming of CBD hemp, the market
is growing rapidly. There is a significant need for reliable
suppliers with the capacity to market and produce products
available at retail or direct to consumers.
Hemp Infused
Items
Hemp products
haven't gone anywhere, and the types of products being made with it
just keep growing. After a period of prohibition, it's clear to see
that some companies got creative with different ways to incorporate
hemp and CBD into different products.
Hemp infused
products are by far the most common hemp products you'll come
across. Popular ways we see hemp is in an edible form. CBD and hemp
have been infused in edible items such as chocolate, gummies,
coffee, milk, and water. Alongside those, we see hemp in skincare
products as well, like lip balm, face masks, sunscreen, lotions,
salves and more.
Hemp has even
started to make its way into cosmetic products like eyeshadows and
mascaras. There's also, of course, more traditional ways to ingest
it, such as tinctures and capsules. We also can't forget about the
array of hemp products made for our furry friends.
Aside from the
more conventional ways hemp is used, there have also been some more
creative ways we've seen it enjoyed. Some of these ways include
infusing hemp or CBD into common consumer products such as
pillows, back braces, hair pomade, toothpicks and toilet paper,
just to name a few.
About SinglePoint,
Inc.
SinglePoint Inc.
(OTC:
SING) is a fully reporting company with core holdings in Solar
Energy Services and Industrial Hemp based Consumer Products.
Acquired in May 2019, Direct Solar America, a majority owned
subsidiary, now operates its leading national solar sales brokerage
model in 38 states. In the past year Direct Solar America has
virtualized its sales platform and has added to its corporate
offerings to include Direct Solar Capital (Financial) and Direct
Solar Commercial with a focus on financing, designing or developing
small to mid-size commercial opportunities and projects. 1606
Original Hemp has been designed and created to be the premier
category leader in manufacturing and marketing high quality
smokable industrial hemp consumer products for sale through
traditional retail channels and online. Since its debut in late
2019, 1606 Original Hemp has been placed into hundreds of retail
locations across the country and has amassed a large social media
following that continues to grow. The Company has a portfolio of
non-core focused businesses that are searching for strategic
partnerships or other alternative solutions. SinglePoint is
committed to positioning the Company to be able to up list to the
highest exchange possible which we feel is a benefit to our
stakeholders and shareholders.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint
https://www.linkedin.com/company/singlepoint
https://www.youtube.com/user/SinglePointMobile
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
Communication
SinglePoint Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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