NetworkNewsWire Editorial Coverage: The burgeoning legalized
marijuana market is increasingly populated with unique contenders,
and success in this market requires a high caliber of innovation
that drives compounding potential for revenue growth, success and
sustainability. SinglePoint, Inc. (SING) (SING
Profile), for example, employs a diversified
acquisition strategy in tandem with a plan to develop a crypto
currency solution for the cannabis industry with First
Bitcoin Capital Corp. (BITCF). Among other publicly traded
standouts in this opportunity-rich market the marijuana space is
General Cannabis Corp. (CANN), GW
Pharmaceuticals plc (GWPH) and Golden Leaf
Holdings Ltd. (GLDFF).
SinglePoint (SING) offers a compelling and
diversified investment opportunity within the marijuana space, and
is beginning to demonstrate its ability to generate revenues
through strategic acquisitions. While some investors are leery of
the risks of the federally illegal marijuana market, it’s important
to note that SinglePoint at no time touches the marijuana plant.
For example, building on its history of payment technologies,
SinglePoint – among other endeavors - services the marijuana
industry via its SingleSeed subsidiary (www.SingleSeed.com), which is engaged in
supplying various services to cannabis to dispensaries and has
become a hub for dispensaries seeking merchant payment processing
solutions and other business tools. SingleSeed also offers payment
processing and text message marketing solutions for cannabis
businesses.
Also in the payment technology field, SinglePoint recently
partnered with First Bitcoin Capital (BITCF) to
develop a proprietary bitcoin payment solution for cannabis
business that, at present, do not have access to banking options
due to FDIC restrictions and resultant lack of cooperation from
banks. This innovative bitcoin solution will be deployable on any
point-of-sale machine through a simple download and will enable
cannabis businesses to accept credit and debit card transactions
independent of banks.
As the first cryptocurrency and blockchain-centered company to
become publicly traded, First Bitcoin is a valuable partner to
SinglePoint in the quest to develop digital currencies. The company
offers a suite of financial solutions for medical cannabis
businesses, including merchant processing and point-of-sale
solutions like automated check-cashing kiosks for California-based
medical marijuana dispensaries. First Bitcoin Capital recently
announced that it has invested its primary wallet, which owns
dozens of cryptocurrencies, into closed-end crypto-exchange traded
fund (CETF) AlphaBIT in exchange for controlling interest in the
form of 200 million ABCs. This is the company’s very first foray
into the Ethereum ecosystem, as ABC runs on the Ethereum
blockchain. This acquisition is significant for various reasons,
including giving shareholders a vehicle for transparently
monitoring some of First Bitcoin Capital’s assets.
In June SinglePoint closed a $1 million company-friendly
Convertible Promissory Note with an institutional investor, stating
that proceeds from the investment will be used to execute on its
bitcoin solution. With this new round of funding, the company is
can move forward with its development of a crypto currency solution
and continue its strategic acquisitions within the marijuana
space.
One recent acquisition has positioned SinglePoint to become a
leader in online products, retail stores, cannabis consulting and
equipment in the state of California, where thousands of
cannabis-related businesses have cropped up. SinglePoint recently
acquired 90 percent ownership of Discount Indoor Garden Supply
(DIGS), a provider of soil and supplies—including hydroponics
products—as well as consulting services to legal cannabis growers.
The importance of this acquisition is emphasized by an unsuspecting
yet recognizable name: Scotts Miracle-Gro (SMG). While you might
not think “marijuana” when you hear the name of this household
brand, Scotts Miracle-Gro has emerged as one of the biggest
traditional business players to participate in the cannabis
industry. Through its wholly owned The Hawthorne Gardening Company
subsidiary, the company is acquiring various leading firms in
hydroponics areas, including soil, lighting and nutrients, and
market reports suggest that the company has more acquisitions on
deck for this year.
SinglePoint also recently inked an agreement with Premier
Biomedical, Inc. (BIEI) to act as a volume supplier in
manufacturing Premier’s new CBD (cannabidiol) Hemp Oil Skin Patch.
The patch is anticipated to be the first in a line of products
resulting from the agreement between the two companies. SinglePoint
believes this new business will contribute greatly to its revenue
goals.
Earlier this year, SinglePoint made an investment in Convectium,
a California-based provider of equipment, branding and packaging
solutions to the cannabis industry. Convectium developed the very
first cartridge and vape pen oil-filling machines for wholesale
distribution to marijuana dispensaries, and its 710Shark and
710Seal machines—which are currently sold through the
EquipCanna.com website—can fill and package more than 100
cartridges or disposable vape pens in just 30 seconds. Convectium
also operates a consumer brand that includes BlackoutX and
HazeSticks products.
General Cannabis (CANN) is another diversified
player in the cannabis space, serving as a comprehensive resource
for high-quality services to the regulated marijuana industry.
Through a combination of robust operating divisions, including
security, marketing, operational consulting and products, real
estate and financing, General Cannabis has become a key partner to
the cultivation, production and retail areas of the marijuana
market. The company’s synergistic divisions are able to leverage
one another’s strengths to contribute to General Cannabis’ overall
success.
Biopharmaceutical company GW Pharmaceuticals
(GWPH) has become a global leader in developing
plant-derived cannabinoid therapeutics using its established drug
discovery and development process along with an intellectual
property portfolio and regulatory and manufacturing savvy. The
company has successfully developed the world’s very first
cannabis-derived prescription medicine, Sativex, which now has
approval in more than 29 countries outside the United States to
treat spasticity related to multiple sclerosis. GW’s current lead
product candidate is Epidiolex (cannabidiol) for treating certain
rare and severe early-onset, drug-resistant epilepsy syndromes. The
company’s pipeline of CBD product candidates further includes
compounds that are in Phase 1 and 2 trials for treating glioma,
schizophrenia and epilepsy.
Another company focused on leveraging a differentiated brand
portfolio within the legalized marijuana space is Golden
Leaf Holdings (GLDFF). Golden Leaf Holdings is one of
North America’s largest providers of cannabis oils and solutions
and is a leading marijuana company in Oregon. The company’s product
portfolio is constructed around recognized brands, and Golden Leaf
Holdings is leveraging a robust management team of experts in the
cannabis and food industries to bolster its expertise in cannabis
oil extraction, refining and sales. Golden Leaf Holdings’ aim is to
become a leading, consumer-driven company that is focused on
wellness solutions that are founded on science and research,
thereby leveraging the company’s differentiated brand portfolio to
provide outstanding customer value.
These companies are making names for themselves through their
successfully unique approaches within the rapidly growing legal
marijuana market. With so many competitors now crowding the
marijuana space, diversified players like the named companies stand
out as ones to watch—and invest in—within the cannabis market.
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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