Singlepoint, Inc. (OTC: SING), specializing in small- to mid-sized company acquisitions, recently began funding Convectium, an organization that sells equipment in the cannabis industry. There should be “more funding on the way,” according to Singlepoint CEO Greg Lambrecht, who discussed the acquisition in a recent episode of MoneyTV with Donald Baillargeon. Convectium sells machines that fill vials with oil, and it created a unique system for filling/packaging vape cartridges and disposable vape pens. These systems, and point of sale equipment, are sold at various trade shows, according to Lambrecht.
In the phone interview, Lambrecht also revealed that Singlepoint is looking into joint ventures as part of its growth strategy. The Singlepoint CEO further talked about subsidiary SingleSeed Payments, which was recently re-activated as a means to offer legal marijuana businesses the financial tools they need to thrive. He noted that the SingleSeed.com website is very helpful for dispensaries looking for merchant payment processing solutions and other relevant tools for their business. “Once they get there, they’re going to see anywhere from three to five products that can help their dispensary do business,” he said.
Discussing several points highlighting the company’s inside sales strategy, Lambrecht also gave insights into Singlepoint’s outside sales strategy. He added, “Of course, the outside sales strategy is to continue to acquire companies that do not touch the plant, like Convectium… so we’re not affected by state or federal laws.” He also said the strategy is “to be the pick and shovel of the industry.” There are currently 26 states with medical marijuana, Lambrecht noted, emphasizing the market that is available to his organization and the potential to generate revenue.
Founded in 2006, Singlepoint is a publicly-traded holding company. Investors have access to a wide range of assets. The company’s primary solutions focus on mobile technology to allow clients to engage in communication, conduct business transactions, and accept donations. It began solely as a mobile technology provider and has grown from there. The company has since diversified into horizontal markets, built its portfolio by acquiring interests in undervalued subsidiaries, and targeted cash flow positive businesses with high potential and verified assets.
Singlepoint has a stake in a variety of solutions, in addition to products for marijuana dispensaries, including mobile payment and donations solutions. It also offers a credit card checkout system for mobile phones.
The company is headed by CEO Greg Lambrecht, who has founded and led several start-up companies, including a leading consumer product distribution company. He has also negotiated with some of the largest retail firms in the country. Singlepoint is also led by Chief Technology Officer Eric Lofdahl, who has held positions in software development, program management, engineering process definition, and more. Along with telecommunications expert Gowri Shankar, the team makes up the company’s board of directors. Wil Ralston is VP of Sales and Marketing.
To hear the full interview on the Convectium acquisition, go to https://vimeo.com/208748705
For more information, visit the company’s website at www.Singlepoint.com
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