Singlepoint, Inc. (OTC: SING), a publicly traded holding company based in Arizona, has been highlighted as one to look out for in the cannabis space, according to InsiderFinancial.com (http://nnw.fm/f5UrR). The company, through its SingleSeed subsidiary, has developed a card-based payment solution that allows users and cannabis businesses to make transactions while avoiding Federal restrictions that affect marijuana product-related banking.
Because of the company’s nature, and its ability to fill a very challenging gap in the marijuana industry, Singlepoint is on a climb as the industry continues to flourish in the United States. This has been reflected in its stock price, which at the time of InsiderFinancial’s coverage had shown a 560% appreciation in approximately 12 weeks.
In addition to its substantial stock rise, earlier this year Singlepoint announced that it has erased its debt, raised more than $300,000, and is looking to secure more funding worth $1 million. Singlepoint has also made reference to its strategic acquisition activities.
During an interview with Donald Baillargeon from Money TV (http://nnw.fm/f5UrR), CEO Greg Lambrecht explained that the companies Singlepoint is looking to acquire are those that are part of the cannabis industry, but that do not in any way touch the plant itself. This acquisition strategy allows Singlepoint to continue expanding without getting into trouble with any state or federal laws.
According to InsiderFinancial, the acquisition announcement relates to a company called Convectium, which has invented a mechanism that fills over 100 electronic cigarette oil cartridges in just 30 seconds. Because of the high demand for this type of infrastructural technology, Singlepoint is expected to close this acquisition in the very near future, despite the deal’s terms not yet being made public.
According to Lambrecht and InsiderFinancial, Singlepoint’s key goals are to close its acquisition of Convectium, look for more acquisitions to close in the future, and continue to raise money for the company. The company’s growth plan also includes a potential uplisting. With a market cap that has grown from just $5 million to over $40 million, and a significant amount of attention from new investors and other third parties, analysts believe that Singlepoint will continue to show signs of growth for the foreseeable future.
For more information, visit the company’s website at www.Singlepoint.com
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