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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