NEW YORK, May 24, 2017 /PRNewswire/ --
The marijuana industry continuesto evolve at a breakneck pace in the United States, and an increasing number of businesses are finding their niche in this rampant market as it burns toward nationwide legalization. In the wake of this evolution, various
A quick browse through marijuana-related news provides just a glimpse of the progress being made in the mammoth industry. In Vermont, a landmark bill legalized marijuana for adults over 21, marking the first time a state legislature has ever originated and passed a marijuana legalization bill. Previously, adult-use legalization measures in the U.S. were passed by popular citizen vote. Massachusetts and Maine are also moving forward, with retail stores expected to open in both states in 2018. In Oregon, the City of Portland is backing cannabis businesses in lobbying for a bill that would permit marijuana consumption at licensed lounges, similar to tobacco smoking patios. These are only the latest in a wave of headline-making happenings related to marijuana legalization efforts throughout the country.
Companies like SinglePoint (SING) are well-aware of these developments and are making headway in their respective niches. SinglePoint is building an acquisition portfolio of undervalued subsidiaries with a focus on innovative technologies. When it comes to opportunities in the marijuana industry, SinglePoint's strategy is to provide various ancillary services and non-plant-based solutions to dispensaries, growers and consumers.
Due to federal restrictions, marijuana businesses lack access to banking options, but industry experts expect this to change. Anticipating the need for electronic payment options once the industry does become bankable (http://nnw.fm/8oB02), SinglePoint has structured its cannabis brand subsidiary, http://www.SingleSeed.com, as a hub for the online sale of cannabis products to marijuana dispensaries. When the tide turns, SinglePoint will be a 'first mover' in providing payment solutions to cannabis businesses through its SingleSeed Payments, which is geared up to provide payment solutions such as mobile marketing, cashless ATM, Pay-by-Text™ and text message marketing (http://nnw.fm/W84Lt). Ready at the gates, SingleSeed.com has become a standout resource for marijuana dispensaries seeking merchant payment processing solutions and other business tools.
Waiting on this opportunity doesn't mean inaction, however. SinglePoint in early May announced (http://nnw.fm/QjJ9m) its plans to start onboarding 'high risk' merchant accounts, a category of more than 100 types of businesses, including auctions, vape pen sales, gambling, online gaming and more, which typically offer higher margins than traditional accounts.
"We are providing multiple solutions to the cannabis space and we are trying to do the same in the payments space as well," SinglePoint CEO Greg Lambrecht stated in the news release. "Being able to offer a payment solution to multiple different verticals gives the company a larger target market to tap into. We believe high risk is a huge opportunity and an underserved market at this point."
SinglePoint's core business strategy (http://nnw.fm/obb8Z) is one of diversification and the relentless pursuit of building corporate value. On point, the company earlier this year announced its investment in Convectium, a profitable provider of equipment, branding and packaging solutions to the marijuana industry. Convectium has developed the very first cartridge and vape pen oil filling machines created for wholesale distribution to cannabis dispensaries. The company's 710Shark and 710Seal machines, currently sold through its EquipCanna.com brand, can fill and package more than 100 cartridges or disposable vape pens in 30 seconds, providing an attractive alternative to the traditional, time-consuming method of hand-filling cartridges. Also, operating consumer brands HazeSticks and BlackoutX, Convectium has a market reach into more than 52 countries.
SinglePoint also recently signed a Letter of Intent (http://nnw.fm/0iSI1) to acquire 90 percent of California-based Discount Indoor Garden Supply ('DIGS'), a provider of growing equipment and accessories for individual or commercial plant cultivators. In addition to its online store (http://www.DIGSHydro.com), DIGS operates two store-front locations with plans for a third in the near future.
This acquisition is expected to bring immediate revenues to SinglePoint as it deepens its reach in the State of California, which houses thousands of cannabis-related businesses. Through DIGS, SinglePoint will be able to offer soil and supplies similar to a household brand and recognizable player in the marijuana industry, Scotts Miracle-Gro (NYSE: SMG).
Well known for its lawn and garden care products, Scotts Miracle-Gro is also heavily investing in hydroponics - the method of growing plants without soil - a method primarily used in indoor and urban gardening. Hydroponics has also become the standard for growth in the marijuana industry. In May 2016, The Hawthorne Gardening Company, a wholly-owned subsidiary of Scotts Miracle-Gro, spent $136.2 million on the acquisition of a 75 percent stake in greenhouse and hydroponic indoor lighting producer Gavita. In October 2016, The Hawthorne Gardening Company also acquired American Agritech, which is a hydroponic growing systems and plant supplements producer.
Industry peer Medical Marijuana (OTC: MJNA) is taking a unique approach to providing marijuana products without waiting for federal governmental approval to do so. The company has discovered a way to work within federal government cannabis restrictions to legally offer high-quality cannabis-derived products in the United States. The key to doing so pertains to non-psychoactive cannabinoids like cannabidiol (CBD), which has a wide variety of potential health applications but does not rely on tetrahydrocannabinol (THC), the psychoactive chemical compound in cannabis. MJNA's approach is to grow low-THC varieties of cannabis (hemp) outside the United States, create CBD hemp oil, and import it to the United States. Taken from carefully cultivated hemp plants, CBD hemp oil is an extract that is completely legal, non-psychoactive, contains a full spectrum of phytocannabinoids, is high in CBD and has almost no THC, making it legal to sell in the U.S. MJNA's products, provided through the HempMeds and Kannaway distribution divisions, include pure CBD hemp oil extracts, sprays, tinctures, capsules, vaporizers, bath and body products and chewing gum. Along with selling CBD hemp oil products to more than 200,000 individuals in the U.S., MJNA has also been able to offer the first legal marijuana products in Brazil and Mexico. Recently, the company's Kannaway brand expanded into the European marketplace and is expected to be fully operational there by the fourth quarter of 2017.
Another company set to cash-in on the evolution in the marijuana industry is Kush Bottles (OTCQB: KSHB). Getting its footing in 2010 as a provider of cutting-edge packaging solutions for the marijuana industry, Kush Bottles has since expanded its product line, which now ranges from custom packaging and labeling items to point-of-sale products like grinders, papers, lighters and glass pieces. Kush Bottles serves thousands of cannabis dispensaries, retail shops, growers and consumers and has become a leading packaging supply and services company that exclusively addresses the needs of the marijuana industry. Recently, Kush Bottles added the web domain Roll-uh-Bowl.com to its list of acquisitions. Attracting an average of 39,500 web users monthly, Roll-Uh-Bowl.com is an online distribution platform for the retail sale of collapsible, unbreakable medical-grade silicone water pipes.
Canopy Growth (OTC: TWMJF) is also successfully navigating the marijuana market. A leading global diversified cannabis company, Canopy Growth operates various diverse brands and curated strain varieties that are supported by more than half a million square feet of indoor greenhouse production capacity and that are also partnered with some of the biggest names in the sector. The company's core brands include Tweed, which has become one of the most recognized marijuana production brands in the world; Bedrocan medical-grade cannabis; and the Mettrum natural health brand.
Consumer demand, political support, and public opinion are powerful drivers behind the movement toward legalized marijuana, and present an increasing number of opportunities for companies to profit. The named companies are among standouts in this sector that are successfully navigating the growing cannabis market and implementing smart strategies to capitalize on its manifold opportunities.
For more information on SinglePoint please visit: Singlepoint (SING) or http://www.SinglePoint.com
NetworkNewsWire (NNW) is an information service that provides to users (1) access to our news aggregation and syndication servers, (2) enhanced press release services, and (3) a full array of social communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
New York, NY
Office - 212-418-1217
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NNW or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW and FNM for any investment decisions by their readers or subscribers. NNW and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.
NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW and FNM undertake no obligation to update such statements.
Contacts: FN Media Group, LLC Media Contact e-mail: firstname.lastname@example.org Tel: +1-(954)345-0611
Subscribe to our Free Newsletters!
Neuroblastoma is a very rare type of childhood cancer that develops in immature nerve cells ...
Video-electroencephalography monitoring is a diagnostic technique that records the electrical ...
Myomectomy is a surgery that is done to remove fibroids, which are non-cancerous growths of the ...View All