NEW YORK, March 1, 2017 /PRNewswire/ --
NetworkNewsWire Editorial Coverage: The White House struck a chord with themarijuana industry last week when Press Secretary, Sean Spicer, said that the Department of Justice is likely to enforce federal marijuana laws in states that have legalized recreational pot. While the prevailing mood is
SinglePoint, Inc. (SING) is building an acquisition-based cannabis business focused on high-potential targets that service the cannabis industry rather than those that deal directly with the plants, and therefore won't feel the crunch of greater federal enforcement. With this strategy, SinglePoint is the 'pick and shovel' for cannabis businesses, providing them tools needed to run their daily operations while positioning itself as a hedge investment against companies that deal directly with the plants.
The company's SingleSeed Payments (http://www.SingleSeed.com) subsidiary, for example, is poised to offer payment solutions to the cannabis industry. SingleSeed has worked with small companies to provide business solutions to cannabis dispensaries. This technology could be applicable for medical and recreational cannabis businesses.
In an interview with MoneyTV with Donald Baillargeon (http://nnw.fm/2FLhK), SinglePoint CEO Greg Lambrecht provided further insight into its acquisition strategy, noting that potential targets ideally have solid EBITDA and revenue. Case in point, SinglePoint recently signed a Letter of Intent to acquire a stake in California-based Convectium, which manufactures a unique and innovative oil filling machine able to fill cartridges and disposable vape pens for dispensaries or wholesale distribution. Convectium forecasts 2017 revenues of $3.5 million, an increase of 150% compared to revenue of $1.4 million for 2016. Lambrecht also said the company is discussing an acquisition opportunity with a company that is on the software side of the cannabis industry.
Following Spicer's comments and in light of its current position in the industry, SinglePoint issued the following statement on Facebook:
"SING in perfect position to take advantage of the cannabis space without touching the plant. All of SinglePoint services available to cannabis businesses will not be impacted by any federal law that may inhibit recreational cannabis. SinglePoint is focused on providing business services these companies need including, marketing, payments, and products like Convectium."
Meanwhile, Terra Tech Corp. (OTCQX: TRTC) CEO, Derek Peterson, focused on the economic impact of federal enforcement:
"Today's news coming out of the administration regarding the adult use of cannabis is, of course, disappointing. We have hoped and still hope that the federal government will respect states' rights in the same manner they have on several other issues. The economic impact, job creation and tax collection associated with both medical and recreational legalization have been tremendous throughout the country. We hope the new administration really takes the time to understand that the money is either going into the states' coffers or making its way to drug cartels. We also hope that the states make a point of defending their independence in regards to this and protect their constituent."
Terra Tech is committed to cultivating and providing high quality medical cannabis and other agricultural products. The company operates through two segments: Hydroponic Produce and Cannabis Products. In addition, through its subsidiary GrowOp Technology, it is engaged in the design, marketing and sale of hydroponic equipment. Another subsidiary, Edible Garden Corp., retails locally grown hydroponic produce, herbs, and floral products. The company also intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada and sell cannabis flowers and cigarettes.
Also in the mix of companies with an 'out-of-touch' approach to marijuana is Medical Marijuana, Inc. (OTC: MJNA), a family of companies specializing in hemp consumer products, cannabis-based pharmaceuticals and medications, and services supporting the greater cannabis industry. The company's subsidiaries include HempMeds, which handle distribution in the United States, Brazil and Mexico; the bio-pharmaceutical KannaLife; a network marketing arm called Kannaway; Wellness Managed Services; and MPS International, a consulting firm.
Additionally, Marijuana Company of America Inc. (OTC: MCOA) is a marketing and distribution company that plans to deliver all the benefits of cannabis by providing a wide range of services for cannabis businesses and entrepreneurs. MCOA recently entered into a Letter of Intent for a joint venture with Bougainville Ventures, Inc. designed specifically for cultivation, processing and commercial availability of legal marijuana within the State of Washington.
Source: 1. http://nnw.fm/H67zm
For more information on Singlepoint, Inc. (SING) please visit: Singlepoint, Inc. (SING)
NetworkNewsWire (NNW) provides news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, NNW is uniquely positioned to best serve private and public companies who need 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, New York
Please see full disclaimers on the NetworkNewsWire website: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is source of content listed above. FN Media Group, LLC (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. NNW & FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
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 & FNM undertakes no obligation to update such statements.
Media Contact e-mail: FN Media Group, LLC email@example.com (954)345-0611
Subscribe to our Free Newsletters!