NEW YORK, April 12, 2017 /PRNewswire/ --
The number of states inwhich the medical and recreational use of marijuana is legal continues to grow. Medical marijuana is now permitted in 28 states and Washington D.C. Last year, the North American legal marijuana industry grew to
Focused on the acquisition of small- to medium-sized technology companies, SinglePoint (SING) has an acquisition portfolio with roots in the cannabis industry. Most recently, the company acquired a stake in Convectium, the developer of a unique oil filling and packaging system for cartridges and vape pens. The 710Shark oil filling machine and 710Seal system increase cartridge and vape device output by more than 100x. Eliminating hand filling, the system can fill 100 cartridges in less than 20 seconds, allowing for up to 300 cartridges or disposable pens to be filled every minute. A dual injection system is heated up to 125°C, making the machine capable of handling the thickest of oils. With a growing market presence and consumer demand, Convectium expects its revenue will increase 150 percent in 2017 compared to the year prior.
SinglePoint also owns and runs the http://www.SingleSeed.com web portal, a go-to resource for dispensaries looking to obtain state-of-the-art equipment. The website offers a variety of solutions that cannabis companies can use to grow their own businesses, as well as a thriving blog and online community forum.
The thriving cannabis industry is also benefitting The Scotts Miracle-Gro Company (NYSE: SMG). In its better-than-expected 1Q results announced in January, the company noted strength in consumer demand, which played out particularly well in its hydroponics business. U.S. consumer sales for the first quarter increased 11 percent to $126 million.
"Hawthorne had a solid quarter too, benefiting from both organic unit growth, as well as continued M&A activity. And as most of you know, the marketplace continues to expand for Hawthorne as more states change their laws to authorize cannabis growing. These and other tailwinds leave the brands we've acquired well-positioned for continued success. Since the birth of Hawthorne, we've become even more encouraged by the growth opportunities that exist in hydroponics. The acquisition in the past 24 months of three of the most important brands in hydroponic growing presents new opportunities for us and our shareholders," company CEO Jim Hagedorn said in an earnings call[(2)] transcribed by Seeking Alpha. Based on growth in its core U.S. business and 'continued momentum' from Hawthorne's hydroponic portfolio, Scotts said it expects EPS for fiscal 2017 between $4.10 and $4.30 on sales growth of 6-7 percent.
General Cannabis (OTCQB: CANN) has reported a surge in business too. For Q4 2016, the company reported 69 percent year-over-year revenue growth and noted that legalized recreational use of marijuana provides the company 'tremendous opportunity' for significant expansion in 2017. General Cannabis said (http://nnw.fm/l8xhZ) it is exploring acquisition opportunities in "all areas of regulated cannabis" and plans on launching a marketing and advertising agency focused on the marijuana industry. The company has financing, security, real estate, distribution and consulting divisions, in addition to a focus on the production and retail sides of the business.
Cannabis agriculture company Terra Tech (OTCQX: TRTC) has zeroed in on the medical markets, and it reported total revenue in 2016 of more than $25 million, up 154 percent over 2015. The company specializes in sales and marketing of hydroponic equipment, and it sells locally grown hydroponic produce, herbs and floral products through its Edible Garden subsidiary. This co-op of farmers across the U.S. is growing rapidly, and each farmer grows, packs and ships their hydroponic, non-GMO produce to supermarkets around the country. In addition, several other Terra Tech subsidiaries operate medical marijuana cultivation, production and dispensary facilities in Nevada.
Kush Bottles (OTCQB: KSHB) has also seen its packaging, supplies, and accessories business boom. The company plans to move its headquarters to Garden Grove, California, on July 1, 2017, to a warehouse that is quadruple the size of its previous building. Responding to a growing customer base, Kush Bottles plans to add new services, which will be supported by the expanded floor space that will be available. Serving mostly the business-to-business market, Kush Bottles currently has over 3,000 customers (including dispensaries, growers, and manufacturers) in the U.S. and Canada. Like many others investing in the marijuana industry, the company is not directly involved with cannabis plants or extracts sought by end users.
While many states permit the production, distribution, sale and use of marijuana and related products, cannabis is still illegal per federal law. Even state-legal marijuana businesses may be the subject of federal crack downs, and many fear the Drug Enforcement Administration may act against them at any time.
However, as the marijuana industry grows with mounting public support, companies like SinglePoint are seeing new investment opportunities and increasing revenue. The influencing factors are not only coming from the American public, but other countries as well. Canada, for example, is quickly moving toward nationwide legalization of recreational marijuana[(3)] - the success of which would make it the second country to do so after Uruguay. The move could influence the U.S. federal government's position on cannabis. The legalization of medical and recreational marijuana is opening the door for new business and investment opportunities on many different fronts - for both businesses and investors.
For more information on Singlepoint please visit: Singlepoint, Inc. (SING) or http://www.SinglePoint.com
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