NEW YORK, March 22, 2017 /PRNewswire/ --
NetworkNewsWire Editorial Coverage
Deciphering marijuanapolicy under the Trump Administration can be difficult, given differing statements by White House officials. Federal laws are at odds with a number of states that have legalized marijuana for medical and/or recreational use, and businesses like SinglePoint, Inc.
On the campaign trail, then-candidate Donald Trump said of medical marijuana on Fox News: "I'm in favor of it a hundred percent." With regard to the recreational use of marijuana, his stated preference was to leave it up to each state. At a briefing on February 23, however, Press Secretary Sean Spicer noted that President Trump sees 'a big difference' between the use of marijuana for medical and recreational purposes, leaving many wondering about a federal crackdown.
Additionally, Attorney General Jeff Sessions on March 15, 2017, at a meeting of law enforcement personnel in Virginia, said: "I reject the idea that America will be a better place if marijuana is sold in every corner store. And I am astonished to hear people suggest that we can solve our heroin crisis by legalizing marijuana."
The AG went on to say that marijuana was 'only slightly less awful' than heroin, leaving cannabis companies that do touch the plant in limbo of what may come next. Particular defensive tactics vary, but most fall under a broad strategy of diversification and operations that involve servicing the broader industry by means of providing accessories, technological solutions, financial services and real estate among others.
Case-in-point is SinglePoint, Inc. (OTC: SING) (SING Profile), a company that specializes in the acquisition of small to mid-sized companies. Through its wholly owned SingleSeed.com subsidiary, which several years ago geared up to offer payment-processing services to marijuana dispensaries, SinglePoint continues to explore ways to provide financial services to marijuana establishments.
The provision of payment services is part of SinglePoint's 'no-touch' strategy, an approach best demonstrated by its acquisition of a portion of Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry. Singlepoint recently announced it had closed the first round of funding for the acquisition (http://nnw.fm/oS8U5).
"We have evaluated numerous investment prospects in the cannabis space, and found there is nothing that compares to this opportunity we have with Convectium. With this transaction, we will acquire a stake in a cannabis business that never touches a marijuana plant. This is the strategy we will use as we move forward to hedge us against changing federal and state laws," SinglePoint CEO Greg Lambrecht states in the press release.
Convectium has developed the world's first oil-filling system for cartridges and disposable vape pens for wholesale distribution to dispensaries. The company's 710Shark and 710Seal system can fill and package 100+ cartridges or disposable vape pens in 30 seconds, making it the fastest filling and sealing system of its kind. With a market that extends to over 52 countries, Convectium expects 2017 revenues to be about $3.5 million. This would represent an increase of 150 percent over 2016 revenues of $1.4 million.
The route taken by Corbus Pharmaceuticals Holdings (NASDAQ: CRBP) is also likely to escape any cannabis clamp-down since the company is developing a synthetic drug that will be screened as it goes through the Food and Drug Administration (FDA) regulatory process. Its lead candidate, Anabasum, is a pioneering, synthetic oral endocannabinoid-mimetic drug that resolves chronic inflammation and halts fibrotic processes, which is currently being evaluated in four phase II clinical trials. Endocannabinoid-mimetics are substances that stimulate the body's natural production of cannabinoids. One of the most popular and widely used drugs for the treatment of pain and fever, called variously paracetamol or acetaminophen, is thought to work this way.
Also likely to be excluded from any crackdown on cannabis is Medical Marijuana (OTC: MJNA), which on its website states that its 'operations in the federally legal hemp cannabidiol (CBD) market are unaffected by recent statements from Trump administration officials hinting at a crackdown on recreational marijuana. Medical Marijuana, Inc.'s hemp-based CBD products are unaffected by recreational laws or current political stances. The Company's products are legal and if necessary will eventually be brought through the FDA approval process.' Medical Marijuana, it appears, focuses its operations to products derived from legal CBD hemp oil.
ChineseInvestors.com, Inc. (OTCQB: CIIX) (CIIX Profile) is also taking the high road with hemp. Late last month, the company announced it was launching the world's first CBD health products online store in the Chinese language under the domain name http://www.ChineseCBDoil.com. CIIX will use the site to sell CBD oil products to customers in Chinese mainland where hemp oil-derived products are legal and Chinese speakers in U.S. and Canada.
Another marijuana player is Cannabis Science (OTC: CBIS), which conducts research into cannabinoids to develop therapies for the treatment of multiple critical ailments from cancer and infections to age-related illnesses and neurobehavioral disorders. Over 60 cannabinoids are to be found in cannabis. Some, like CBDs, are legal; others, like tetrahydrocannabinols (THC), are subject to various legal restrictions. Nevertheless, a broad-based cannabinoid platform seems likely to offer opportunities to shift strategy as the new administrations continues to huff and puff about marijuana.
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 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.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is a source of content listed 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 or comparison to the profiled issuer. 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. Readers of this content agree that they cannot and will not seek to hold liable NNW and FNM for any investment decisions by their 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, hold 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's compensation disclosure is incorporated herein and appears in full at http://NNW.fm/Disclaimer
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 +1-(954)345-0611
Subscribe to our Free Newsletters!
Immunotherapy is a type of treatment method that works by using certain components of a person's ...
Elderberry and its other plant parts provide an array of health benefits. Know how this fruit helps ...
Increasing weight and obesity are some of the most common health problems today. A smart weight ...View All