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)
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