NEW YORK, February 22, 2017 /PRNewswire/ --
NetworkNewsWire Editorial Coverage: The cannabis industry is heatingup. More than half of the 50 states in the U.S. have now legalized marijuana for medicinal or recreational use, and several countries, including Brazil, Canada, Jamaica,
The legal cannabis industry is arguably the fastest growing industry in the world. According to Cowen & Co., the industry could surpass $50 billion in revenue over the next 10 years, thanks to the continuing legalization throughout the United States. With the passing of California's Proposition 64, it is anticipated that the domino effect of recreational legalization will play out and the size of the industry will roughly triple in the near-term.
Since cannabis is still illegal under federal law, many commercial banks are not serving the industry. Only a small percentage of financial institutions-primarily small state-chartered banks and credit unions-presently serve the industry. Supporters like SinglePoint, however, see a day in the future when large national banks will offer comprehensive services to the cannabis industry and further spur its booming growth.
A 'bankable' marijuana industry creates a sub-industry that SinglePoint (SING) is targeting. SinglePoint, through its SingleSeed Payments subsidiary, will offer payment processing solutions and currently offers mobile marketing services and more. SinglePoint also has plans to acquire and invest in companies in a variety of sectors of the cannabis industry. For this company, the establishment of a true 'bankable' marijuana industry would have widespread, lucrative implications.
In anticipation of a bankable marijuana industry, SingleSeed is building a list of interested clients which you can find and sign up for at http://www.SingleSeed.com
NetworkNewsWire Exclusive Audio Interview with SinglePoint, Inc. (SING)
Emerging companies like Denver-based Medicine Man Technologies (OTCQB: MDCL) also have a significant stake in the state of the legal cannabis industry. Since 2014, Medicine Man Tech has offered cultivation consulting services for cannabis-growing technologies and methodologies. Through its retail operations and sale of cannabis products, the company has also diversified its position in this sector. Medicine Man Tech ended 2016 with 23 new clients in eight states and, throughout its history, has assisted more than 45 clients across 14 states. It is now one of the largest and most diversified cannabis consulting firms in the U.S.
In health care technology, Reliq Health Technologies (OTCQB: RQHTF) make up another category of companies looking to capitalize on the legal recreational cannabis industry. Reliq Health focuses on the development and operation of innovative, secure software systems that allow users to track assets using mobile devices. It also develops hardware and software platforms that allow complex patients to receive care at home. The Canadian company may be new to the cannabis industry, but its focus area, initiatives (including four pilot programs) and strong management team are already setting it up to disrupt the multi-billion-dollar community care market.
Industry players like General Cannabis (OTCQB: CANN) focus on obtaining and providing basic business elements for the industry. CANN acquires and then leases out real estate and operational facilities, and it offers associated support services such as security and transport. This allows small businesses that have financial restrictions to get up and running quickly, concentrating on the things that are important to them instead of spending their money and time on land and buildings.
A more comprehensive approach to the cannabis industry is seen in the likes of Medical Marijuana (OTC: MJNA), a holding company that evaluates and purchases value-added cannabis industry companies and product rights. As a result, the company is involved in a wide range of cannabis products, at all levels, from basic research and development to final marketing and distribution. The company also provides a number of general support services to cannabis-based companies and operations.
Groundbreaking entities like the ones mentioned above are paving the way for other companies to participate in the cannabis super-growth cycle. As the cannabis industry continues to make legal strides, a host of long-term, high-growth opportunities will continue to emerge for companies looking for greener pastures.
For more information on Singlepoint, Inc. (SING) please visit: Singlepoint, Inc. (SING)
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