CFN Media Group (“CannabisFN”), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article that covers SinglePoint Inc.’s recent capital raise and its plans to solve cannabis payments with cryptocurrencies, as well as generate revenue from its growing portfolio of cannabis-focused companies — including DIGS Hydro and SingleSeed.
The cannabis industry is projected to reach $50 billion in size by 2026, according to Cowen & Co., but still lacks regular access to the banking industry. While many companies are waiting on the sidelines for the federal government to take action, others are working on innovative solutions using blockchain technologies. The best of these companies are developing solutions that don’t involve consumers changing any of their purchasing behaviors.
SinglePoint recently announced the close of a $1 million convertible promissory note with an institutional investor. While details of the deal weren’t disclosed, the company called the note “company friendly” in a press release. Management believes that the funding will help the company quickly develop a crypto currency solution in partnership with First BitCoin Capital and continue making acquisitions in the cannabis industry.
“This is great timing for SinglePoint,” said SinglePoint CEO Greg Lambrecht in the press release announcing the new financing deal with an institutional investor. “We have many acquisition deals in the pipeline and access to this capital will exponentially increase the chances of getting these done. In addition, we have many technical developments that are ready to launch. We will be able to develop our solutions and really start driving sales.”
The funding will also help support its existing business ventures in the cannabis space, including SingleSeed.com and its full-scale web design and online marketing services for dispensaries. These combined efforts could generate significant long-term value for shareholders as management works to execute its vision to become a diversified leader in the cannabis industry without the risk of actually handling the federally-illegal drug.
SinglePoint recently announced a joint venture with First BitCoin Capital to jointly develop and distribute a viable payments solution using blockchain technology. First BitCoin Capital will contribute its extensive knowledge of blockchain technology, while SinglePoint will leverage its deep history in distribution to commercialize the technology at dispensaries and other point-of-sale locations within the cannabis industry.
The two companies have planned four development phases based on bitcoin, ethereum, and the blockchain technology. Recently, the company acquired the rights to www.singlecoin.com and plans to launch an initial coin offering (ICO) to support transactions on a blockchain specifically designed for cannabis and other high-risk industries. Given the strong performance of many cryptocurrencies, these efforts could create tremendous long-term value.
The move to embrace cryptocurrencies means that the company and its customers no longer have to wait for federal approval to provide banking services to the industry. According to Cowen & Co., the legal cannabis industry is expected to reach $50 billion by 2026, which translates to an enormous payments market. In addition, cryptocurrencies themselves continue to experience tremendous growth and appreciation over time.