Singlepoint Inc(OTCMKTS:SING) has been surging upwards as the overall markets fall after the Company announced it has signed a comprehensive supply chain and co-selling agreement with Nevada based JMSJ Holdings. The scope of the agreement provides SinglePoint, guaranteed access to $50 Million USD of industrial hemp derived CBD isolate each month. SinglePoint will then in turn offer for sale CBD Distillate, CBD Isolate, and Hemp Biomass to fortune 500 and B2B companies to be used in the manufacturing of retail products.
According to President Wil Ralston, “There’s a lot of confusion among the CBD marketplace, specifically companies that are actively endeavoring to purchase Hemp and CBD raw materials necessary to formulate/fabricate retail products. We dove into this intricacy and quickly saw an opportunity for SinglePoint to step in and streamline the exchange between buyers and sellers. Our agreement with JMSJ Holdings gives us access to a consistent supply of products and a direct co-selling relationship. We are confident that customers will respond favorably and SinglePoint’s revenues attributed to the CBD market segment will grow exponentially as a result.
SING has seen significant growth through acquisition and is involved in Bitcoin and digital currencies as well as the Cannabis sector which have all seen spectacular growth over the past year.
Singlepoint Inc(OTCMKTS:SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
Earlier this year SING closed a $1 million company friendly Convertible Promissory Note with an institutional investor. Proceeds from the investment will be used to execute on the company’s previously announced BitCoin Payments solution, as part of its partnership with First BitCoin Capital (OTC: BITCF). With the new round of funding, SinglePoint management believes the company will be able to move very quickly to develop a crypto currency solution and continue acquisitions in cannabis space.
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Beyond Bitcoin, SinglePoint is currently in negotiations to make a major purchase from a company that has recently ICO’ed a cannabis specific crypto currency to be used specifically for the cannabis industry. SinglePoint will roll this into its point of sale crypto currency offering. Enabling the consumer to purchase which ever coin they would like to as well as giving the dispensaries the option of which coin they would like to accept, which could be both.
Last year SING announced the acquisition of Dr. FeelGood, a profitable cannabis distribution company headquartered in Phoenix, Arizona. Dr. FeelGood is a leading distribution company with expansion plans to add proprietary delivery and ordering technology application. Per the agreement terms, SinglePoint will acquire fifty-one percent (51%) of the company in a combination of cash and stock, which will allow SinglePoint to recognize all revenue. The acquisition will add an additional revenue stream to SinglePoint, solidifying the company’s revenue-by-acquisition strategy.
Dr. FeelGood represents the third acquisition of the year for SinglePoint. This move provides SinglePoint with additional revenue, as well as team members that have been actively working in the cannabis industry for many years. The founders of Dr. FeelGood have established a plan to develop a proprietary mobile application that will enhance the user experience and streamline the company’s operations. The companies look to release this app in the next 90 days; once completed they will be able to license this technology to other distribution companies all over the United States.
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Currently trading at a $15 million market valuation SING has little assets or revenues and rising short term debt. But SING is an exciting story in small caps; the Company made 3 significant acquisitions last year including the acquisition of DIGS Hydro and Convectium which has brought significant revenues to SING: The Company also completed the acquisition of Dr. FeelGood a profitable cannabis distribution company headquartered in Phoenix, Arizona. SING has also been making huge strides in digital currencies as well as a BitCoin payments solution that attracted $1 million in funding. We will be updating on SING on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with SING.
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Disclosure: we hold no position in SING either long or short and we have not been compensated for this article.