SinglePoint, Inc. (OTC: SING) finds itself at the intersection of two fast-growth markets: the cryptocurrency bitcoin and legalized cannabis. Bitcoin prices recently surged past $4,000 and are projected by industry leader Wu Jihan, founder of bitcoin miner Bitmain, to possibly reach $100,000 within five years, according to a video by Bloomberg L.P. (http://nnw.fm/INe2R). At the same time, research from Cowen & Company estimates that legalized cannabis sales could reach $50 billion by 2026, according to a Bloomberg L.P. Markets report (http://nnw.fm/2HOt5).
SinglePoint is a high-technology company offering payment processing solutions in high risk markets, such as the legal cannabis industry. That market operates independently of conventional banks. In a joint venture with First Bitcoin Capital, Inc. (OTC: BITCF), SinglePoint uses its own proprietary technology to process transactions in bitcoins for the “unbankable” cannabis market. The company has also made acquisitions within the cannabis industry, including SingleSeed, Convectium and Discount Indoor Garden Supply (DIGS).
Cannnabis dispensaries are seeking a solution for customer transactions which are federally limited in their payment options, requiring payments independent of traditional banks and the FDIC. Bitcoin represents a payment option to dispensaries which are concerned about doing business in a cash-only environment. SinglePoint gives those dispensaries a bitcoin solution (http://nnw.fm/cryZ0). Further, SinglePoint’s acquisitions in the cannabis industry also reinforce its involvement within that fast growing business.
SinglePoint recently released a 16-page investor relations kit, which profiles key executives in the company, as well as detailing the firm’s marketing strategy, acquisitions and diversification into horizontal markets.
For more information, visit the company’s website at www.SinglePoint.com
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