An iPod interview with SinglePoint president Wil Ralston (http://nnw.fm/pi9GN) covers the significant advantages that the company’s recently announced joint venture with First Bitcoin Capital Corp. (OTC: BITCF) represents for the cannabis industry. In a study of 20 U.S. jurisdictions by Greenwave Advisors, legal marijuana represented $6.5 billion in retail sales by May 2017, as reported by Forbes (http://nnw.fm/zs8S6). At the current level of growth, industry experts project that, by 2021, the legal cannabis retail market may grow to $30 billion. Marijuana is legal in many states for either medicinal and/or recreational purposes. The challenge, therefore, isn’t market reach, but restrictions at the federal level, particularly in the banks. Federal guidelines restrict transactions related to cannabis, but SinglePoint (OTC: SING) has found a way around this by forming its first joint venture – with First Bitcoin Capital Corp. (OTC: BITCF).
The joint venture allows dispensaries and other businesses to use Bitcoin payments rather than traditional cash transactions. This combination of SinglePoint’s acquisition and distribution history and Bitcoin’s payment system and block chain technology is already serving the cannabis industry well. The system is being used to enable customers to visit dispensaries and make purchases using a debit or credit card. The transaction goes through Bitcoin first, with the dollar conversion completed afterward. A streamlined purchasing model is expected to help smooth out the supply chain process, so shareholders and investors in SinglePoint can find additional opportunities to profit and contribute to the fast-growing cannabis industry.
The value of Bitcoin has gone up 236 percent in just one year. It is also recognized as a legal currency in Japan. Being adopted on a wide scale, the technology can also allow SING to reach a global market. In the iPod interview, company president Wil Ralston reveals that there are now 290,000 retail stores in Japan accepting Bitcoin payments. In the U.S., payments can be converted to U.S. currency, according to Ralston, without waiting for the banking system to accept the legal status of cannabis. Ralston said he’s been “waiting for the banks to open up, but we don’t have to wait any longer with this new product. I think this is one of the most exciting things to happen in SinglePoint’s lifespan.”
In addition to a blockchain supply chain management solution, the joint venture is incorporating initial coin offerings through First BitCoin Capital. SinglePoint has also launched SingleSeed.com, which will provide web design and online marketing services to cannabis dispensaries. It’s expected to soon complete a variety of acquisitions as well, leading to anticipated growth in revenue.
The company’s strategy has opened up a vast network of financial and technology partners. This has enabled it to expedite the execution of deliverables. Plus, the cannabis and other high-risk markets don’t have to wait for changes in federal banking guidelines. At the rate Bitcoin payments are catching on, cannabis dispensaries can adopt a point-of-sale solution that allows them to meet growing demand.
In fact, adopting the technology of First Bitcoin Capital and SinglePoint only requires downloading an application onto any point-of-sale machine. Learn more by going to www.SinglePoint.com or www.SingleSeed.com.
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