Shares in Singlepoint Inc. (OTCMKTS:SING) have been on fire to start 2017, giving traders the chance at nearly 400% in profits over the past few weeks. Shares in SING were trading just over a penny in the first week of January, and at the time of publishing this article the price per share is approaching a nickel. A key technical indicator, trading volume has significantly increased for SING in recent sessions. Shares in Singlepoint Inc (OTCMKTS:SING) have been on fire start 2017, giving traders the chance at nearly 400% in profits. Shares in SING were trading just over a penny in the first week of January 2017 and at the time of publishing this article the price per share is approaching a nickel. A key technical indicator, trading volume has significantly increased for SING in recent sessions.
On November 8th, 2016, marijuana was on the ballot for 10 states including Florida, Massachusetts, North Dakota, Maine, Arkansas, Montana, Arizona, Nevada, and California. Maine, Massachusetts, Nevada and California passed measures legalizing recreational marijuana. Montana, North Dakota, Arkansas and Florida all voted to legalize cannabis for medical purposes. Only Arizona’s initiative to legalize recreational marijuana was rejected, by a 52% majority vote.
Jan. 3rd, SinglePoint, Inc. (OTCMKTS: SING) voiced its support for a congressional push that validates the mission of its SingleSeed (www.singleseed.com) subsidiary to provide much-needed payment processing solutions to the burgeoning legal cannabis industry.
Though a total of 28 states have legalized marijuana in some form of consumption/use, marijuana is still federally illegal, which hinders licensed marijuana businesses from opening an account with most national banks. Cannabis businesses must instead deal in cash, which puts them at risk of break-ins, theft and other threats, as well as creates space for tax fraud. However, for smaller banks, credit unions and companies like SingleSeed, the lack of banking solutions creates the opportunity to fill increasing demand.
A group of 10 senators recently penned a letter (http://nnw.fm/0Kbvs) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) encouraging guidance and changes that could ultimately open the door for banking services for legal cannabis businesses.
Among other key points, the letter explains that banking products and services to the cannabis industry will hedge businesses against unnecessary risks while benefiting the federal government.
“The fledgling legal market for marijuana is around $7 billion, a figure that’s dwarfed by the overall billion US market, most of which remains illegal. This business environment is an invitation to tax fraud, robberies, money laundering, and organized crime … With tens of millions of Americans soon gaining legal access to marijuana under state laws, new guidance is necessary in order to allow banks to enhance the availability of financial services for indirect businesses that service the marijuana industry. This will not only bolster the safety of our communities, but it will also help to spur economic growth across the country,” the three-page letter reads.
About SinglePoint, Inc.
SinglePoint, Inc. is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets, such as Daily Fantasy Sports, to create a diversified holding base.
Approaching a $20 Million dollar market cap, SING operates in the hottest sector at one of the hottest times. While the “Green Rush” is here and now, it’s time to capitalize on the gains these companies operating in the space have to offer. Be sure to get subscribed to the StreetRegister.com newsletter, and as more information is available on SING , we will report back to our members. Stay up to date as the story of SING unfolds by subscribing to our newsletter! Add your email to our database now. Just enter your email in the subscribe box below!