Essentially the whole of 2017 so far has been one big bull charge for Singlepoint, Inc. (OTCMKTS:SING), lending some credence to the notion that any stock even remotely tied to the cannabis sector has a chance at really turning heads. That certainly has been a near-consensus opinion this year, and the reason why so many of the stocks we talk about here on Street Register are related to the business in some form or another.
At the start of the new calendar year, SING stock was trading down at a low of a penny, and it didn’t take very long at all for it to put together one heck of an epic upswing. In the space of just under six weeks, culminating in a fantastic push during yesterday’s session, SING rocketed to 7.00. A 600% move in 2017 so far is certainly nothing to sneeze at, and the high volume streaming through the stock over much of that period shows that investors have taken notice.
Singlepoint, Inc. (OTCMKTS:SING) has made a concerted effort to enter the cannabis space that has been outlined by a key recent update, which we’ll highlight below.
About SinglePoint, Inc.
SinglePoint is a publicly-traded holding company incorporated in Nevada. SinglePoint specializes in acquisitions of small to mid-sized companies, with an emphasis on mobile technologies. We provide our investors the opportunity to make investments across a wide range of assets. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets to create a diversified holding base.
One of the markets the company has entered is the red-hot cannabis industry. Singlepoint has made several moves toward capitalizing on the growing market trend in marijuana, which has seen sweeping new legislation, and changing attitudes toward its use in both the U.S. and Canada.
SING Signs LOI to Invest $800K in Creator of Revolutionary Cannabis Technology
At the end of last month, SING announced it would be entering an exciting niche of the cannabis industry through a Letter of Intent to acquire an interest in Jacksam Corp.(dba Convectium) a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry.
Convectium is the creator of the world’s first oil filling machine focused on the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries. The company’s 710Shark and 710Seal system can fill and package up 100+ cartridges or disposable vape pens in 30 seconds, making it the fastest filling and sealing system of its kind.
The proprietary equipment is solely distributed by EquipCanna.com, the Convectium B2B brand. Convectium ships to over 52 countries.
Per the LOI, SinglePoint will pay Jacksam a stock and cash consideration totaling $800,000. The transaction is expected to accelerate SinglePoint’s existing presence in the cannabis industry – established by its SingleSeed subsidiary – while creating another avenue of participation in the “Green Rush” of the multi-billion dollar cannabis industry.
A definitive agreement on the announced transaction is expected no later than May 24, 2017, subject to certain terms and conditions, the completion of due-diligence and obtaining the required consents and regulatory approvals. Upon closing the transaction Convectium will become a subsidiary of Singlepoint.
From its incredible run up the chart, to its active plan to continue to pursue its opportunities in what is perhaps our favorite market space, SING will certainly be on our list of plays to track moving forward here on Street Register. We’re interested to see just how high this baby can go! Stay locked on StreetRegister.com, add us to your bookmarks, and be sure you’re signed up for our 100% free smallcap newsletter. Simply enter your primary active email address in the box below! Subscribe now!