Singlepoint, Inc. (OTCMKTS: SING) has been an item of interest for us for some time here at Street Register, especially given the company’s recent shifts in direction that led it to become involved in two of the trendiest market spaces around right now: Cannabis, and Cryptocurrency. Despite the differences in the two being so pronounced, there is actually a huge opportunity for crossover.
First SING had hired a cryptocurrency expert to spearhead the company’s initiatives to develop a payments solution for high-risk customers and the cannabis market, and that was rapidly followed byt the company’s purchase of ‘$Weed’ which is one of the newest fiat currencies in the booming Cryptocurrency market. That purchase was made through crypto industry leader, First Bitcoin Capital (OTCMKTS: BITCF).
Singlepoint, Inc. (OTCMKTS: SING) isn’t stopping there, however. He company has just announced a key development in its own marijuana ventures, with 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.
As SinglePoint continues to grow its portfolio in the cannabis industry, the broader marijuana market continues to grow as well. A report by the Cannabist (2016) shows that the cannabis industry will report a steady growth pattern in the coming decade. Based on the research, the market will be worth over $20 billion by 2025, more than double its current estimate. Based on data from the New Frontier (2014), the legal cannabis market enjoys a compound annual growth of 29%.
SinglePoint CEO Greg Lambrecht states, “We are very excited for the success of this acquisition. The acquisition of Dr. FeelGood is the third acquisition of the year. SinglePoint’s revenue has dramatically increased, which through the acquisition of DIGS Hydro and Convectium has increased 378x compared to the first quarter of 2017. SinglePoint is in a better position than it has ever been before. We are well capitalized to continue acquisitions and we are optimistic to complete additional acquisitions and very optimistic to significantly increase the company revenue.” (Source: MArketwired)
Were eager to continue tracking SING, which had a great month of August and looks as if it could be gearing up for a solid September as well. We initially saw a run from less than three cents a share to nearly twelve cents, and another upswing cycle could be waiting for us in the near future. Stay locked to Street Register for updates, and we’ll deliver important developments on SING as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in SING stock, short or long.