NEW YORK, October 10, 2017 /PRNewswire/ --
Legal marijuana sales in North America hit $6.7 billion in 2016 - a 34 percent jump from the previous year, making it the fastest-growing industry on the planet, according to Arcview Market Research's 2017 report on the marijuana market. The research firm expects those figures to soar to nearly $23 billion by 2021. Companies that provide products and services related to the broader cannabis economy enjoy huge growth potential as the industry continues its inevitable march toward full legalization, and few of them require touching a single leaf of the highly regulated plant. Companies such as SinglePoint, Inc. (OTC: SING) (SING Profile), United Cannabis Corp. (OTC: CNAB), Sugarmade, Inc. (OTC: SGMD), GreenGro Technologies, Inc. (OTC: GRHN) and Kush Bottles, Inc. (OTC: KSHB) are banking on pursuing those ancillary revenue streams as they look to the future.
Predictably, the cannabis market is scaling up at profound rates as changing public perceptions and shifts in attitudes toward the use of medical and recreational marijuana begin to shape legislative policies. The Canadian government, which announced the full legalization of recreational marijuana by July 2018, is poised to consider amending the law by including edibles and other consumables. While marijuana is still illegal on the federal level in the United States, 29 states and the District of Columbia have legalized using marijuana in some form (http://cnw.fm/612wM) with each individual state passing its own, distinct set of regulations.
For companies offering secondary services to the cannabis industry - and this list includes nearly any service a successful business requires such as packaging, security, testing, distribution, software, marketing, insurance, and so on - the future looks bright indeed. Interestingly, as the legal recreational marijuana market ramps up, one of the more surprising upticks in this emerging industry involves scores of new government jobs coming on line in various state agencies. From running background checks on storefront sellers seeking government licenses to testing the environmental impacts, there are plenty of jobs to be had (http://cnw.fm/mTG5b).
As the cannabis industry evolves, opportunities to provide the necessary ancillary services are expanding, too. Cannabis cultivators are seeking new ways to increase production and lower costs. Indeed, one of the more critical needs facing the cannabis industry is finding a way to move past its current 'cash-only' status to develop safer, more secure and reliable payment option. Most banking institutions operate in multiple states and are subject to strict federal regulations, which mean the majority have steered clear of getting involved in businesses that touch the marijuana plant. While that attitude is changing somewhat, the cannabis industry continues to need a way to transact daily business in a rapidly growing market.
SinglePoint (OTC: SING), which has evolved from a full-service provider of mobile technology to a publicly traded holding company, is now focused on diversifying into horizontal markets within the cannabis sector. The company's wholly owned subsidiary, SingleSeed Payments, is tapping into the consulting and consumer ancillary markets by being one of the first merchant service providers targeting the marijuana industry. SingleSeed, which aims to make cashless transactions and high-risk credit card processing available to cannabis and other high-risk companies, offers innovative payment solutions. Regardless of the current federal banking guidelines and oversight of the FDIC, SingleSeed is positioned to solve a singular problem facing this rapidly growing industry. Along with its ability to provide tools that help cannabis businesses take point-of-sale payments through cashless ATMs and mobile marketing apps, SingleSeed's reliable solutions make secure transactions and communications easy.
As the leading payment solution provider to the cannabis industry, SingleSeed provides a service that makes life easier and businesses more effective while keeping customers happy. The company's focus on education and providing information for customers and shopkeepers alike on the key issues facing the retail and medical cannabis market leads to another important goal - legitimizing the cannabis industry.
SinglePoint's rapidly growing recognition in the cannabis industry, in part, stems from the consistency of its acquisition-based growth strategy (http://cnw.fm/Jxs62). Each of the company's acquisitions was thoroughly evaluated and identified as an undervalued business with huge potential to bring additional value to investors before its addition to SinglePoint's diverse portfolio.
This portfolio includes an interest in Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding and packaging solutions for the cannabis industry. Convectium has developed the world's first cartridge and vape pen oil filling machine for wholesale distribution to dispensaries. The 710Shark and 710Seal systems can fill and package over 100 cartridges or disposable vape pens in 30 seconds and are sold to dispensaries through its EquipCanna.com brand. The company also operates a consumer brand that includes BlackoutX and HazeSticks and reaches customers in over 52 countries.
Year-to-date, SinglePoint has acquired or invested in three companies, driving revenue growth and solidifying the company's revenue-by-acquisition model. Most recently, the company signed a Letter of Intent ("LOI") to acquire a 51-percent stake in a Denver-based company paced to record $1 million in annual revenue.
"We are committed to identifying and making investments in companies that strengthen SinglePoint's value," SinglePoint CEO Greg Lambrecht stated in the press release announcing the deal (http://cnw.fm/vs0M8). "Our goal is to find and acquire companies we believe will add instant value as well as the opportunity for major growth."
Another company lining up to benefit from servicing cannabis-related businesses is United Cannabis (OTCQB: CNAB), a biotechnology company with patented technologies for the pharmaceutical, medical and industrial markets. The company provides consulting services, proprietary products, and licenses to its intellectual property that relate to the legalized growth, production, manufacture, marketing, management, utilization and distribution of medical and recreational marijuana and cannabis-infused products. United Cannabis Corp.'s products include supplements, medical cannabis therapeutics and pharmaceutical drugs. Its current focus is on commercializing its patented Prana Bio-Nutrient Medicinal products.
Sugarmade (OTCQB: SGMD) and Plantation Corp. have teamed together to solve another cannabis-industry problem - long term storage. The companies together report success in developing a proprietary packaging product that stores cannabis in a container that provides the optimum storage atmosphere for cannabis flowers. This product - BudLife containers - preserves the important properties of cannabis, namely the THC levels, terpene quality, and tricome structure, along with aroma and feel, and solves another point of concern for cultivators.
Cannabis growers know their plants need to be high yielding and of a consistent, high quality in order to satisfy consumer and regulatory demands. GreenGro Technologies (OTC: GRHN) is a national leader in both indoor and outdoor aquaponic and hydroponic systems and grow rooms utilized by the cannabis industry. The company's expertise in agricultural science systems serves customers in both the consumer and commercial farming markets. GreenGro's most recent news announces the debut of its consumer-oriented food cloning and breeding website that highlights the company's wholly owned subsidiary, Genobreeding. This corporate initiative introduces cutting-edge plant varieties to the cannabis market through the application of modern plant breeding techniques.
Not to be outdone, Kush Bottles (OTCQB: KSHB) has launched a custom design and branding solutions division that brings a one-of-a-kind look and feel for marijuana product companies, dispensaries and more. The demand for custom packages continues to climb as cannabis firms realize brand awareness is of paramount importance. Kush Bottles utilizes computer-aided design, drawings and 3-D printings to create unique designs and prototypes that are cost effective and provide a rapid turnaround time to the final product. Founded in 2010, the company regularly serves more than 4,000 legally operated medical and adult-use dispensaries, growers and producers across North America, South America and Europe.
SinglePoint's strategic expansion plans demonstrate the diversity of investment options in today's cannabis industry, which requires companies to be innovative, flexible and responsive to a changing marketplace, growing consumer base and the businesses that serve them.
For more information on SinglePoint please visit: SinglePoint (OTC: SING) or http://www.SinglePoint.com
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