Congressional approval of the 2018 Federal Farm Bill that removes hemp production from federal prohibition is expected to create amazing new opportunities for industry representatives in 2019 and beyond. SinglePoint, Inc. (OTCQB: SING) released an official statement underlining that the legislative change will provide a huge chance for growth for the company via subsidiary SingleSeed (www.SingleSeed.com) – an ecommerce seller and distributor of industrial hemp-based CBD products (http://cnw.fm/v2VcP).
The mainstream approval of hemp and it turning into a federally legal commodity will enable the company to expand its portfolio and add more offerings. Industrial hemp now has an opportunity to be competitive in the global marketplace, SinglePoint’s statement reads.
In addition, SinglePoint is currently negotiating potential acquisitions across different sectors, the company announced. Through its acquisition model, SinglePoint expects to continue growing revenue in 2019. The company was among several companies positioned to capitalize on the legislation measures and continue growing, according to InvestorIdeas.com, a leading investor news resource covering hemp and cannabis stocks in a 2019 outlook for the sector (http://cnw.fm/8TxSe).
SinglePoint is exploring opportunities to produce industrial hemp through joint ventures with leading industry representatives. Investment and development programs are also under consideration. Through such programs, strains of CBD extracted from hemp will be grown in a photobioreactor for the purpose of making the process faster and more cost-efficient.
According to company CEO Greg Lambrecht, SinglePoint is working to become a key player in the distribution and sourcing of the best hemp products on the market. The company’s managerial team is confident that the current business model and the planned expansions will contribute to its sustainable growth and reputation establishment efforts in 2019.
The Federal Farm Bill was ratified by President Donald Trump on December 20, 2018. As a result, hemp is no longer considered a schedule one substance. Before the passing of the bill, hemp production in the U.S. was mostly limited. The legislative change that turns hemp into a lawful agricultural commodity is expected to contribute to exceptionally rapid growth in the field.
According to some forecasts, the industry could top $20 billion by 2022 (http://cnw.fm/a7JH6). Right now, the largest share of the hemp market is formed by CBD products, and their dominance will likely remain unchanged. Investor interest in the sector is expected to grow rapidly once hemp production goes outside the realm of pilot programs and research initiatives.
Since hemp is now legal in all 50 states, experts predict that 2019 is going to be the ‘year of CBD’ (http://cnw.fm/Et1nx). In 2018 alone, the U.S. saw an 80 percent increase of the CBD market. The growth was fueled mainly by small and medium-sized retailers. The Federal Farm Bill could now turn the attention of much larger entities toward the industry, contributing to more rapid growth in the years to come.
SinglePoint specializes in the acquisition of small and medium-sized companies with an emphasis on new technologies. The company enables investors to make investments across a wide range of assets, including blockchain, cryptocurrency applications and cannabis, among others.
For more information, visit the company’s website at www.SinglePoint.com
More from CannabisNewsWire
About HempWire
HempWire (HW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) HempNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, HW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. HW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, HW brings its clients unparalleled visibility, recognition and brand awareness. HW is where news, content and information converge.
HempWire is at the epicenter of the Cannabis Revolution.
To receive instant SMS alerts, text HEMPWIRE to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.hempwire.com
Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.hempwire.com/disclaimer/
HempWire (HW)
Denver, Colorado
www.hempwire.com
303.498.7722 Office
Editor@HempWire.net
Legislators in states across the country are working towards strictly regulating and/or banning intoxicating hemp…
A proposal introduced by Sen. Colleen Burton that would ban delta-8 THC hemp products is…
California recently extended a ban on intoxicating hemp products with THC that was set to…
A new poll has determined that frequent consumers of marijuana like using delivery platforms to…
The demand for plant-based proteins has increased in the last couple of years as consumer…
The CBD market in the United Kingdom has grown since the compound’s extracts were designated…