SinglePoint Inc. (OTCQB: SING), a technology company providing mobile payments and ancillary cannabis services, is positioned to take advantage of the newly legalized U.S. hemp industry with its growing portfolio of hemp and cannabidiol (“CBD”) products, available through subsidiary SingleSeed.com. In an investor update, SinglePoint President Wil Ralston shared the company’s immediate plans to expand its offerings in the CBD space, which has seen a significant boost since the 2018 Farm Bill passed Congress and was signed by President Donald Trump (http://cnw.fm/kE2SI).
“We’ve been getting so many calls about CBD and isolate products. SingleSeed has really started to ramp up the amount of sales we’ve seen come through the ecommerce channel,” Ralston told investors in a video update. “It’s been an exciting time. We’re seeing more sales and increased inquiries about CBD products, especially isolate. We’re doing a wonderful job of connecting different entities together for the purchase and sale of isolate, which is great. It’s opening doors for a lot of relationships.”
SinglePoint is exploring opportunities to produce industrial hemp through joint venture opportunities with agricultural growers. The company has also placed an investment in a program that would grow hemp strains of CBD in a photobioreactor as an initiative to reduce the cost and time involved in making a potentially pharmaceutical-grade product (http://cnw.fm/d2s9U).
SinglePoint’s best-selling CBD product to date on its SingleSeed ecommerce platform is Phyto-Bites, Ralston said. Phyto-Bites are a soft chew, branded product formulated to reduce stress, pain, separation anxiety and inflammation – particularly for dogs. The company is working with manufacturer CBD Unlimited (formerly Endexx) to distribute the product online and in stores across the nation (http://cnw.fm/4p8Th). A recent Grand View Research report estimates that the global pet care market could reach $202.6 billion by 2025 (http://cnw.fm/oy82U).
“We’re very excited about that and look forward to adding additional products to our bag for both retail stores and our online channels,” Ralston said of the increasing demand for Phyto-Bites, which necessitated hiring additional people to help fulfill the amount of sales coming through the online portal.
SingleSeed provides various services to cannabis enterprises, becoming a hub for dispensaries seeking merchant payment processing solutions and other business tools. Through SingleSeed.com, SinglePoint offers payment processing and text message marketing solutions that are specifically designed for cannabis businesses (http://cnw.fm/4bLvX).
Ralston said that SinglePoint is receiving a lot of inquiries about distribution and is making inroads into the retail sector. The company is putting the finishing touches on a wholesale agreement for a distributor that is working from Fresno to Sacramento, California, with 120 distribution points. SinglePoint management plan to attend multiple tradeshows throughout 2019, with the first of many appearances scheduled in Las Vegas, February 27 to March 1, at CHAMPS, the premier counterculture B2B expo since 1999 (http://cnw.fm/BHmu6).
“We’ll have a booth there and we’re looking forward to making a lot of relationships,” Ralston noted. “Hopefully we’ll see some of you all there and have some great conversations about what SinglePoint has been doing and some of our subsidiaries, such as SingleSeed, and their growth potential.”
For more information, visit the company’s website at www.SinglePoint.com
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