NetworkNewsWire Editorial Coverage: The legal marijuana market
has been growing by leaps and bounds in North America. Sales jumped
30 percent in 2016, accounting for $6.7 billion in retail activity
in the United States and Canada. For companies like
SinglePoint, Inc. (SING) (SING
Profile), which recently formed a joint venture with
First Bitcoin Capital Corp. (BITCF), strategic
marijuana-centered acquisitions are helping fuel corporate growth
while increasing the availability of equipment and packaging and
payment solutions for the broader marijuana market. The cannabis
industry also benefits from the activities of American
Cannabis Company, Inc. (AMMJ), a producer of a proprietary
growing medium, as well as from industry players AeroGrow
International, Inc. (AERO) and AbbView, Inc.
(ABBV). A closer look at the massive demand for marijuana
shows the incredible market opportunity presented to publicly
traded cannabis companies as they carve their own niches in a
burgeoning industry.
Just two weeks after the State of Nevada legalized the sale of
recreational marijuana on July 1, the nearly 50 dispensaries
licensed to sell weed found themselves running out of supply. With
more than $1 billion of possible tax revenue on the
table2, Nevada state officials declared a state of
emergency to allow the creation of new rules that would expedite
the licensing process to support public demand.
A report1 by The Washington Post claims that over
40,000 transactions of recreational cannabis occurred in the days
following the start of sales. The number of transactions reveals
the depth of demand, along with the dire need for adequate payment
options as consumers bring their goods to the counter. Because
marijuana is still illegal on a federal level, most banks are on
the sidelines when it comes to offering banking services to the
cannabis industry, giving dispensaries few choices other than
dealing in all-cash. This is where SinglePoint
(SING) steps in.
In June, SinglePoint secured funding (http://nnw.fm/2MkXl) to continue its acquisition
strategy and further the development of its bitcoin payments
solution in partnership with First Bitcoin Capital Corp.
(BITCF) (http://nnw.fm/fY78J). The joint
venture is developing a proprietary bitcoin payment solution that
can be implemented in any point-of-sale machine and will allow
customers to purchase cannabis products using debit and credit
cards without the backing of banks or the FDIC. SinglePoint also
recently purchased the domain name www.SingleCoin.com as part of
its planned potential initial coin offering (ICO), which would
specifically support transactions for the marijuana industry and
other high-risk industries.
Recognizing other opportunities in the high-demand marijuana
market, SinglePoint is fattening its acquisition portfolio to
create new investment opportunities and boost the availability of
equipment, products, and technologies to support the sector’s
continued growth.
SinglePoint’s (http://nnw.fm/LSj7x) Discount Indoor Garden Supply
(“DIGS”) subsidiary recently inked a supply agreement (http://nnw.fm/slK6I) with Premier Biomedical, Inc.
(OTCQB: BIEI), providing SinglePoint with expectations for
“significant revenues increase.”
"This opportunity for both SinglePoint and DIGS Hydro is
fantastic. We have been working very hard on making acquisitions
and inside sales to boost revenues. To have this subsidiary execute
on its business plan and generate major revenue for SinglePoint is
exactly what we want to see. We are very excited about the second
quarter financials and showing the significant revenue increase,"
SinglePoint CEO Greg Lambrecht stated in the press release.
SinglePoint’s portfolio also includes an investment in
Convectium Labs, a move that will support the accessory-side of
consumer demand. Convectium provides equipment, branding and
packaging solutions to the cannabis industry and is the developer
of the first cartridge and vape pen oil-filling machines offered
through wholesale distribution to cannabis dispensaries.
Convectium’s 710Shark and 710Seal machines, currently sold through
the EquipCanna.com website, are capable of filling and packaging
more than 100 cartridges or disposable vape pens in 30 seconds.
Convectium also operates a consumer brand that includes BlackoutX
and HazeSticks products.
Before marijuana ever hits the display case in a dispensary,
careful cultivation determines its marketability. On July 13,
American Cannabis Company (AMMJ) reported that its
proprietary SoHum® Living Soil was designated “Best Potting Mix”
with the 2017 High Times STASH award. Containing only natural
ingredients, this growing medium allows users to add water and be
ready to fully nourish cannabis plants. It can improve plant yield
and quality while reducing the time and labor needed to go from
growth to market. The soil includes helpful microbes and reduces
the effort and work in keeping plants fed. Also, the company
recently announced two active clients have submitted applications
to operate medical cannabis operations in Ohio.
Also in the growing category is AeroGrow International
(AERO), which recently posted full-year revenues of $23.6
million, an increase of 20 percent over the year prior, along with
zero debt and more than $8.8 million of cash on hand. The indoor
gardening systems company said its fiscal year ended March 31,
2017, was the strongest year in its history, noting strength in its
online and retail presence and making mention of its hydroponic
offerings. “And all of this is against the backdrop of our product
line becoming increasingly well positioned in the market place –
smart gardens, indoor gardening and hydroponic gardening all appear
to be trending significantly upward, and we are uniquely qualified
to address each of these major trends,” AERO president and CEO J.
Michael Wolfe stated in the press release.
While recreational use of marijuana is making most of the
headlines these days, the demand for the drug’s application to the
medical industry shouldn’t be overlooked. Though cannabis isn’t its
primary focus or main revenue driver, AbbView
(ABBV) is worth noting, as the pharmaceutical giant has
performed well in the market, with shares 30 percent higher on July
14 than they were in November, according to a report by
InvestorPlace3. Aside from other drugs in its portfolio,
AbbView since the mid-1980s has marketed an FDA-approved
cannabis-based drug, Marinol, for the treatment of nausea and
vomiting related to chemotherapy, and some that treat AIDS and
other diseases. Marinol includes Dronabinol, a compound that is
chemically identical to tetrahydrocannabinol (THC).
While the marijuana industry navigates uncharted territory,
experimenting with various measures to smooth out the kinks of
supply and demand, licensing, distribution, banking, cultivation
and application, investors are presented a playing field ripe with
opportunity. From bitcoin payments and accessories to hydroponics
and medical treatments, the potential of cannabis companies is on
the high side.
Editorial Sources:
1. Washington Post http://nnw.fm/jaGN6
2. Las Vegas Sun http://nnw.fm/rSh3J
3. InvestorPlace http://nnw.fm/7IAkW
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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