Singlepoint (SING) Builds Its Payments Footprint in the Cannabis Industry -- CFN Media
(firmenpresse) - SEATTLE, WA -- (Marketwired) -- 01/30/17 -- CFN Media Group, the leading creative agency and digital media network dedicated to legal cannabis, announces the publication of an exclusive executive interview with Singlepoint, Inc. (OTC PINK: SING) CEO Greg Lambrecht, along with an article discussing the state of the legal cannabis banking industry and the company's position within it. Mr. Lambrecht also outlines the company's text message marketing service and its plan to acquire and invest in companies in a variety of sectors of the cannabis industry.
The cannabis industry could exceed $50 billion in revenue by 2026, according to Cowen & Co., driven by the ongoing legalization of medical and recreational marijuana throughout the United States. With the passing of California's Proposition 64, the size of the cannabis industry is expected to roughly triple in the near-term as recreational legalization goes into effect. This represents a key tipping point for the industry and an opportunity for startups and investors.
The payments industry could be a lucrative opportunity in the space over the coming quarters. Since cannabis remains illegal under federal law, most commercial banks have kept their distance from the industry. But, those attitudes appear to be rapidly changing as a growing number of states legalize the drug. For instance, politicians like Massachusetts Senator Elizabeth Warren are fighting hard to open banking access to the cannabis industry.
"You make sure that people are really paying their taxes. You know that the money is not being diverted to some kind of criminal enterprise," said Ms. Warren in remarks quoted by the LA Times earlier this month. "And, it's just a plain old safety issue. You don't want people walking in with guns and masks and saying, 'give me all your cash.'"
Singlepoint initially recognized the enormous potential for cannabis credit card processing a couple years ago and placed cashless ATMs at around 200 medical and recreational dispensaries throughout Colorado and Washington State. While red tape has kept this business on hold, the network of clients could prove invaluable if and when regulators open up the market by giving the company an 'in' to payment processing for cannabis clients.
Fast-forward to today and the company has setup SingleSeed.com to start building a list of interested clients, while retaining its cashless ATM terminals as a way for clients to get a cash advance to finance cannabis purchases. The company also launched a connect-by-text marketing platform that enables cannabis businesses to communicate directly with customers in a way that adheres with strict cannabis marketing regulations.
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CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC, which owns CFN Media and CannabisFN.com, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: .
CFN Media
Frank Lane
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Datum: 30.01.2017 - 14:00 Uhr
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News-ID 520656
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