Before the opening bell, Singlepoint, Inc. (OTC: SING) was announced as a featured company on this week’s episode of MoneyTV with Donald Baillargeon. MoneyTV is an internationally syndicated television program about “money and what makes it happen.” The show includes informative interviews with company CEOs, offering prospective investors insight into their operations and outlooks for the future.
To view this week’s program, visit www.MoneyTV.net
In the interview, Greg Lambrecht, chief executive officer of Singlepoint, discussed the impact of Senator Elizabeth Warren’s ongoing push to grant the legalized cannabis industry access to banks and credit unions. Warren, in concert with nine other U.S. senators from states around the country, recently penned a letter to the Financial Crimes Enforcement Network (FinCEN) calling for improved guidelines that enable legal marijuana businesses to access banking services. Notably, since the release of FinCEN’s most recent guidelines in 2014, less than three percent of the nearly 12,000 federally regulated banks and credit unions have decided to serve the cannabis industry.
“I’m actually surprised,” Lambrecht noted in the MoneyTV interview. “I knew that eventually they’d have to open up the banks, because with California and Florida opening up it’s going to create 20,000-30,000, if not more, dispensaries. I think it’s going to happen a lot sooner than even I thought. I’m very excited, and I think it’s a great opportunity for Singlepoint and its shareholders and investors right now.”
For Singlepoint, the growing movement to give marijuana businesses access to banking services could present a huge opportunity. Since awakening its SingleSeed subsidiary in late 2016, the company has remained focused on capitalizing on its first-mover advantage in the cannabis space. Lambrecht gave some additional insight into this advantage in the MoneyTV interview.
“Two years ago, we were placing terminals and doing merchant processing for dispensaries and unfortunately the banks closed it down, so we’ve been waiting for this day,” he added. “Singlepoint is really in a great position to take advantage of it.”
Following last year’s vote, a total of 28 states have now legalized marijuana in some form, giving the budding industry more momentum than ever before. As the market continues to advance and mature, industry analysts suggest that a period of unparalleled growth could be on the horizon. Lambrecht alluded to these forecasts to conclude the interview.
“With Oregon, Washington and Colorado, the cannabis business was roughly somewhere around $5 billion. With Florida, Massachusetts and California, I’ve seen a lot of estimates of it growing to $50 billion, and some estimate saying $100 billion,” he stated. “We’re going to be the merchant processor on that money, so this is a very exciting time for Singlepoint.”
For more information, visit the company’s website at www.Singlepoint.com
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