Before the opening bell, Singlepoint, Inc. (OTC: SING) issued an update on the corporate initiatives being taken by its SingleSeed subsidiary in order to better position itself in the growing domestic cannabis industry. Following November’s vote, more than half of all U.S. states have now legalized marijuana for either recreational or medicinal purposes, leading to a figurative ‘green rush’ comprised of businesses seeking to capitalize on the emergence of the industry. SingleSeed, in particular, is focused on providing improved access to electronic payment options for dispensaries and similar businesses. Although banking is currently highly restricted based on federal regulations regarding the legality of marijuana, Singlepoint’s management team forecasts a shift in the coming months, as more financial institutions begin to pursue ways to work with cannabis businesses moving forward.
“With the 2016 elections behind us, the favorable outcome for the cannabis industry has opened a floodgate of opportunity for cannabis merchants, consumers, and companies providing much-needed industry services, such as those offered by SingleSeed,” Singlepoint CEO Greg Lambrecht stated in this morning’s news release.
Originally reawakened from a quiet period in early November, SingleSeed is currently focused on providing credit card processing solutions for the legal cannabis industry. In an interview with Donald Baillargeon released late last week, Lambrecht offered prospective shareholders some additional insight into these efforts. Since announcing the reawakening of SingleSeed, Singlepoint has been “inundated with calls from dispensaries,” according to Lambrecht. While the company awaits a decision from the incoming administration that provides a long-term solution to the cannabis industry’s banking problem, SingleSeed is building a database of potential clients in the space that will likely give it a strategic advantage after the current banking woes are addressed.
“Additionally, we are already receiving significant demand from dispensaries asking for our payment solutions,” Lambrecht concluded. “We are excited that our fast-paced progression is well-aligned with market demand as we pursue and act on opportunities to capitalize on this billowing market.”
Although its options are currently extremely limited regarding electronic payments in the cannabis industry, Singlepoint is taking a proactive approach toward establishing a position in the burgeoning space. The company is currently in the process of revamping the SingleSeed website in order to better serve potential cannabis industry clients. Additionally, Singlepoint is making its existing text message marketing program available to dispensaries, allowing these businesses to better communicate with their members while experiencing the strategic benefits offered through maintaining a relationship with SingleSeed.
For more information, visit the company’s website at www.Singlepoint.com
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