SinglePoint Looks Forward to the Possibility of Cannabis Banking Opening up as Sessions Leaves Office

SinglePoint (OTCQB:SING) a fully reporting technology company providing mobile payments, ancillary cannabis services and blockchain solutions is optimistic about the possibility of banking for the cannabis industry opening up as U.S. attorney general Jeff Sessions has resigned. Because cannabis remains illegal merchants have a hard time accessing traditional banking systems. However, Visa, American Express and Mastercard have all rushed to process payment in Canada upon legalization just a few weeks ago.

On Tuesday, three additional states legalized cannabis, Michigan, Utah and Missouri. Momentum continues to rise, and pressure will continue to mount for a functional banking solution for the cannabis industry. SinglePoint is poised to take advantage of the opportunity as the company already handles traditional merchant processing for other businesses. SinglePoint subsidiary GreenStar Payment Solutions now known as SingleSeed Payments has also already worked with cannabis businesses to set up payments and worked to develop alternative solutions, as referenced in Payments Source.

“We are excited to see the possibility of what could happen with cannabis banking. This could present a major opportunity for SinglePoint to offer services we have been able to provide to other businesses for years. The biggest winner here could be the ancillary service provides and the potential access to banking,” states Wil Ralston President of SinglePoint.

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Regina Revazova