SinglePoint Signs Letter of Intent to Raise up to $12,000,000
SinglePoint (OTCQB ticker symbol SING) a fully reporting company tied into technology and cannabis has signed a letter of intent to raise up to $12,000,000. The capital comes on favorable terms to the company and is only available at the company’s discretion. Final terms are still being negotiated, upon execution of the agreement SinglePoint will file a registration statement with the SEC. Continuing the company’s pursuit of transparency and increasing value for its shareholders, this raise will help SinglePoint access capital for continued growth and to complete acquisitions in currently in negotiation.
Greg Lambrecht, SinglePoint CEO stated, quote, “The goal for SinglePoint is to raise capital at the best terms we can in order to capitalize on the host of opportunities we have in the hemp derived CBD space. We are already filling multiple orders and will be able to expand our sales and marketing as well as receive the best pricing from our suppliers with larger purchase orders.” End quote.
The company has been highly focused on the hemp market. From selling finished products on SingleSeed.com to bulk sales of raw material. SingleSeed has been establishing its footprint in the supply chain of the hemp derived CBD market. Additionally, the company has invested in TorusMed a business setting out to produce specific strains of CBD through commercial size photobioreactors.
According to a new estimate from cannabis industry analysts the Brightfield Group, the hemp-CBD market alone could hit $22 billion by 2022. SinglePoint through its subsidiary SingleSeed is tapping into this market through the expansion into multiple services and products offered.
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