SinglePoint is Covering the Bases in the Hemp CBD Industry
Published by https://www.cannabisfn.com/
Cannabidiol, or CBD, is the main non-psychotropic active ingredient in cannabis and hemp. In the United States, passage of the 2018 Farm Bill led the federal government to declassify hemp as a dangerous drug, opening the doors for states to implement regulatory programs overseeing legal hemp production and processing. As a result, the CBD-in-everything-you-can-imagine trend has launched into the stratosphere, with products ranging from beverages to beauty aids to edibles to tinctures either on the market or about to be introduced. CBD has gone mainstream, with celebrities and athletes extolling its benefits.
One company very active in the space is SinglePoint Inc. (OTCQB: SING). The technology holdings and investment company operates in a variety of business verticals, including solar power and mobile payment solutions. Over the past couple of years SinglePoint has been aggressively growing its presence in the cannabis industry overall, and specifically in the hemp/CBD market.
Flagship CBD Portal, and Much More
Launched in 2017, SinglePoint’s e-commerce site SingleSeed.com offers a wide variety of both in-house and third-party products ranging from topical creams to enhanced water to dog treats to vape cartridges. SinglePoint is actively growing the selection through its own product development efforts as well as through distribution partnerships with other brands.
To complement these efforts, the company operates a manufacturing facility in Carlsbad, California. The licensed factory provides formulation and production services for multiple brands, developing products both for its own SingleSeed brand as well as for partners on a white-label basis. Strategically located between Los Angeles and San Diego, the facility serves the world’s largest legal cannabis market (California) as well as the broader and recently-legalized national CBD market.
Expansion into the facility came as a result of SinglePoint’s 2017 acquisition of DIGS, an online, retail, and cannabis consulting company based in California. SinglePoint recently ensured consistent supply of high quality hemp for CBD processing through an agreement with hemp and CBD-isolate supplier JMSJ Holdings. The company also announced a deal to be the master distributor for a line of hemp CBD ‘cigarettes’ called Pure Hemp. SinglePoint aims to leverage its extensive distribution relationships as well as CEO Greg Lambrecht’s history with Premium Cigars International, an online and direct marketer of fine tobacco products he led to an IPO.
Early in SinglePoint’s history, the company launched payment processing services into the burgeoning legal cannabis industry. That initial effort showed a lot of promise but ran into too many regulatory roadblocks to make it practical at such an early stage of the industry’s development. The company sees more opportunity now and is refocusing its payments and merchant services offerings in the cannabis and hemp spaces, alongside a variety of other retail business verticals. Developing these accounts could complement SinglePoint’s product distribution efforts by establishing trusted relationships with retailers in the space.
SinglePoint is also investigating the introduction of its highly successful Direct Solar model into the cannabis cultivation space. With high electricity costs among the biggest concerns for cannabis producers, the company sees a natural fit with small-scale solar operations. Direct Solar also has financing capabilities, making it as easy as possible for commercial customers to make the leap into solar.
Covering the Bases
SinglePoint is an investment company with disparate holdings, but there are definitely connectors amongst its businesses as they relate to the cannabis and hemp industries. The company offers equipment and consulting to growers, formulation and production of hemp-derived products, distribution through its online portal as well as through brick and mortar sites, its own retail product lines, and merchant services to retailers. That sort of comprehensive, vertically-integrated presence in the hemp CBD and cannabis world has been SinglePoint’s goal for some time. Through a flurry of recent developments, it is becoming clear the company is executing on all fronts in the high growth world of legal hemp and cannabis products. Stay tuned for further developments…