NEW YORK, NY--(Marketwired - Jun 8, 2017) - NetworkNewsWire ("NNW"), a multifaceted financial news and publishing company, today announces the publication of an editorial featuring SinglePoint, Inc. (
The publication is entitled, "Bitcoin Currency Could Solve Banking Issues for Cannabis Industry." The article explains how a number of companies are already utilizing digital currency, and how SinglePoint's solution could expand this application to the marijuana industry.
To view the full publication, visit: https://www.networknewswire.com/bitcoin-currency-solve-banking-issues-cannabis-industry/
"Though some form of cannabis is now legal in 29 states and the District of Columbia, a lack of banking options for cannabis businesses in the United States continues to force marijuana merchants to rely solely on cash transactions. This inhibition has been a major obstacle for dispensaries and other cannabis-related businesses, but the use of bitcoin technology could be the key to overcoming the roadblock. SinglePoint, Inc. (SING) has announced an initiative to develop a bitcoin payment solution for the marijuana industry, providing a much-needed financial transaction option and allowing cannabis businesses to accept credit card payments without the cooperation of banks or the FDIC.
"As a financial transaction option for currently 'unbankable' cannabis businesses in the U.S., bitcoin could be the perfect solution. New Frontier projections have shown the cannabis industry reaching $24 billion by the year 2026, and such significant growth demands adequate payment options to keep pace.
"SinglePoint (SING) has partnered with First Bitcoin Capital Corp. (BITCF) (http://nnw.fm/d1ewJ) to create a proprietary bitcoin payment solution for the cannabis industry. ... The company's end goal is to provide a bitcoin payment solution that can be easily implemented in any point-of-sale machine through a simple application download. In collaboration with First Bitcoin Capital, SinglePoint will seek out and identify opportunities to apply its payment technology expertise to develop a proprietary solution for high-risk verticals like the cannabis industry."
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.