NEW YORK, NY / ACCESSWIRE / February 14, 2017 / NetworkNewsWire ("NNW"), a multifaceted financial news and publishing company that delivers a new generation of social communication solutions for business, today announces the online availability of its interview with SinglePoint, Inc. (OTC PINK: SING), a full-service mobile technology and marketing provider.
The interview can be heard at http://NNW.fm/SING-interview-Feb-2017
After introducing SinglePoint's mobile payments operations, CEO Greg Lambrecht briefly discusses his professional background and explains how the company's SingleSeed Payments subsidiary got started in the cannabis industry.
"Two years ago we were using our merchant processing ability, and we were placing terminals in dispensaries in Washington and Oregon and Colorado. The banks shut that down, and with the recent elections in November...that business is expected to grow from $5 billion to $50 billion to quite possibly $100 billion," he says.
Following the November 2016 election, a total of 28 states currently allow medical marijuana use, and eight of them also permit recreational adult use. Subsequently, industry advocates are anticipating that banks will soon offer cannabis businesses access to banking services.
"We are very excited about the banks opening up and allowing these dispensaries to have bank accounts. At that point, we have a competitive advantage to be the merchant processor in all these distributions," says Lambrecht.
In the meantime, SinglePoint is executing its three-pronged growth strategy for 2017. In accordance with its plan, the company has eliminated its debt and is now focused on leveraging its stock performance to acquire companies and raise capital.
"We wanted to pay off all our debt, which we have done. The second thing is we want to use the power of our stock and our volume and our price increase to acquire companies. We are in the process of either an LOI or term sheet with three companies right now. The final thing is we want to use the stability of the stock to raise money, and we are currently raising money - and doing quite well at it - which is going to help with the acquisitions. Those three things are what we are focused on," explains Lambrecht.
As a testament to this strategy, SinglePoint recently acquired a stake in Convectium (http://nnw.fm/6aLLD), a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry.
"Convectium … [has] come up with a machine that loads the vials for the vape pipes and other things. Previously this was all done by hand. They have developed a machine in China that loads 100 at a time. They are selling these machines to growers and dispensaries...we're very excited about the opportunity and acquisition of them," concludes Lambrecht.
About SinglePoint, Inc.
SinglePoint, Inc. is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets to create a diversified holding base.
For more information visit www.SinglePoint.com.
NetworkNewsWire (NNW) is a multifaceted financial news and publishing company that delivers a new generation of social communication solutions, news aggregation and syndication, and enhanced news release services. Leveraging a professional team of journalists and writers, NNW introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network of over 5,000 key distribution outlets. Cutting through information overload, NNW's innovative and proprietary systems clearly and succinctly deliver its clients much needed visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, visit www.NetworkNewsWire.com
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.
SOURCE: SinglePoint, Inc.