SEATTLE, WA / ACCESSWIRE / November 7, 2016 / SinglePoint, Inc. (SING) today provides additional insight into the intention of its SingleSeed (www.singleseed.com) subsidiary to provide credit card processing solutions for the cannabis industry. As five new states prepare to vote on ballot initiatives to legalize cannabis for recreational and/or medicinal purposes, SingleSeed is already positioned to become one of the industry's first merchant processors.
The market for both medical and recreational marijuana is projected to grow from $7 billion this year to roughly $22 billion by 2020, according to Arcview Research; analysts from financial services firm Cowen and Co. project a $50 billion legal cannabis market in the United States by 2026, with such progression based on federal legislation.
SingleSeed believes that this market performance, fueled by increasing consumer demand, will lead to policy changes that make banking more accessible for legal cannabis businesses. With foresight of these eventual changes, SingleSeed several years ago established its presence in the industry by forming key relationships and offering payment processing services to dispensaries in Colorado and Washington State. The company intends on leveraging these footholds to be a "first mover" in the market.
"The cannabis industry is on the cusp of unprecedented liberties, and we are optimistic that as more states vote to legalize the drug, policymakers will have to take a second look at how banks will be involved in payment processing," states SinglePoint CEO Greg Lambrecht. "When the industry becomes bankable, we will already be in on the action as a 'first mover' with mobile technology to revolutionize the cannabis merchant processing business."
Collaborating with its technology partners, SingleSeed has plans to develop a marketing program specifically designed for cannabis accounts, enabling consumers to use their credit and debit cards to make mobile payments for cannabis purchases.
"Amid the rapid changes in the cannabis industry, we are geared up to offer innovations that will usher continued advancement while providing safe and secure ways to transact monies for business owners who operate their businesses within the boundaries of state laws and guidelines set forth for banks by federal authorities," concludes Lambrecht. "SingleSeed will emerge as a trailblazer in providing consumers with convenient and secure purchases, while dispensaries benefit from accelerated growth and 'bankable' finances. We see it as a win-win-win situation."
About SinglePoint, Inc.
SinglePoint, Inc. is a full-service mobile technology and marketing provider that serves a diverse clientele. 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, such as Daily Fantasy Sports, to create a diversified holding base. For more information visit www.SinglePoint.com. Connect on social media at: www.facebook.com/SinglePointMobile, www.twitter.com/_SinglePoint, www.linkedin.com/company/SinglePoint and www.youtube.com/user/SinglePointMobile.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
SOURCE: SinglePoint, Inc.