Singlepoint Inc (SING)

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Singlepoint Inc (OTCMKTS:SING) Focus On Diversification
By Steven Goodstein / in Business / on Friday, 24 Feb 2017 08:13 AM /

CFN Media Group updated on the publication of an article showcasing recent progress and developments recorded by Singlepoint Inc (OTCMKTS:SING). The firm closed a Letter of Intent to buy an interest in a profitable provider firm of equipment, packaging and branding solutions for the cannabis market. Under the deal terms, the firm will pay stock and cash totaling $800,000 for an undisclosed stake in the private firm.

The buzz
Jacksam Corp. developed the initial vape-pen oil and cartridge filling appliance for wholesale delivery to dispensaries. The 710Seal and 710Shark appliances can fill and package more than 100 cartridges or one-use vape pens in just 30 seconds. They are offered to dispensaries via its EquipCanna.com brand. The firm also manages a consumer brand that comprises HazeSticks and BlackoutX and reaches clients in more than 52 nations.

Jacksam projects that its revenue will surge 150% YoY to $3.5 million while recording an unspecific profit. If executed well, the deal will offer Singlepoint shareholders with preliminary net income and revenue since its current operations remain in advancement phases. The exact impact of the deal won’t be evident, however, until the firm releases consolidated financial report in the coming quarters.

Singlepoint recently reported that it became debt-free in concurrence with raising over $300,000 and closing a Letter of Intent to get funding of an additional $1 million. The move offers management with ample funds to implement its business plan, while evading debt repayments that can reduce cash flow as well as adversely impact flexibility over time. It also marks as a rare advancement for a development-stage firm in the cannabis industry.

The firm intends to up list to the popular OTCQB exchange and turn into a fully reporting firm during the ongoing fiscal year. By achieving so, the company wants to enhance transparency and attract larger investors to its stock.



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