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Disclaimer
SinglePoint, Inc. (SING) Banking on Greener Pastures
SinglePoint, Inc. (OTC: SING) has a considerable stake in the state of the legal cannabis industry. Among other things, SinglePoint is a holding company for SingleSeed, a company that provides payment services, solutions, and support for the cannabis industry. Working in tandem, SinglePoint and SingleSeed share resources and offer non-cash payment solutions, such as: Pay by Text solutions that allow customers to pay for products using their mobile phones; point of sale terminals that provide customers the convenience of using debit/credit cards right at checkout; text mobile marketing solutions; and text message marketing.
SingleSeed exists to inform and educate shopkeepers and customers on vital issues in the retail and medicinal cannabis markets while also helping to legitimize the industry. The company strives to stay ahead of industry changes and continuously innovates and improves its tools and technologies, in large part, so it can help cannabis shopkeepers become better business owners.
Up until a couple of years ago, SinglePoint primarily provided mobile solutions for small to mid-size businesses, nonprofits and religious organizations. Among other things, the corporation offered mobile payment, marketing and technology solutions for these industries, and it enabled its clients to conduct business transactions, accept donations, and engage in targeted communications through mobile devices.
Then, two years ago, SinglePoint identified a vast business opportunity in the provision of credit card payment processing to merchants engaging in the cannabis industry and installed cashless ATMs at some 200 medical and recreational dispensaries spread throughout Colorado and Washington State. So far, bureaucracy at the federal government level has kept this business on hold, yet the company’s network of clients is expected to prove invaluable if and when regulators open up the market by giving the company an ‘in’ to payment processing for cannabis clients.
Fast-forward to today, the company maintains its cashless ATM terminals as a way for clients to get a cash advance to finance cannabis purchases. It is also using www.SingleSeed.com to compile a list of interested clients, and it has a connect-by-text marketing platform that enables cannabis businesses to communicate directly with customers in a way that adheres with strict cannabis-related marketing regulations.
The reality of a marijuana industry served by the commercial banking industry is one that SinglePoint and SingleSeed are both chasing. SinglePoint, through SingleSeed Payments, already offers payment processing solutions, mobile marketing services and more for the cannabis industry. It also has plans to acquire and invest in other companies operating within this space. As such, the establishment of a truly “bankable” marijuana industry would have far-reaching, profitable implications for both of these companies.
For more information, visit the company’s website at www.Singlepoint.com
