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SinglePoint, Inc. (SING) Finds Growth Potential Outside of Mobile Payments Market
Being a publicly traded holding company gives SinglePoint, Inc. (OTC: SING) a chance to target candidate companies and help them grow. Such has been the case on the mobile technology and mobile marketing fronts. By connecting client companies to their best target markets, mobile technology can be made available at reasonable rates, but an interest in these organizations means profit potential for SinglePoint. However, the company hasn’t limited its investment opportunities. The cannabis industry is thriving as legalization (medical and/or recreational) has occurred in 29 states and counting. Expansion beyond mobile payments has enabled the company to find more opportunities for investors.
SinglePoint recently acquired a stake in Convectium, maker of an important filling and packaging machine for vape cartridges and pens. In 2016, the $6.7 billion legal cannabis market in North America was up 30 percent from 2015, according to Arcview Market Research. Illicit sales have declined, but there’s a growing market. By contrast, mobile payment transactions exceeded $8.7 billion in 2015, according to eMarketer, which forecast 210 percent growth in 2016. The more modest 30 percent growth in the legal cannabis market, however, represents the increase in momentum for legal cannabis and related products.
Convectium has set anticipated increases in sales volume to triple digits over 2016. SinglePoint’s investment not only enables Convectium to work towards its goals, but for the holdings company to diversify revenue streams. The initial stock and cash consideration continues to help grow Convectium. The marketing of the 710Shark and 710Seal system for filling and packaging disposable vape pens is financially supported. Functionality alone is driving demand, as the system can fill/package over 100 vape pens in 30 seconds.
SinglePoint is also finding growth through its SingleSeed.com subsidiary. The cashless payments solution is built on the latest technology, serving shopkeepers and consumers. Text messaging is used to connect with customers in the cannabis business and helps increase loyalty, communication, and sales. SingleSeed is even supporting the sale of non-cannabis items. Its Pay-by-Text™ offering enables mobile phone payments and provides a convenient way to make purchases at a shop or trade show, or on-the-go using a mobile phone app-like checkout page.
With its recent Convectium investment and SingleSeed initiative, the company is growing its hold on the lucrative cannabis industry. Profit and revenue are possible even without touching a single marijuana plant, as the industry continues to expand with marketable cannabis-related products. In fact, the legal market is expected to grow at 27 percent CAGR through 2021, to a level that Arcview estimates can reach $22.6 billion. An already successful holdings company, SinglePoint expects to see even more success as investments in the cannabis market are sure to increase in value.
For more information, visit the company’s website at www.Singlepoint.com
