PHOENIX, AZ--(Marketwired - Jan 31, 2014) - SinglePoint, Inc. (OTC: SING), a state-of-the-art mobile technology and full-service mobile marketing company, announced today that it has developed a fully functional mobile payment system branded for the Cannabis and Medical Marijuana Industry -- Mobile Cannabis Currency. Concurrently SinglePoint is developing point-of-sale mobile payment systems for use by cannabis dispensaries. This system is based on payment technologies used in the field for other business applications.
SinglePoint also provides text message marketing and notifications. This will enable cannabis establishments to send out messages informing their clients of the latest inventory and new products or services. Due to the nature of the industry, SinglePoints' mobile marketing technology -- the opportunity to market directly to their target market -- will be a large benefit to Cannabis and Medical Marijuana providers.
Last week, the National Cannabis Industry Association applauded U.S. Attorney General Eric Holder's commitment to ensure banking institution accessibility for the cannabis industry. In the meantime, Singlepoint is exploring alternative methods to capitalize on the boom, including implementation of acceptance for non-cash payments via prepaid debit cards, virtual wallets, and virtual currencies such as Bitcoin.
Greg Lambrecht, President of SinglePoint states, "We are very excited to be preparing this product for the cannabis industry, the medical use of which is now legal in 20 states and quickly spreading along with recreational use now legal in Washington and Colorado." Alan Brochstein, financial analyst, writes, "Marijuana companies [stock prices] rose more than 50 percent in 2013 and opened 2014 with a bang, rising almost 150 percent in just three weeks."
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